Pepper Australia has not given up on its tilt at the mortgage manager RHG, according to a report in the Australian Financial Review. Early last month the RHG board recommended that shareholders accept an offer from a syndicate led by the lender Resimac. Pepper launched a competing bid and Resimac revised its offer. In the latest news, Pepper has teamed up with one of RHG's shareholders, Cadence Capital, and is offering cash plus scrip worth 49.65 cents a share. The original Resimac offer was for 44.1 cents a share. A former head of risk management at ING Direct Australia, Mark Mullington, has been appointed chief risk officer at Sainsbury's Bank. J Sainsbury PLC is in the process of buying out its banking joint venture partner, Lloyds Banking Group.  Mullington was most recently chief risk officer for ING Direct UK. Gippsland Secured Investments says it now estimates its deficiency at approximately A$3.17 million, after deducting intangible assets of $3.55 million. It said a draft balance sheet, for 31 July 2013, includes a general impairment provision of $1 million, "although that amount remains under review by the company." GSI, a debenture issuer, has until the middle of next week to raise capital to stave off appointment of a receiver.