I would imagine that Vantage have taken a bath on this. Mind you, their negotiating position against Peel was very weak. With the banks threatening to call in the Liverpool debt (as a result of a covenant breach), Vantage would have been faced with having to put in a large amount of cash. Following the change in strategy of Vantage's investors they no longer have access to such cash. An offer by Peel to take their shares for (presumably) a nominal payment must have seemed the better of two unpalatable alternatives.