Treading water... where to from here?, page-24

@Cutloss: I know that you have been watching VAH for some time now, what do you or anyone else think about the following:
In my view this was not a typical "heavy dilution".
Contrary to what normally happens with such transactions in the case of VAH the free float has been reduced by about half from nearly 14% to less than 7% according to the share register of today (see below). While there are a lot more shares on the register today, one could argue that the number of shares in free float ownership hasn't changed that much. One could argue that the large shareholders got a lot of shares fairly cheap but then they are not going to trade them and on the positive side, what has actually happened is that they have provided a very useful and large cash injection into VAH in return for their shares. What is even more interesting is that the large holders have not only paid prices of around +0.40-0.30 per share not so long ago for their packages, there were also a lot of top-ups going on during the "dilution" for 0.26 per share (which reduced the free float even further). Does that not tell you that these guys are seeing the value of the company well above the current SP? If only one or two of them get active on the market again, the SP should go up fairly quickly. As the Chairwomen put it just a few weeks ago, no one is happy with the current low level of the SP. Hopefully they will unleash the tiger soon
Please correct me if I got anything of the above wrong!!! Any views on this would be more than welcome!

Large shareholders 08/12/2016

	Column 1	Column 2	Column 3
0	Etihad Aviation Group PJSC		21.82%
1	Singapore Airlines Ltd		20.85%
2	HNA Innovation Ventures (Hong Kong) Co Limited		19.98%
3	Nanshan Capital Holdings Limited,Nanshan Group Co.Ltd,Nanshan Group Capital Investment Company		19.98%
4	Corvina Holdings Limited		10.42%