Quick sums here show that Scheme A is already dead in the water. It's nothing but a red herring.
Using round figures:
195m shares / votes in total, 78m of these are controlled by VRC and directors (who are ineligible to vote on Scheme A).
This leaves 117m shares / votes and 75% is needed for Scheme A to pass = 87.75m YES votes needed.
We know without any doubt that Mittleman is voting his 20m shares as NO - that means 87.75m of the remaining 97m eligible shares need to vote Scheme A up.
That's 90.5% of the remaining eligible shares needing to vote YES - there's not a snowflakes chance in hell of that happening. There are a number of non-VRC holders with 10m shares - so it could be wiped out with just one holder.
Scheme B is the ONLY game and the only real players are the substantial holders. $2.22 maximum, including the $0.12 Theme Park uplift event. None of the other "uplifts" will happen, simple as that.
Who wants to have a crack at assessing the likelihood of Scheme B getting up?
VRL Price at posting:
$2.21 Sentiment: Hold Disclosure: Held
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