What is material? well its somewhere below 16c, but is it 10c...

What is material? well its somewhere below 16c, but is it 10c (my guess) or is it as low as 5c? If its 2.6c I think "material" would be an understatement, the board would have had to say there is little likelihood of a material return to shareholders? With the shares still at 2.5c I still think the net proceeds should be positive but it looks like RBS is forcing the pace more than would be helpful - given Europe is gradually showing signs of turning around.