66c? Wow! Even I thought it would stay above 70... Anyone crying...

66c? Wow! Even I thought it would stay above 70... Anyone crying about losing money had a chance to exit at 90c at open - the material was all there in plenty of time, unless you are a very slow reader.

So it is unlikely to make 1.50, lol.

For the brave amongst you I would suggest you buy at open tomorrow - I can see a counter offer emerging despite RHG management not structuring the announcement in a manner facilitating this.

Specific valuation of the business going forward just got easier:
1. the WBC offer is worth 35c;
2. the 8% NPV of the remaining loan book is around 150m (40c) assuming: 19% runoff levels; 50% reduced overhead expenses related to 'rams'; and longer term funding at 30bp above BBSW (a nice conservative figure used by john mcfarlane).

All up 75c with a realistic chance of a counter offer for franchise business in realm of 175m or even a complete t/a.