Being unsure of the specific transaction at hand, I can only suspect a block trade at $3.90 is being offered not a corporate take over offer.
There are quite particular ASX rules in relation to ownership issues so drawing any pre-announcement conclusions is prone to error.
I have accumulated heavily since the capital raise at a puny $1.65 in July, 2018, as mentioned by Irothschild. Have been a buyer and seller of large VRL lines for over 20 years and share price fluctuations have been kind.
It is difficult to attribute an enterprise value to VRL becuase it has always been operated as a publicly listed private company. The Kirby's and Burke have had unfettered access to assets and pretty much blown up hard earned capital accumulated in good times on pipe dreams. With that sort of history, sustainable earnings are simply a guess except on the core theme park/cinema divisions which themselves have volatile earnings.
If a genuine takeover bid were on offer, I would hope a price of low to mid $4 were on the table for a business that is uniquely positioned in the entertainment sphere. Time will tell whether that value is achievable.
In any event corporate action on the register is welcome, to shake the tree and draw out any remaining skeletons.
GLTASH
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