RE:RE:TORSTAR'S PENNY-STOCK STATUS SETS THE STAGE TO A BUYOUTHi Jc, It's difficult to say because there's only few information in Torstar's disclosure. What is certainly questionable and stupid: VS leveraged up at a time when traffic for their sites already felt. They tried to camouflage a shrinking organic business with acquisitions...do they think investors are that stupid? Back to your question: Torstar paid a net 180 million for VS - they got 20 million back as part of the deal. A short and not precise calculation: Assumptions: Ebitda 40 million in 2018 / Ev-Ebitda-multiple only 8-9 because the business shrinks organically ATM / debt 160 million. So 40 x 8 to 9 = 320 to 360 minus 160 = 160 to 200 times 0.56 = 90 to 110 million! TS won't and can't sell it ATM. The big question is if Vs can stabilize it's traffic and grow organically again. Then this calculation could improve. Best regards, Don