itc vs vpe, page-6

Hi corporate
in your Analysis you include vpe cash but nit itc cash market values ITC oil at 30 million this the figure should be 45 mil for VPE oil. Thus csg valued At 58 million by market. Not sure if that changes the CSG valuations as I really have no idea how to value or assess CSG assets. Vpe 10 percent holding of ITC is intersting as it puts them in a position of stopping an itc takeover. However with the md of ITC holding 10 percent as well I don't think they are expecting to takiver ITC either.