vrl proposal to preference shareholders, page-13

Agree the we are being shafted to an extent (I am making a big gain so am not too upset about it) but one obvious question should be: Why did they have to cancel the dividend to 'strengthen the balance sheet' if they are now able to find 25c per preference share (the cancelled div would have only been 10c per share)!!! - sounds a bit fishy to me!!

Will be interesting to see if some of the investors like Investors Mutual etc kick up a stink.....

Ed