rams is sliding, page-17

rogue,

what needs to be understood is rams could refinance its XCP today if it chose to accept the going rate. At present, it doesn't want to do this as it believes the liquidity crunch is temporary and it will be able to refinance more cheaply in the future. What does surprise is that it is not disclosing its potential position if it was to refinance - updating this daily would make clear to the market that it will still be profitable in FY08.

Of more concern longer term is new funding for additional loans - NAB gave it an extra 1b line last month on its warehouse funding which should last 4-5 months (based on its 13b loan book turning over after 5 years - rams stated metric and also industry practice). After this it will need additional funding to grow its loan book further.

I will be buying in the market over the nxt two days so I expect the price to go up..