i can not believe vrlpa is lower than vrl buy, page-5

Hi guys,

It would be best if you re-read the analysis on VRLPA and the assumption being made that they will get 50c "more" than VRL shares if the takeover is successful.

Note that they get 50c "ahead" of VRL shares on the event of wind up or takeover (according to JC's research).

This doesn't mean that VRLPA get more, just get paid out 50c first in the event that the Company goes into liquidation - ahead of VRL holders.

Re the VRL posible takeover - there is still value in buying VRLPA over VRL as long as the sharemarket values these two shares differently.

Although not 100% certain, I would imagine that any offer price would need to value VRLPA and VRL equally in terms of SP takeover. Thus an arbitrage opportunity if the transaction comes off.

Cheers
John