VRLPA will only convert to VRL if a takeover is offered and (this is the big one) if that offer is recommended by the board of VRL. So...I do not think Johnraps theory will hold.
I just can't see the f****ng Kirbys doing minority shareholders any favours, when there is a way to maximise the upside for themselves and themselves only. The cancellation of the VRLPA, at what I believe to be an inadequate price, is the first step. The next step will be to buy out the remaining VRLs at another depressed price as they somehow manage to produce further asset writedowns and some more "own goals"...and presto...it is fully owned by VRC (the private company controlled by the Kirbys plus their puppet, Mr Burke with that ridiculous pony tail and coke bottle bottom glasses), which they will eventually onsell for a massive premium for themselves.
It is all too easy for them......did you also noticed how they bought out AHD's stake in VRC for a very low price after AHD realised that VRC would not pay divs as VRL wasn't going to pay divs....
Had the friggin pref divs been paid at the minimum 10.13 cents per share (with franking), I am sure the VRLPA would be trading at a lot higher than $1.25. It is just not ethical.
It is all one big conspiracy to bleed the minority shareholders dry! The prefs will be cancelled at a price far lower than what they were issued at on average....it is all too easy....and they continue to get away with it.
Just look at how they pay themselves incredible salaries at the expense of other shareholders...and for what!!!
VRL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
