if we think through some scenarios here it may all come down to...

if we think through some scenarios here it may all come down to the motivation of TLS ceo to deliver his strategy in a timely manner:

1) TLS take over stores they want on a site by site deal at the end of expiration of licences
2) TLS take over stores as a going concern before end of expiration
3) TLS build some or all of their own from scratch and cherry pick the others from licensees

while i am bias, i would think option 2 presents a faster, lower risk and smoother transition for TLS. so the starting point would be the value as a going concern discounted for the limited life duration of their licenses. given that TLS will be saving the corporate costs associated with VTG, and given the profitable nature of the VTG store portfolio it makes sence to start negotiation with VTG first (as stated in their announcement) and once done proceed with the smaller licencees.

if i read correctly, VTG announcement effectively says to TLS they dont need to do anything till 2025 so show me the money to make us get out early as we intend to use the cashflow for the next 4 yrs to transition the company.