Valad Property Group (VPG) - An inside view

It's always interesting when directors or management provide real indications of where they think a business is headed.  Commentary in annual reports and investor presentations varies in its level of usefulness but it's a different story when management signal their intentions with skin in the game. 

Valad Property Group came to my attention earlier this morning, with an ASX announcement stating that the board had received a proposal for acquisition of the European business by certain Valad management personnel.    

Valad recently undertook a share consolidation of 20:1.  At the recently traded price of $1.20, the pre-consolidation share price works out at $0.06 a share, against the NTA from the most recent annual report of $0.13 a share ($2.60 post-consolidation).  The MBO proposal may be an indicator that there is some value to be gained at current prices. 

Disclosure: VPG (Long - as of this morning)