Ann: Ceasing to be a substantial holder, page-2

I just did some quick analysis on Spheria's trading in VRL, some might find it interesting.

27th Feb to 11th Mar they bought around $14m worth of VRL at a VWAP of $3.33. Another $8.7m worth between 20th Mar and 8th April at a VWAP of $1.35. VWAP for the total $22.8m buying spree was $2.14 and their buying represented around 50% of VRL traded on the ASX (although some could have been Chi-X or off-market I guess?

Began selling 7th July and have offloaded a total of 1.5m shares, VWAP for the sales = $2.14

They had 12.4m shares when they became a Sub Holder 14th April, so I figure they still own close to 10m shares and are now sitting just below the substantial holder mark.

Hopefully we get Preliminary Report tomorrow and we might get a look at the current Top 20 holders? We might need to wait another month for the full Annual Report? Will be nice to see who the "non-VRC" substantial holders are start to understand their attitude to this bargain basement takeover.