hdr cash position, page-17

Acamas,

And that is just the point...we do not know what has brought this about!

What we do know is that TLW is prepared $2.02 (a 60% premium and in reality only 40c off HDR's all time high) for a company that you suggest is struggling. It just does not make sense!

The explanation to come out of Hardman (and KPMG) in November will be interesting, though I suspect again "glass half empty".

All companies go through difficult times. Good managers get them through those times, they do not cut and run!


dodds