.222890 hardman shares, page-15

re: .222890 hardman shares dilution factor One other thing to consider is the HDR board has reccomended the offer as it stands.

Its a cash or scrip offer but only for a limited number of shares.

Lets assume the Tullow share price keeps rising on the back of POO until the december meeting and lets say hypotheticly the TLW share price scrip offer equates to say $2.30 ? obviously every hdr share holder would want to take the scrip ? and not the $2.02 cash.

In this instance we would have to take a pro rata allocation of Tullow scrip and the $2.02 cash ? assuming of course no other offer eventuates.