Ann: Change in substantial holding from PRY , page-11

Hope it all turns out well!

The big difference in your investment approach compared to Axiomax and a lot of others is that it appears you would be satisfied with an exit price at a 50% premium to current prices.

Axiomax and others are thinking there is a lot more inherent value in the business, where a value at over $1 a share is more appropriate.

Hence the risk of some shareholders accepting a PRY bid such as yourself, where others don't, leading to the risky position of a substantial interest in the stock held by PRY which provides PRY with 'de facto' control (similar to the West Australian Newspapers situation) and therefore a permanently low PE multiple on an ongoing basis.

Its a big issue for the long term holders of VEI and those that care about long term value appreciation.