$200m ... watch vrlpa !, page-19

re: privatisation question Hi Mac B,

Some posts from over a year ago deal with exactly this topic, It's fairly complicated.

I finally read the AFR piece also today. Every share (VRL or VRLPA) that is bought back will increase the embedded value in the remaining shares in issue. Which if you keep holding them is good news.

I think the market likes the reduction in risk as a result of the Crescent deal (even if the ultimate upside is less)

Interesting that both VRL and VRLPA have performed equally well since the annoucement. This implies the cash if used for a buyback may go to both classes of share (as has been the case in the past)