I am not surprised the new offer was rejected by the Board. I am...

I am not surprised the new offer was rejected by the Board. I am afraid we don't have enough information and the new offer came too late. I think there was some considerable share dilution in the new offer which is not obvious at first.

The more interesting comments have come from Mr Norris of CBA re Administration. With the Martabe sale going ahead, and I suspect some cash at hand I believe the existing bad banks could be paid out and the remaining debt refinanced with the good Australian banks. Ralph Norris seemd to indcate this was a possibility.

So despite my preference for a Yes vote, I think over the weekend the case for a No vote has strengthened