Jess, the latest announcement was all about getting on with the Cooper drilling program. Of which VPE owns 68%. Good news.
As for BPT's offer for ITC you would have to say BPT are in control with over 65%.....but as it has been previously noted they cant go over 80% because VPE hold 20%. And they need 90% to get the rights to compulsory aquisition. And they need compulsory aquisition for a number of reasons.
I don't know all the legalities but if BPT buy out VPE's 20% at a higher price then they will have to make the same offer to all the ITC holders on the register at the time of their offer.
Who knows what will happen. Beach just might have to up their offer or just sit there on 80%....assuming they get to 80%.....they might only get about 70%.
Let's hope VPE can make their way around the rain.
VPE Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
