vrlpa, page-18

re: vrlpa will be worth the same as fully paid sh Actually, in the case of a takeover of Village itself - the VRLPA's would convert to ordinary shares and this would be a great benefit to the PA holders - however, this seems unlikely, and my general view about prefs. is that they are not as effective as common stock, but there is a possibility in this case that the gap of 44 cents between the prefs and common stock is an incentive to own the prefs. note the previous relationship was a 20 c gap over time. however, a great deal of uncertainty clouds the prefs. in terms of the dividend to be paid on the prefs. it appears that no further dividends will be paid by Village on common stock or on the prefs. in the future - this is not known but presumed. If so, prefs. have a limited value as the holders are not "owners" of the company as are the common stock holders, and without a dividend the only value in the prefs. might be that they might be bought back by the "owners" of Village (i.e. the company itself) and cancelled. This would provide value to current buyers of the prefs. and to the ordinary shareholders as well (as they take full ownership of Village's net assets). This is my view of Village. If the legislation to loosen media ownership laws passes the senate maybe a sale of Austereo and a buy back of the prefs. by Village is on the cards. Maybe this is why the prefs. are 'running'.