Their must be more to it. The mandate expired on the 19th along with shareholder approval. So no need to see it. So something else is holding RBS back.
GGP aren't going to open their books to IG. So if that is the only way, we might as well give up on IG funding now. Or they need to find another solution.
Their are some things that don't add up. Novus couldn't sell the full allocation of series 3 notes, yet they have clients lining up to sub underwrite the rights issue. IMO the notes are better value. So a bit odd.
Logic says their will be a massive shortfall.
JV is clearly the best outcome. Brings in dollars and limits our exposure.
Might be worth doing the sums and figuring out if we are better of relinquishing some leases rather than diluting us to death to retain them. Especially if BOE aren't increasing.
tooth fairies and easter bunnies, page-27
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