Ann: CVF Monthly Update and NTA Per Share at 30 November 2020, page-3

interesting commentary on Village Roadshow, the way it reads i'm sure i've come across similar stuff before, may be even quite recently. Wasn't there a small Lic persistently trading at a discount or something.

Code:

we still believe there is substantial value being left on the table with this latest bid we are left incredulous by management’s willingness to engage in what amounts to a take-under at the expense of minority shareholders. With a vaccine in hand and a clear path to normalcy now in sight, there could not be a worse time to engage in a sale of VRL. This is the definition of a motivated seller, a position we attempt to avoid at all costs and yet management has welcomed it. In our opinion, to remove such substantial upside potential from the hands of shareholders with a re-opening only months away is an irresponsible act akin to a theft. Both management and the Board should be ashamed. We are grateful however for the efforts of Chris Mittleman particularly as well as Spheria, two minority shareholders who took an active role in keeping management’s feet to the fire and were perhaps the only reason we received an increased bid. Thank you.