VONThe loan book is the core of RHG business and is really what...

VON

The loan book is the core of RHG business and is really what the predators want - take a look at what is happening in the UK at the moment with Northern Rock to get an idea about where the real value lies in this type of business.

If (and only if, which looks a whole lot more likely know WBC are assisting) the loan book is re-financed then expect that RHG will be significantly re-valued as it provides an earnings stream and hence is easily valued.

What is it worth?? Well I would guess somewhere between $1.80 to $2.00 a share from what research I have seen post the credit crunch.

Hope this helps VON

Regards GOV