Yes, that is correct. Under the so called "Executive Share Plan" it is my understanding Village will buy back any preference shares purchased by the executives at the price they paid for the shares.
So if they paid $1.52, then Village is required to buy them back for the same price, 1.52 executives can not lose. Given the need for funds it just amazes me that Village has the funds to buy back the shares now. Another "transparent" and benefical use of corporate funds to benfit a select few at Village.
Only the ordinary non-insider ever loses at Village. Prefs down another 10% today.
Now the executives have a whole bunch of money burning a hole in their collective pockets I wonder what they are going to do with it? They could take their money and buy more shares at lower prices, but I doubt that any of that money will flow back into the preference shares given that they pay no dividends.
Where is the ASIC when you need them???????
VRL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
