.222890 hardman shares, page-11

the share offer of .222890 tullow shares per hdr share, tullows closing price of 378.25p and exchange rate of 0.398584 equates to the share offer valuing hdr at $2.115 per share against the cash offer of $2.02.

considering the above, we can understand why there is accumulation above 202. yes it has every chance of being a second bidder accumulating but if not, it's definately worth buying for the exposure to a potential second bidder but it also allows those purchasing above 202 to convert 60% of their holding thats equivalent to $2.115.

if ya wana speculate that tullow will continue to rise on a strengthening oil price and positive results from kingfisher then it aint a bad punt.