Ann: Proposal to simplify capital structure , page-6

VRLPA and VRL will be equal shares. The buyback will be for up to 35 mil shares but there will be no div until Jan 2012 when they pay back the loan to pay for the buyback. they must buy 11 mil shares otherwise VRC will drop below 50% control which they dont want!
Essentially instead of divs we get the buyback which is a much better use of cash since the share price is way undervalued. VRC will take the company private when they have the funds and we should get around $3.60+ , but l would like to see them sell Austereo first and return that capital to holders.