Here’s a dialog box which runs for approximately 16 projects and takes over 5 minutes to complete (in total).
Can anyone tell me what it’s doing and how to make it stop?

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I discovered the answer, thanks to Alexandre DeFalque.
VB is converting old VB6 modules(modulename.vb) into static classes for use by .NET. This can take quite a while.
I had previously scoured the Internet looking for an answer to this; hopefully someone else has now been saved that bother.