so it paid a $2.09 divi for last year without pendal and pendal...

so it paid a $2.09 divi for last year without pendal and pendal paid a divi of 0.41 cents....so collectively this new entity can pay say $2.50 a year in divis ( assuming they get no synergy benefits)....so if the sp drops to say $25.....that is still a 10% mostly franked divi??? now last year both the profits/ hence divis pendal & ppt earned were normal annunity style divi's....by that i mean they didn't earn any additional market performance related upsides right....? so sure profits should only rise this financial year when they are joined togather with synergies......both have sydney based head offices......so they will only need one back room function etc.....watch this space.....the market can be irrational in the short term but will catch on later in my view..

also ppts market cap at $1.5b right now is what the offer it got in june this year for just its corporate trust business???