ann - management buy out of europe business, page-7

Hi PPR, your call for transparency is correct so that our interest is protected. I have held VPG for 18 mths and seen decisions packaged as the 'greater good' which have been negative for shareholders. ie huge issues of shares to departing director to get rid of him. The market response is however good today so maybe you are right and the directors are in fact buying in. We will know in a few days if this is so. imo if a mbo happens in times of great performance or contrastly it is clearly a time of major distress then the mbo would be better understood however we have received good news on europe and know our books don't reflect this value so it does look suspicious. imo BT and WFS considered the true value of europe when buying a combined 10% stake. Maybe the buy out team are getting in ahead of an offer which would disclose what value exists? maybe the response today are directors hedging their position if an offer is made and the mbo fails.