ceu over tcl...rcy, page-2

Broadly agree with your assessment.

RCY at this time - suffering from market falls + being a high yielder probably also suffering from margin calls +++ you have the DRP shortfall selling thru to Feb5.

All DRP shortfall, underwriting agreement and pricing period info are in recent ASX releases. Expect share price to be depressed next 2 weeks whilst broker selling off DRP shortfall. IMHO - great time to be buying around current SP.

6c tax deferred is about a grossed up 13.5% yield - payable to 2011.
RCY have/will have $1.5-2.0 billion in short term debt to 2010 - all hedged.
70% of long term debt from 2010 is hedged.
Yes, some analysts are neutral to negative on traffic projections.

Still - IMHO - buying opportunity is here! [further market fals aside]