Completely agree. The value here is compelling- even if you impair VCS completely and subtract 20% from their assets.
The concern is that there's something lurking behind the scenes, particularly in relation to HBOS.
But I'm a buyer- as you said, no debt to worry about until 2010. Equity markets will improve, debt markets will improve, and they should be able to either extend or sell assets by then. (I would have thought)
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