What's the bet that the ASX will demand they do so?
From www.smh.com.au:-RAMS mortgage book up for sale: CEO
"The existing loan book will effectively be a closed book that will go to run-off," RAMS chief executive Greg Kolivos told journalists.
He said the book could be acquired by another company.
"Certainly that mortgage book could be," he said.
Mr Kolivos said RAMS' shareholders could participate in any residual income generated from the loan book over time.
Mr Kolivos declined to estimate the NPV of the loan book and the amount of income it could produce for shareholders.
"Obviously that very much depends on how we see global markets opening up over the coming months," he said...
Westpac has agreed to provide up to $1.5 billion to RAMS to help refinance its short-term debt program.
The commitment was conditional on RAMS forming a syndicate of other lenders, Westpac said.
When asked if RAMS could "still be left with a funding issue" if it cannot get the syndicate going, Mr Kolivos said.
"Technically, yes."
Can't give a NPV for the loan book? Oops!
Still left with a funding issue, unless they can get a syndicate going? Uh oh!!!
Where's commodorecontrarian when you all need him?
future, page-2
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