Not at all. Obviously without future loans - and a non compete...

Not at all. Obviously without future loans - and a non compete clause as some have suggested - then rams wont trade its way back to 1.50. Had the board continued as is, announced the 250m funding and rearranged the other 750m of NAB's 1b warehouse, then I would see no reason why it couldn't have continued through until feb '08 and looked to refinance around the 30bp above BBSW or even via LIBOR.

Management has really missed a trick selling the franchise before it says it can quantify the value of its loanbook. It will be very hard pressed to get shareholder support if it cant do this and I also think it was too slow to raise customer rates.