Reason to hold

I decided to hold because I estimate that the yield (at the present price) will be 11% in 2010 and can be expected to increase in future years (till their next bout of excess risk taking and value destruction!). My calculation is shown in the spreadsheet below. It includes the following assumptions:
1 The profit after tax in 2010 will be the same as in 2007
2 The tax rate will be unchanged
3 The RCI warrants will be converted into shares in 2009
4 Dividend will be 50% of eps