6 Aug 20: Forager Funds increases its holding to 11.04% from 8.53%. They bought 5m shares for $1.03m on 3 Aug 20.

5 Aug 20: Burgundy Asset Management reduced their holding to 6.00% from 7.13%

27 Jul 20: Thorney increased its holding to 13.23% from 11.04%.

11 Jun 20: Quest Asset ceased to be a substantial holder

3 Aug 20: In July, IHA, the 28% shareholder and competitor were in discussions with the ISU board and proposed a takeover offer at $0.40 cash.  But IHA would not proceed with the proposed offer as terms such as a material adverse change condition could not be agreed on.

July 2020 EBITDA of $1.5m, an improvement of $0.6m over July 2019.

Exits iMoney investment for a nominal value.  No further obligations or liabilities.  This has been a very poor investment for ISU.

31 Jul 20: I promised myself not to buy "falling knives" every again after many self-sustained injuries leading to hospitalisation, but here I go again breaking my rules.

iSelect is a comparision website company, selling health and other insurance.  

The 2 key reasons for buying is:-

1. trail asset (trail commissions from the issurance taken out by its customers) is valued at $117m or 54c per share, while the current share price is now down to 19c.

2. IHA Group, a much larger competitor in other markets took a stake in the company in Jun 2018 and the share price increased on the possibility of a takeover.   However, there has not been any news and so the share price has dropped significantly as the company struggles operationally, losing money.  Once it went over the 20% threshold it has used the 2% creep rule to reach 28.7% of the company as at the last notice on 20 Mar 20.

Thorney, which specializes in these 'value' turnaround stories has been increasing its stake recently.