RAMS says yes to Westpac

RAMS shareholders have voted overwhelmingly in favour of selling the brand and distribution network to Westpac. Chairman and founder John Kinghorn said that of all the resolutions passed yesterday the saddest of all was the one authorising the change of name to RHG Group. Mr Kinghorn is still hopeful that that the company will be able to secure financing from global credit markets for $6 billion of the remaining $14 billion loan book but also warned that it was conceivable that global credit markets could be closed forever.

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