RE:RE:Is Ithaca an appealling as a takeover target?Thanks peak. I think it will be hard for Ithaca to trade in the cash flow multiple range you indicate because of the NAV. Their sum of the parts NAV is currently ~$3.75 as a result of including $350 million of debt deduction $1.10. So if they had a cash balance of $350 million (by late 2015 if all goes according to plan) as opposed to net debt of $350 million, their NAV (if the 2P stays at the current level) would be $5.80. If the compay does not somehow increase its 2P this NAV value will serve to hold the share price back (relative to its cash flow multiple) as the shares would likely not trade at much more than 1.00 tmes NAV. Perhaps as a result of the significant free cash flow generation the market may assign a multiple of NAV above 1 times...... so at say 1.2 times NAV would yield a share price of ~$7.00.....which of course would be fantastic.