Roadster I like your logic which is sound. BUT...the trust...

Roadster I like your logic which is sound. BUT...the trust should still be trading at above $1.00 even after your senario.

Assumptions:

Current loan to asset ratio = 55%
Permitted loan to asset ratio = 60%
Assume 20% fall in asset values.
Current NAB per share = $2.09 (equity per share)

Outcome:

1) The loan to asset ratio blows out to 68.8%.
2) Assets sold (at 20% discount to current prices) to restore ratio to 60%.
3) This all translates to a 44% fall in equity.
4) New NAB per share = $1.17 (equity per share)

$1.17 is well above $0.12.

The doom senario = a share price above $1.00.