Ann: Acquisition proposal received, page-10

It is a lowball offer because VLW is worth much more. The share price has been dragged down by general sentiment flowing from the Royal Commission activity regarding bank lending, particularly for mortgages. VLW operates at the budget end of the housing market and is partially insulated from the general housing woes. The company is worth much more than the share price suggests and even more than the current t/o offer IMO.

I hope we see competitive offers before long.