value of rhg after westpac bid , page-8

Ocker,

Forget about the $140m being paid by Westpac as a component in RHG's "value".

It's already been spoken for and shareholders will not see a red cent of it:-

Another interesting point is that RAMS has a corporate debt of $138 million, which it needs to pay back. Its directors are yet to determine what they will do with the $140 million proceeds from Westpac, but a strong possibility is it will have to pay at least $108 million of this corporate debt back to the Royal Bank of Scotland.
http://www.theaustralian.news.com.au/story/0,25197,22521723-5012439,00.html

No-one is making a bid for it - forget it!

All of the substantial shareholders have bailed out (CBA, PPT, SUN). Have a look at the bid depth - tiny little Mum & Dad punters betting piddling little sums.

What happens if the XCP and warehousing facilities can't be refinanced? The holders of that debt become the owners of RHG's book, without paying you shareholders another cent!

If you want my bet on what will happen: Westpac will provide ongoing, day-to-day funding support until shareholder vote to accept their proposal. Once the deal is signed, Westpac will say, " Thanks and g'bye!". RHG will fold like a house of cards within a month.

IOW, it's only being kept alive so you can hand it over to WBC, after which life-support (and the machine that goes, "ping") will be switched off.

Get out while you can, IMO.