beach has over 30%, page-9

I now think it's looking more and more like game, set and match to Beach. Unless VPE come out with an aggressive bid within the next day or two, bearing in mind that it would require a scrip component and therefore would need to be at a high premium to make up for that.

8.5c is about 50% more than my average purchase price for ITC, so shouldn't be greedy, but long term I do believe ITC is worth more than that -- even if the oil just sits in the ground undeveloped for eventual buyout under an "oil shock" scenario (91 octane petrol here in NZ is approaching $2 a litre again, so maybe that's closer than some want to believe).