What is material? well its somewhere below 16c, but is it 10c (my guess) or is it as low as 5c? If its 2.6c I think "material" would be an understatement, the board would have had to say there is little likelihood of a material return to shareholders? With the shares still at 2.5c I still think the net proceeds should be positive but it looks like RBS is forcing the pace more than would be helpful - given Europe is gradually showing signs of turning around.
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"materially lower" than 16 cents, page-9
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