scary chart, page-3

Hi D,

Try and fill in some blanks.

I have seen the comments about the NTA around 38 cents etc.
- Firstly NTA circa 38c is about right.
- Secondly NTA has tight relationship with debt.
In the case of VDM, debt is low and therefore unlikely to have massive NTA swings.
- Thirdly, NTA often difficult to realise, especially in a smaller time frames.

Do you think that there would be a ready market for the assets? Would it make sense for another engineering firm to buy the assets at current values or even take over the company?
- IMO on the radar, however not aware of the M&A space for this segment.
- VDM quite a diverse company, anchored by culture and poor communication.
- Mgt buy in another option.

If there is a risk of insolvency why not let the company enter administration and pick up the assets at a fraction of their current market value.
- The company may be trading for insolvency, however IMO this is is a misconception and opportunity.
Flaky revenue figures suggest in a holding pattern and a mile from insolvency.
Mav