.222890 hardman shares, page-20

re: .222890 hardman shares dilution factor Hi Hooter

I have been thinking about that too...but i would observe that if that were the case ie. the TLW price implied a higher value to HDR, they may have to raise the cash component to achieve 75% success at the SOA vote. If they are serious about getting 100% of HDR, and I do not say that is certain (they may be happy with only say 50% and control), then they will want to SOA to succeed.

What I think is most likely is that they will try to get as much as they can (as long as it is control) and be happy to let the SOA fail.

regards
DF