re: Ann: Valad Investor Presentation - Cash A... I agree that...

re: Ann: Valad Investor Presentation - Cash A... I agree that management have given up. However regardless, reading through the paperwork (all 114 pages of the rubbish), appears that Valad can't solicit any other bidders anyway, so whether or not they could or want to, they can't. But if a superior bid comes along, then they're bound to recommend that. At the end of the day we still get to vote so that will be interesting and tell us alot about the other major holders with a view not to get into the same mess down the line. However if the vote managed to turn down the offer, then there has better be a complete scourging of the board, management and a strategic plan in place to get back to businss - all that would take alot of effort and coordination by major holders though. Otherwise we'll be stuck with this pathetic board and a CEO who is only interested in slicing it up and appears to have little actual management or 'real' CEO experience I believe.

Regarding the documentation, still confused about the difference between VFML and VPT - the bid is broken down into 1.79 for the VPT and 0.01 for the funds management. So that means the funds management was worth pretty much nothing. If so, the board might as well have just closed up shop on that instead of all the mucking around over the past year or two. I'm also interested in the Independant Experts report, who it is, and when to expect this. If that report indicated the bid was not in holders interest, then the agreement can be contested. So will we get to see this and when?

No point being hopeful or not - just a matter of seeing if there are any other interested players. Would be good if so, and without them, the only question is how Orbis will vote, how the other majority holders feel, and whether there would be any groundswell by minor holders as was seen during last year's consolidation vote.

Perhaps the most unfortunate outcome was the failure in efforts behind the scenes to procure persons with experience to nominate for board membership as part of a drive to table motions to remove the board and replace them. It just appeared that nobody was interested in doing the work, although many thought it was a good idea. Had such manouvers worked, valad could have strived thereon to work its way out of the mess as a going concern, or at the other end of the spectrum, wound up various positions in an ordely manner. For one, I would have preferred to manage our way out of this and echoed this sentiment before. I'm certain the board knew of such activities in the planning, but as expected, they stuck to their seats, and are probably all out on the town tonight patting themselves on the back.


Pretty soon the Valad lesson will be over - have learnt a few lessons myself - unfortunately many related to human behaviour with regard to management and executives. Next investments will see me checking into the board and higher level management backgrounds with alot more rigour than exercised with Valad. I agree with the comments posted as regards Buffetts take in part. Without decent management (which we lacked), even the best idea won't get off the ground.