guttedsquid: I believe that your "calculations" are certainly quite correct. Hence for the 90.29 mio. that VPE has bought, they have spent approx. $ 5.417 mio. (which is reasonably little!) VPE has no debts and has some nice cash holdings that are not being used up at all now as drilling has been delayed due to the floodings... So, I could (all speculative, of course!) envisage them to either a) buy more ITC shares towards that 20% limit or b) announce a take-over offer with script and cash components (i.e. early on) IF they manage to take-over ITC, they can easily raise more funds from their shareholders, that will recognize the additional value acquired... Or they can finance this even more easily with selling some of their CSG grounds.
I also would assume that they are under a certain amount of time pressure, as they need to conclude this before the drilling costs start to kick-in again. As mentioned - all purely speculative thoughts... Comments as usual welcome. wasa
ITC Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
