well on the face of it, if I am an NVN holder, I am overjoyed....

well on the face of it, if I am an NVN holder, I am overjoyed. My earnings per share are about to go from 13 c or so to 19 c or more, whereas if I am an FDC holder, my earnings per share are going form 18.2 ish to 19.2 c forecast, and the trajectory of earnings growth before the NVN merger was heading in that direction anyway. As an FDC holder, my gearing levels are going from 25 to 31%, so I am now in a riskier company.

Where is the upside for an FDC holder? Am I going to see significant appreciation of the share price? I appear to be in a company that right now has high earning assets, and I'm about to be welded under a company that has lower earning assets.

Convince me!