wow, page-34

I agree with your post - unfortunately while there are plenty of reasons why the sp should rise, the ultimate question is when and as to what will transpire in the interim.

As with other holders likely now with sizeable holdings showing a loss, its difficult to rationalise the low sp. As my previous posts have indicated, I lay the majority of the responsibility on management, an in particular to Hurley. The majority of financial reporting on companies includes a section indicated as 'Management Effectiveness' which includes the high level summary of profitability. There is a reason why this section is labelled as such, and in the case of VPG, the numbers are very poor and as such indicates the Ineffectiveness of Management. As holders we don't manage, but instead take the ultimate risks associated with poor management. Assuming institutional interest, they of course have investors looking for profits. And without dividends, there is no income for their funds, while the majority of the other REITS have started reissuing dividends, VPG not only doesn't, but pays themselves healthy bonuses and refuses to offer any guidance. The way things are going, I wouldn't be suprised if Hurley amends the consolidation proposal on the floor instead to a 30:1 or 40:1. Why not - after all he's offered no rationale for the proposal, and the cynic in me whispers that he is up to something that will unfold during or shortly after the AGM.

Despite the sp and now negative contributions to my super fund, if I has the money this is one company I'd be keen to takeover and in the process dump the board. Sure valuations of large assest fell, but with the Europe side showing reasonable cash flow and gradual improvement, the infrastructure alone is worth a sizeable amount - consider the difficulties and time required to start all that from scratch. Anyway, all pipe dreams unless a couple of hundred other smaller seven figure holders come to the party and chip in.

Anyway, are there any posters out there who will attend the AGM? If so feel free to offer management the thumbs down and speak your mind since this is the only occasion where you can do so. You won't receive a free Hot Copper t-shirt but will receive the respect of alot of posters here. I can't attend since working on the other side of the world makes commuting a tad difficult..

Now all I have to do is select my sentiment from the lsi box to post - how come there isn't an option 'Sodded Off'?