Rogues...raising money from Aussie institutions would be...

Rogues...raising money from Aussie institutions would be problematic to say the least. Look at the issues KAR has had over the years in getting a decent percentage of Aussie instos on their register and you'll realise that if NEN were to raise capital, the logical source of funds is offshore. Aussie institutions are index hugging, risk averse monoliths. Mind you, they do come in handy when those offshore instos are looking to sell at the top of the market as that's when the guru Aussie instos tend to get on board.