overkill, page-10

fjficm ... i like your long list of facts supporting - none. although it should be noted that as a decline from peak levels the share price has already had similar declines from a % perspective.

i won't go into all the detail, however one of the key things "the market" is focusing on at the moment - and which is one of the concerns re some of the Rubican trusts - is GEARING. to draw a comparison let me give you some facts:

VPG: Gearing = 32% (on balance sheet, or 42% look through. Date 21/12/07)
RRT: Gearing = 82% (@ 18/10/07, with target of 75%);
RAT: Gearing = 74.2% (June 07 accounts)
REU: Gearing = 60.6% (June 07 accounts)
RJT: Gearing = 51.7% (June 07 accounts)

VPG clearly compares very favourably against them all. If you have more detail to support your prognosis that would be nice.

MJS