careful, page-48

roadster,

they may have bought scarbrough at the top of the cycle but they had the extremely good sense of funding it with $1.2bn of equity. so the real "losers" are those who subscribed to the equity issues at $2 and above.

however the assets still remain, with relatively low gearing levels, which gives them a good cushion, unlike cnp which is geared at more than 80%

so even if vpg has no future, don't you think an orderly liquidation of the real estate assets over the next few years, plus income from funds management (which is essentially locked in for the next 10-20 years), is worth alot more than 4c per share??

they have net assets of $1.6bn and a funds management business with $10bn+ FUM. imo that is worth ALOT more than 4c per share, even with no future prospects for the company.