Ann: Receipt of Indicative Proposal, page-51

I was thinking and reading about the situation in respect to both VRL and ALG

It is unlikely that Cap Raise will be acceptable for both companies given the large stake of respective owners (Kirby family in case of VRL and Gary Weiss and aligned interests in case of ALG).

I am guessing they will not want to be diluted, and not necessarily have $50-$100 mil sitting on the sidelines to support a raising.

Cash should last for only a few more months but I cannot really make an exact call on this.

The Australian Data Room today published some grapewine private equity rumours (which has to ALWAYS - in case of Data Room - be taken with a grain of salt) which suggested similar possibilities.

In my opinion one of the VRL's suitors will inject some cash in exchange to exclusivity and complete due diligence. If you recall, pre-COVID offers were around $4.

I expect VRL to be taken out in early $3 range in the next 2-3 months.

The other suitor will probably be interested in ALG's Main Event business.

All my opinions and am usually wrong.