Approx 50% of VPG's debt is with HBOS.... now that HBOS is being taken over by Lloyds, fear around this debt should subside.
Part of the reason VPG was sold down was on the fear of "what it they have to pay off the HBOS debt today". The Lloyds takeover basically means this fear (which was never correct) should no longer be a factor.
Given you asked about it, probably means the fear is still there.
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