i can not believe vrlpa is lower than vrl buy, page-8

This was trading 2 years ago above $3. Back in 2003, there was a previous attempt to buy out the preference shareholders. The indenpendent expert report then valued the shares at between $2.14 and $2.73 per share.

I have done a rough calculation using similar methodology as used back then. I get a valuation per share of $3.59 using 2008 and 2009 half year eanings (EBITDA), debt as at 31/12/08 and the earnings multiples used to value the business back in 2003.

I will post the analysis, in parts, as I get time for any comments.

Regards

SP