chances vpg go under, page-16

Hi Slappi,

please refer to last announcement:

"The current gross value of the fund is €470 million, and the IRR since the inception is in line with the target return of 12%."
470 not 600,sorry.

-----My understanding is the fund interest is 12%/annual, which is much much higher than the normal lending rate. It's also a condition of the fund. If IRR is not in line with target return, I donot know what will hapen next.


"......with ultimate fund expire by 2013"

---my understanding is debt is due year by year untill 2013, not the whole fund, if a big amount of debt due this year, big trouble. (actually fund can due anytime with the conditions apply, no debt due in 2009 or 2010 doesnot make any sence because it is base on the ideal running of the business, like your mortgage)

"......significant reduction to carry value"

My understanding "significant" means more than 30% loss, maybe more.

cheers