Autosime - Beach may drop the merger as you rightly list aS A possibility & VPE may lose interest also due mainly to the flooding.Then ITC will need to raise funds in order to survive.Pigs will come flying over the horizon & I & many others will be flabbergasted.
Longer term views will prevail I hope & expect & this tasty little morcel ITC will be eagerly snapped up while it is vulnerable - or I have blundered again.