what gives?, page-13

"...RBS' position with 18m odd shortfall..."

Too many sherberts Mr TDA.

The shortfall was 10m.

Also (& THIS IS MOST IMPORTANT):

When an spp happens normally one of two things happen. The normal thing is that during the raising window, the company, the broking house and the underwriter all sprook the stock. This is especially the case if it looks like the raising will fall short. Just look at prr as a current example.

However, sometimes there is no ramping, no pushing. These are times when others want to get as much of the pie as possible. This is highlighted by rbs themselves. The sp was below 50c, but they waited until after the spp to come out with a new 90c+ valuation. There was no attempt to get the sp up or to encourage shareholders to take up their rights.

In my view, money was needed to get the partnership deal or to get better terms for the deal. They couldn't raise $15m just from instos without shareholder approval or shareholder annoyance. This way they have a large slice of the pie anyway.

Buy & hold