goodaye Tui, your post made me think again about vPE holding in...

goodaye Tui,
your post made me think again about vPE holding in ITC, and the Beach offer.
one of the differences between an on-market offer (the current offer for ITC) and an off-market offer, is that once you sell on-market into that offer, is that it is a done deal.
in an off-market offer, if the bidder ups his offer, or pays someone a price higher than the original offer, then the bidder must pay all ITC s/h that higher price.

i am pretty sure that with an on-market offer, if BPT pays a higher price, or ups the offer price, then BPT does not have to go back and pay the earlier acceptors that increased price.

so if an ITC s/h accepts the 8c on-market, then BPT ups the offer to say 9c, then its tough luck for all those s/h who accepted at 8c.

so maybe thats what VPE has in mind - wait for BPT to up the on-market offer?
(no guarantees that my memory is accurate here)

having said that, reading todays announcement, i see VPE has 60% of PEL104?, and ITC 20%.
i bet VPE would like to get its hands on the ITC 20%!?

cheers
(is it true the VPE Board is issued with Wellingtons?)