Baillieu Valuation of VEC, page-272

Agree with most of that.

The premium for using Magna is unpleasant and unfortunate, no secret there. At short notice this is often the case, something that just has to be accepted as a premium for a 90 day holding deal. Obviously after 90 the crap deal with them takes effect if other arrangements aren’t in place.

To be honest with the dragged out delays getting the deal wrapped up, which I’m not pleased about anymore than others, it was no surprise that funding wasn’t parked for months in waiting. Fund providers like to have their money working for them just like any investor.

So I don’t entirely blame FT, circumstances of delays didn’t do either party any favours. I’m glad FT are still an option.