no substance in the weekend afr article, page-9

Scarborough's offer may be an opportunistic punt. It has 3% at from the time of the Scarborough deal. price would be?

However it is not likely to be the sort of short-term punt people here are making.

1. At such a distressed price, I would management to require that Scarborough retain their 19.9% holding over a certain period of time, say 3-5 years. I remember in the Goodman Fielder IPO in 2005, it was required that shareholder - Grahm Hart's 20% shareholding should stay for two years (if I remember correctly).

Also, in my earlier email to CEO Peter Hurley (2 days after recent announcement), I also suggested, if worst comes to worst and we have to accept the unfair offer from Scarborough, that at least such a clause be put in the debt-to-equity swap agreement with Scarborough requiring 3-5 years of them staying with the company.

2. If Scarborough does have confidence in VPG, they may as well hold for at least 3-5 years till market recovers if not longer.