Ann: Non-binding indicative proposal to acquire Link Group, page-75

Therein lies the difference in valuation metrics.

Neither of us will know whether the dysfunction LNK business can be improved in the future to justify a higher valuation or whether it remains a management nightmare that should simply be broken up. It has lacked cohesive leadership for many years and struggled to find a genuine niche to exploit.

Based on what is there today, $3 is not far away from fair value in my view. Those investors in the green with the current offer may well have different views from those in the red.

As a former owner of VRL where a $4 offer was scoffed at pre COVID-19, only to be welcomed at $3 post COVID. I feel I've seen this movie before including the cry of foul from the stalls. Am so glad to have been bought out of that one, same here.