peplon nominees, page-22

Let's say it is a cash and script offer. Say 2-3 cents cash and 1 VPE for so many ITC. Say at a total value of about 10-12 cents.

I would be happy with something like that because, although I would like more, in the long run I get a lot more VPE which is trading at fraction of it's worth. And is in a very good position going forward.Particularly in regard to it's CSG.

I think Sir Eddie would like it because he knows that VPE is poised to perform in an oil fairway that he knows has a very good chance of producing $$$ millions. Plus Sir Eddie knows the value of VPE's CSG....which is quite considerable.

So Sir Eddie gets a whack load of cash and a very good shareholding in what will become one of Aussie's little darlings. VPE.

( JK did a similar deal with BOW. Ron Prefontaine can also see the medium longterm value in VPE. That is why he accepted a generous amount of that payment in VPE shares.)

Bearing in mind the value of VPE's CSG and its 100% ownership in what could be a prolific oil fairway, then I would rather have the above than a flimsy total cash offer from STO or Beach.

For info the value of VPE's CSG is about $1.00. You won't get that today but call it 40 cents. ( neither STO nor Beach would offer 40 cents at this time for ITC.*
jimh

* They might next year.