itc valuations, page-12

Hi all,

I'm a new holder to ITC and only currently have a small holding, but to me a T/O by VPE is making a lot of sense.

Given the consolidation that VPE has already made in the area recently, and the fact they sold off some of their CSG assets, makes me think they are focused on oil production in the medium/long term rather than CSG.

To add fuel to the fire, VPE are about to be significantly cashed up with the exercise of options in Jan10 (I think around $25m?) and a recent capital raising. The capital raising came out of the blue as management had only weeks before said none was necessary (and indeed it wasn't), especially with the options well in the money and a near certainty to get exercised.

Now - what do they need all this money for? Accelerated drilling (they do have a lot).... but what about a take-over of ITC???

I would think that this possible takeover would happen in the next six months - before VPE have certified/sold their CSG grounds. I say this as what would be the point in raising cash if they are expecting a bucket load from sale of CSG grounds? Their plan must be to use this cash sooner than that....

Thoughts?