Originally Posted by
Roger
While they have reaffirmed guidance they have neglected to state the obvious that on an expanded capital base guidance in terms of earnings per share has effectively been reduced !
Interesting approach seeing as a year ago they talked about issuing tier 2 capital and repaying tier 1 capital which would have increased eps.
Now they're still talking about a tier 2 issue at a later date, well over a year ago from first "feeling out" the market...come on for goodness sake come clean, why not do a tier 2 issue now when interest rates are arguably at their lowest in 50 years ? Their approach on the face of it from an eps basis appears to be counter intuitive. Could it just be possible that after all this time there is not sufficient market appetite for a tier 2 issue ?