heritage trust ipo paying 9%+, page-32

Doesn't seem desperate to me - two groups get together to cross market their products/services. The cost of doing so is minimal and the exposure could lead to some upside.

I tend to think it is positive getting this "tie-up" over the line so close to Christmas. It makes me think they were extra keen to get it done before there is a change in ownership in the new year. But I'm biased.

The real estate market is contracting, which perversely is a good thing for RNC. This drives lower interest rates which means less interest cost and greater potential for dividend payments. Rental payments are quite sticky (on the downside), so the net effect should be positive. Anticipated lower interest rates also makes the dividend yield of RMIT more attractive for the capital raising. The same applies to any potential yield RNC pays if the deal falls over.

Not long now.