i'm out, page-51

And I'm sorry to say that I'm out as of this morning as well. Can't continue to rationalise this any further.

No clarity on underwriting position, no sign of Patersons, no clarity on who will step up to fund above the $15K contributions, the flagging of CBA's requirement for accelerated repayment opens the door once again to additional capital requirements in the future before this one is even finalised.

There are scenarios where this can do better from here but there is no visibility, signs, reading between the lines - whatever - that suggests non-magna holders will participate.

A long, drawn out lesson for the future.