VPE have done incredibly well to buy up 10% of ITC without pushing the price up. Normally you can't just buy 10% of a coy's shares in a short period without seriously increasing the price.
Then, their latest announcement informs the market that nothing will be happening till November.
Why would they be impatient and make an offer for ITC when they KNOW that they'll be able to pick up more shares in this long period of inactivity? Patience is going to be the winning strategy - not spending lots of cash they don't have to please HC posters.
Even if they don't end up taking over ITC, my pick is they'll buy more shares to get more cheap exposure to the cooper basin assets.
ITC Price at posting:
5.2¢ Sentiment: LT Buy Disclosure: Not Held
