vrlpa, page-15

re: vrlpa does not have yield its a trade Hi Sushi

Agree totally - Takeover is very unlikely and any dividend flow in future also.

Also I am also of the view that while VRL publically state they are not interested in selling AEO, if the law changes they may well have some compelling offers on the table, and I think would be inclined to accept at the right price.

That leaves, each shareholder in a position to decide if they are comfortable with minority ownership and zero control over the new animal that is more exposed to film production a big discount to NTA.

My view is that management now have more to gain in the way they have set their own benefits in lifting the share price than cash stripping the company. This is very different to the situation over the last 3-4 years and I would hope leads to a higher focus on shareholder return - the VRL stock. The VRLPA will be "dragged" along as it holds the same economic interest, not because of any future dividends.

I note DJ's new MD has exactly the opposite view to that shown by VRL mgmt over the last few years(looking to return excess cash to shareholders) to VRL on the Buisness Sunday program and his share price reacted very positively.

In summary - 1.have the negatives moderated - yes in my view they have, 2. have the negatives been overfactored into the share price - yes, again only in my view they have, and for the reasons I gave above moreso into the VRLPA..