My problem is I think VLA is massively undervalued too hence my comment. If they get where they are planning to go then they are a 500m-1b takeout and now they have a new strategic shareholder that could end up the acquirer - or at least put the others on notice. I'm happy if PYC stays half VLA on that proposition but I think the platform is a far better risk bet even if much earlier in the lifecycle.
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