some 50mil in the bank, page-6

haka/others: Am of the same opinion, thatVPE would like to take-out ITC when ITC is still at current low evaluation. VPE was eager to get to 60% recently, remember ?! In respect to needing a huge cash-stash.....I would not really think they would like to touch that but rather use the cash for all the upcoming drills. For the take-over bid for ITC, VPE is likely to offer VPE shares primarily (for instance 1 VPE share for 3 ITC shares or they might even try 1 VPE share for 4 ITC shares) plus a smallish (or perhaps not so small) cash component on top (that is where those extra funds might come in handy or in case suddenly a rival bid - Beach ? - might emerge and drive the take-over price upwards......).
Naturally, we are simply speculating here. But frankly speaking, I do believe that JK's interest is primarily in oil and that therefore he would like to consolidate that oil territory. Time will tell.
wasa
I am holding both ITC (many) and VPE (a few).