my take on the call is that maxine sees the future as skin care business (only focus) and do a deal with TLS to get out. There is 90m on intagibles that will be lost on exit that will need to be offset. there is estimated 60m in franking credit so i foresee a special dividend declared once the exit deal is done. one analyst put to her that the orginal deal with TLS had an exit provision at some multiple of earnings. as this was presumably carried forward then he proposed that the value of the deal would be 80m - 30m = 50m x 4 multiple = 200m while they did not respond to that i thought is gave some insight as to the starting price of the "fast exit" scenario.
VTG Price at posting:
93.0¢ Sentiment: Hold Disclosure: Held
