Agree... Agree... Agree... that this is a massive con job that stinks of a board that has lost the story line of their own movie!
It's a bit of a rant but I want to participate in voicing my disapproval of our current situation.
As I have stated previously in the very few comments I have provided on this rotten and highly suspicious takeover... the value we shareholders currently hold in VRL is being sold from beneath our feet for absolutely no logical reason. There is no need to accept or support a blatantly undervalued offer... which remains grossly undervalued even after the recent increase.
The original deal that was supported by OUR board was mind blowing... how it was ever recommended as being in shareholders best interest should be investigated as corrupt! How is it not? Especially when the very next adjustment was increased by 33% (based on the highly conditional $2.25 deal - I mean BAD DEAL!). Even at $3.00... it's still a scam. Just because an offer from the sickeningly low ball base is increased... doesn't mean it now represents value. It's still unders. But the Board unanimously recommends it... MASSIVE FAIL!
Thank you for sharing the link to the Mittleman presentation LowryMike. I wish I could voice my thanks to the Mittleman Brothers for standing up and showing what is blatantly a shareholder sell out. Exactly the reason I feel the support of the Board is 'highly suspicious'.
I particularly liked reading:
As Aitken Murray Capital Partners wrote in a report advising their clients to reject the Schemes shortly after the May 18th announcement,“...we believe selling the company at the current price is like selling your house whilst it is on fire.”
followed by...
On May 21, 2020 Morningstar Australia analyst Brian Han was quoted in an article on VRL’s takeover, “They (shareholders) shouldn’t part with their shares on an extrapolation of the poorest conditions one can imagine... The price is simply not high enough... shareholders could start agitating, saying thatthey’re being robbed of their opportunity to participate in the company’s recovery post-COVID.”
We are being robbed of the value within our company and thankfully, we had a major shareholder who voiced their opinion, not only on behalf of their own interests... but for all minor shareholders also. AND thankfully, continued buying VRL shares throughout! Over $71 million worth of shares is extraordinary.
Even at $3.00... my vote remains NO/NO. If our Board have ceased to believe in the company or consider that either of these schemes are in the shareholders best interest, then it's time to vacate your position. Maybe you have just been sitting in your seat way too long... because this whole takeover process ceased being in the shareholders best interest a very long time ago!
What a joke!!
Bring on the end of the sell out - and unfortunately the $4 million+ break fee (another scam which rips money straight out of the shareholders pockets) and announce a capital raising to clear some debt. Bring on 2021 and all the local holiday makers who want to spend money in our VRL owned venues (including the upcoming entertainment vouchers being issued by the government)... with a company that remains in shareholders ownership which is listed on the ASX... and a Board who want to work hard to deliver value and a healthy, strong company on our behalf.
Thank you all...
Snake out!
VRL Price at posting:
$2.95 Sentiment: Hold Disclosure: Held
