horsemin: Like you, I do hold VPE (just a few) and ITC (a lot)...

horsemin: Like you, I do hold VPE (just a few) and ITC (a lot) and hence am interested in developments affecting both companies.
Even though mljet would be of another opinion, I believe that you are spot on with your forecasted scenario, which to me is quite logical:
a) Increase value of CSG
b) Spin-off part of the CSG grounds to get cashed-up OR
let BG buy-out the WHOLE CSG part
c) Make a move on ITC
Naturally, as these certifications will take some time, some patience will be needed...
wasa