csg initial cert, page-21

goodaye Tui,
your post made me think again about vPE holding in ITC, and the Beach offer.
one of the differences between an on-market offer (the current offer for ITC) and an off-market offer, is that once you sell on-market into that offer, is that it is a done deal.
in an off-market offer, if the bidder ups his offer, or pays someone a price higher than the original offer, then the bidder must pay all ITC s/h that higher price.

i am pretty sure that with an on-market offer, if BPT pays a higher price, or ups the offer price, then BPT does not have to go back and pay the earlier acceptors that increased price.

so if an ITC s/h accepts the 8c on-market, then BPT ups the offer to say 9c, then its tough luck for all those s/h who accepted at 8c.

so maybe thats what VPE has in mind - wait for BPT to up the on-market offer?
(no guarantees that my memory is accurate here)

having said that, reading todays announcement, i see VPE has 60% of PEL104?, and ITC 20%.
i bet VPE would like to get its hands on the ITC 20%!?

cheers
(is it true the VPE Board is issued with Wellingtons?)