I also saw an interview with Chris Rolls. Is he old enough to...

I also saw an interview with Chris Rolls. Is he old enough to drink?

The only way I can see this deal happening is if REX is able to fund the vast majority of the deal. Given they have only been up and going for 3 months and have bought other assets, I'm suspicious that they will have anything like a spare $70m.

The REX offer document states that bank funding will be used for any shortfall. I think that $20m is probably the upper limit that a bank would lend for this. No way they would lend to fund the whole deal.

Jaranet is right to question the debt restructure. NAB wouldn't have let go of $15m if RNC was in decent shape. Banks only take write-downs when they don't have a choice.

RE the IPO: It's still not registered with the ASX and of course the guys at HAL are going to be saying it's all good - they clearly aren't going to ever say the opposite right up until the deal falls through.

Don't get me wrong I am very interested in this opportunity - I just think that on the balance of probability that it probably won't happen. If anyone has any info on how much money has been raised by REX to date I would love to know.