Hi Mac, they have not sold the production business, just got...

Hi Mac, they have not sold the production business, just got another company and a bank to provide the security deposits etc, so at the moment VRL still owns 100%, but the other company has the option to buy 50% at a price that is unknown (not in the statement). The $200m extra cash they have at the moment is essentially due to extra debt in the production division (but organised in a complicated way involving the bank and the other company).

But yes agree the $200m could come in very handy for buying back the prefs!!

Ed