Good evening/morning, it's Paul here!

Sorry about yesterday's report being essentially empty. I trudged into the City to see Geoff Wilding of Victoria (LON:VCP) instead, which seemed a more useful use of time. It's an interesting & topical subject. Bullet points of our meeting;

  • I was late, so we only had time to rattle through the Qs which our readers here submitted earlier this week. Geoff commented;
  • Share price, even after recent fall, is up 2927% since 2012, so shareholders are happy
  • Day-to-day business is unaffected by recent aborted bond refinancing
  • Bond issues get pulled all the time, it's not a big deal
  • "Open goal for those with less than pure motives to spread outrageous untruths" - I asked directly if this was directed at me or Graham? Absolutely not. Apparently there have been negative market rumours, which this was referring to. Geoff said that he hadn't seen my commentary. "That's probably a good thing", I quipped in reply

We then went into Q&A, me asking the Qs that readers submitted here earlier this week, as follows;

Tristan - Debt fuelled acquisitions need to slow down. Accounts difficult to interpret.

A: VCP is in debt reduction mode now. Focus is on organic growth & paying down debt. 99% cash conversion. Annual Report explains the business model, so a little frustration. Understand that shareholders need reassurance.

Carcosa - what are your key assumptions? What trade-offs are inherent within your strategy?

A: (pause) Err, I'm happy to answer any questions, but I have to understand the question!

me: (pause) yes, I have no idea what those questions are about either. Let's move on.

Pippasfan - the Board is all male. What about more diversity on the Board?

A; (perplexed look) We're an equal opportunities employer. We just employ the best people for the job, and don't care how they look, or what colour or gender they are, etc.

Me - why did terms of bond issue deteriorate last week?

A: because the share price fell. Not ruling out bond funding in future. Business model is to use bank funding to make acquisitions, then refinance as needed. Nothing wrong with the business, could go back to bond market in future.  In debt reduction mode now.

Markids28 - what impact will a slowing economy have? VCP is diversified - 30% UK, 20% Australia, 50%…

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