Nope not good. The covenant breach means NAB can reserve their...

Nope not good. The covenant breach means NAB can reserve their rights, which has a range of outcomes including pulling facilities but that’s extreme and unlikely. 

They might reduce facilities and/or influence future capital outlays so they get paid ahead of further acquisitions. That’s way more likely - plus their interest cost just went up a lot. That means the roll up play is paused or stopped. Just remember the bank gets paid before equity holders.