Ann: VRL Extends Exclusivity With BGH, page-54

I wrote to thank Chris Mittleman and got a personal response.

He alerted me to their letter to the ASX which was NOT published, here is a link http://www.mittlemanbrothers.com/wp-content/uploads/2020/10/Mittleman-Cover-Letter-to-VRL-Oct-6-2020.pdf

Please familiarise yourself with the pretty clear facts (IMO) and if you agree this is a stitch up, start making some noise.

This is probably the best bit of the letter:

"The Independent Board Committee (IBC), chaired by VRL lead director Peter Tonagh,
seems to have rejected our claims, made privately and publicly during 2020 as to the
inequities that we perceive these Schemes are attempting to foist upon VRL shareholders.
It should be, in our view, common sense to reject this unprecedented dual-structure scheme
at a rock-bottom valuation in the midst of one of the worst macro-economic back-drops in
history, and where the controlling shareholders are conflicted. As the Morningstar
Australia analyst covering VRL, Brian Han, said in an interview on May 21, 2020, “they
(VRL shareholders) shouldn’t part with their shares on an extrapolation of the poorest
conditions one can imagine.”


The broker consensus for VRL FY22 EBITDA is currently at $150m, yet it was at $153m back in January 2020 when the BGH offer was $4.00

Below is a clip from the Mittleman letter, dated 6th October 2020.