Ann: Investor Presentation, page-72

yes that is true in part ,Ormond, but i sold out of TGA long ago ,before losing any appreciable amount, only to buy back in at the bargain price of $2.
you see, i am allergic to losing money, but i can"t resist genuine bargains.
that is why i have already made the real dough on the VOC/MTU merger.

what i seem to be unable to grasp is why was the sp of MTU after the FY and before ex div. at mid $8"s.
surely you must realize that VOC is buying a "sponge".
but then you say, if we combine the two we will have a more streamlined overall effect in cost savings.
what a load of garbage-just the logistical costs to get this merger operational will be a lot more than any possible, touted savings.
what it means is this- slowly , but surely, VOC holders will realize that they are on a losing wicket.
ok, we have MTU worth on its own $8.50 before the merger. but since, they pay a divvy and that grossed up brings the sp down to about $8.30.
so that means that VOC theoretically decline to $8.30/1.625 which equals an sp of $5.10.
you can all whistle dixie about this, but facts do not lie and burying your head in the sand by trying to say that you have a long term winner is probably why the share market works so well in the first place- for every winner you have a loser willing to part with their hard earned.

and that is when i, the guru, takes center stage