Yes - it is an interesting proposition put forward by VRL. I can understand the desire to simplify the capital structure, but they need to offer a fair deal for the pref shares which are worth more than the ords because of the dividend entitlements.
Will be interesting to see how the buy-back goes and the sort of prices reached (mindful of the 5% cap on the prices per the proposal).
I'm not sure what I will do at this stage .... perhaps if price for the prefs gets to $3.60+ during the buy-back I will sell ... but that is a large premium above the present $2.45.
Any thoughts?
Ann: Proposal to simplify capital structure , page-7
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