interesting reports. more positives than negatives. i agree that...

interesting reports. more positives than negatives. i agree that vpg is grossly undervalued.

positives:
1. at this stage it appears vpg does not need to do an equity raising contrary to what merrill said yesterday
2. potential final dividend.
3. very valuable funds management business which is not included in 95c NTA - no redemption facilities and wholesale rather than retail investors

negatives
1. looks like most of $613m VCS capital is a write-off
2. potential debt problems in FY10, breach of covenants? need to restructure etc.

vpg should be OK though given low gearing levels. imo funds management business alone is worth $1bn. they earnt $140m revenue just from it alone last year.