however, reading their announcement, there is no guarantee of a...

however, reading their announcement, there is no guarantee of a deal! in that case sp goes back to 2.50 !

if the Kirbys want to make a full t/o they would have to offer an attractive price, my guess is that they will do it bit by bit at the lowest price they can get away with. after all, they dont really have the cash for a full buyback yet.

l would agree with those figures, but personally think VRL is worth more than that, so propose to hold for the longer term.

next couple of weeks could be most interesting!