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Old 25th May 2020, 09:40
  #1243 (permalink)  
MickG0105
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 1,172
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Originally Posted by ozbiggles
Yes, and they cunningly spent 10 years of losing money to achieve it....
I don't think that it was a ten year plan but it is notable that given current circumstances VA has managed to reacquire 100 percent of Velocity for significantly less than half of the earlier sale price.

They raised the $700 million purchase price plus the $11 million in transaction costs plus sufficient to cover KS's bonus payment in an unsecured bonds issue that they never had to make a coupon payment on. They'll end up settling with bondholders for what? 20 cents on the dollar. That means that they will have reacquired that 35 percent stake in Velocity that was sold back in 2014 for $355 million for around $150 million.

​​​​​​Funny how things have worked out, Velocity not being part of the Voluntary Administration and all.
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