PS - They must have heaps of cash from the matrix to enable this...

PS - They must have heaps of cash from the matrix to enable this to pay off the prefs, but its not booked, but you can see they have some otherwise they could not afford this VRLPA buyback etc.

I think you are right though, they will sell off the whole of AEO, and use that money to buy off the rest of VRL. If media laws changes packer would love AEO and they could easily offload the rest to him.

All this is essentially because the market is not appretiating the stock, it is trading for too cheap VRL, it should not be below its NTA. So don't blame VRL for all this, its the brokers and fund anaylsis not valueing proper stocks at proper prices.