vic pet, page-25

Got on board today at 7.9 in the expectation of an increased offer to be brought about by either:

1. Independent valuation above 8.25c
2. Counter offer from another party
3. Insufficient shareholders signing up to BPT offer

Rarely have I seen the initial bid succeed, however as the directors have backed this there is always the possibility. Given the MC of ITC an increase in the offer price is not going to have that much impact on what BPT actually pay for the company.

Low risk IMO. Either an increase offer or I can sit and sell to BPT down the line. I expect ITC to be sold to BPT at some stage. Just a question of price.