Vantage will have lost out badly, especially from their forced withdrawal from Liverpool (which would have accounted for the vast bulk of their initial investment). Their problem was that their backers, Citi Infrastructure Investors, had a change in strategy and decided to withdraw from a lot of their investments, including Vantage. When Liverpool breached its debt covenants earlier in the year, the banks would have required the shareholders to put in more cash to pay down at least some of the debt (technically the banks could have called in the entire debt for immediate repayment). With Citi having lost interest, Vantage had no access to funds and so were at the mercy of Peel. Peel will have 'negotiated' with Vantage to buy their shares back, I imagine for a fraction of their original value. Exit a bunch of embarrassed Canadians, who had originally bought the airports on an inflated valuation.
See
http://www.richmond-news.com/news/yv...ment-1.1003387
http://www.newswire.ca/en/story/1344...-in-uk-airport