As far as the UK is concerned , NAB will get 30% of the IPO stake....the funds will be added to their balance sheet ie added to basel requirements etc whatever to satisfy Murray report whatever...
The 2 for 25 rights issues is 8% dilutive BUT it can be offset against the UK bank financial/operating losses
to a cost neutral baseline
From the added IPO funds and the funds from the rights issue and in context of the future that the UK venture will not be a financial burden and those funds will be used to generate more profit and that includes more profit per share even though there will be 8% more shares .Ergo enhanced profit.
Shareholders will also get shares/CDI's in a UK bank consortium....for free....
In a nutshell , NAB will get funds from the IPO and rights issue , offset against losses in the UK and the increase of NAB shares would be cost neutral....from there more profit will be generated even if it is shared over more shares . Positive...
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