I agree with what you say about Exco being an attractive stock. Perhaps my suggestion that IVA could be interested in a takeover of EXS is inaccurate. Also, even if a takeover were to eventuate I now think a 3 IVA for 10 EXS would probably get the job done. Personally, I would prefer that Exco go on with business as usual as they have the management, ground position and enterprise to become quite a major player in the coming years.