Mittleman Presentation

http://www.mittlemanbrothers.com/wp-content/uploads/2020/11/Village-Roadshow-Beyond-COVID-19-Presentation.pdf

I've attached the full presentation here as a file / link - it's heavy stuff.

Here are some quick summary notes for those less patient. Anything in bold italic is direct from the presentation.


1. Confirms they own 29.41m shares - 15.06% (officially enough to block Scheme A on their own). Average price of $2.43 (yes, that's $71,466,300 AUD worth of "money where his mouth is")

2. Still feels fair value is $5.24 per share and goes into great detail as to why (summary snipped below)




3. Scathing assessment of the Independent Experts Report (Grant Samuel)

In our opinion, the Independent Expert Report (“IER”) from Grant Samuel is riddled with outcome-driven obfuscations, outright errors, and seemingly strategic omissions such that we deem it to be a fatally flawed document that cannot be relied upon to inform directors or shareholders on fairness.



4. Identifies clear competitive and performance advantage for VRL theme parks over Dreamworld and uses comparative chart to show Ardent S/P recovery against our own (I prepared something similar awhile ago suggesting we'd been "locked out of the recovery"). Snapshot below.




5. Notes the confusing "restructuring event", which will knock a further 10 cents off the Scheme B price for anyone electing to keep shares (at least I think that's how it works, it is damn confusing)

6. Still evaluating the new offer ($3.00 / $2.95) and awaiting further information before they decide how they intend to vote


In my opinion, the first line on page 1 of the Mittleman presentation is quite apt, no matter how you want to slice and dice this situation:

"Opportunistic low-ball MBO amidst once-in-a-century pandemic; lack of a better offer during pandemic is no excuse to squeeze out minority at fire-sale price"