I think there were around 250M VRLPA, so we will be left with...

I think there were around 250M VRLPA, so we will be left with over 100M listed.

The underlying equity value of a VRLPA is theroetically the same as a VRL so even when the buyback concludes (and adds further value to both the remaining VRLPA and VRL holders) I can't see the stock plunging.

The more VRLPA that can be bought by the company at a big discount to VRL improves the position of existing holders. As the market further digests this the VRLPA price is creeping up..