i can not believe vrlpa is lower than vrl buy, page-18

JID,

I should also point out that it would be quite easy to get a substantial higher valuation. For example:

1. you apply a multiple of 1 higher to the Theme Parks and you get a $100M increase in valuation or 44 cents per share;

2. You Value the current Production Unit at say $280M rather than just $140M and you get an increase of $140M or 62 cents a share;

3. Similarly, if the ongoing expected EBITDA for the Distribution Unit was twice the half year at $78M instead of the $60M I Used you get an extra $109 valuation or 48 cents a share;

Therefore, would be quite easy to justify a total value equal to the previous valutation.

Regards

SP