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The share count of BPL was 127 million before the merger

The message, if made explicit, would sound something like this: “No, of course everyone can’t be a leader. The elite are far more likely to attain that status. So buy your kids an education here and we’ll equip them to be part of that elite.”[1]. In fact, we will argue that VTTI has already started to show improvement in BPL’s bottom line. The share count of BPL was 127 million before the merger, and BPL sold 8.8 million shares for the acquisition (here and here), resulting in a 7% dilution to shareholders. The EBITDA related to VTTI (latest quarter) was roughly 33 million.

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