From your comment I don't believe that Solution 1 will help you.
] class should give you what you want.
Private Sub ListView1_MouseClick(ByVal sender As System.Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles ListView1.MouseClick
Dim lvi As ListViewHitTestInfo = ListView1.HitTest(e.X, e.Y)
Warning - you should do some checks to make sure that the SubItem is not null, etc.