Ann: VTG Investor Briefing Invitation FY21 Results, page-11

My theory on the TLS negotiation strategy is two fold.
Badger and cajole the independents into accepting low end ebitda values, but get them all done and dusted before tackling VTG. Two reasons:
it might signal to VTG that the multiple offered is lower than they think and, in the event they are forced to pay a higher multiple, the independents are already out of the way.
Additionally they must surely be claiming low end multiples because Covid is the new normal - business has altered - the shopping mall no longer has the same power it did pre Covid.