who?who would be making a take over attempt of Virgin during the...

who?

who would be making a take over attempt of Virgin during the biggest aviation downturn in our lifetimes?

During a period where credit has all but dried up, at a time where Virgin is only starting up its international routes, and where passenger numbers continue to be weak.

Noone!

The difference over the past few months is that the market appreciates that the VBA business is viable. That it can raise capital in a squeeze, and that it is likely to survive this current down turn with the possibility of becoming profitable in the near term (that being less than 3 years).

Rather than valuing the assets (somewhere around 35-40cents) investors are pricing Virgin as a going concern.

That is the difference!

Dont get me wrong, i have enjoyed the ride, and i hope that we will move much higher, but speculating on a takeover is just a little too much.

PIB

PS. its still on single digit PE Multiple looking at FY11 forecast earnings