pacey,
i think your sums are incorrect.
1 hdr share is equivalent to .222890 tullow shares.
tullow is trading at 375p
.222890 of 375p = 83.6p
so each hdr share that can be converted is worth 83.6p.
exchange rate is (say) .40
83.6p = AUS$2.09
a 10% rise in tullows share price gives 412.5p
91.9p = AUS$2.30
so if tullow remain at 412.5p until the offer closes, we can sell 60% of our shares to tullow at $2.02 and each hdr share that we convert will have a market value of 91.9p or AUS$2.30.
thats the way i see it and if i am wrong im happy to be corrected.
cheers.
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