xt, page-4

Rager,

As at 4.32

2.03 103,359
2.04 5,811,155
2.05 1,815,394

For those interested, ML's 12 view on TLW is around 450p-460p and that is probably why they are accumulating up to 12% of TLW.

So from this, I think ML is just interested in just making a profit from the shares, not doing a t/o situation for anyone. I would suspect that it's the same with HDR, which means that ML thinks there is probably another bidder if they are still buying at the current prices; although ML was actually buying before the big price drop and before TLW came in the picture, not forgetting that the drop was caused by them in the first place by giving loans out.

With that sort of price view by a big player, then accepting TLW shares would be the way to go. How many can you get, well, that's the question.

450p x 0.22289 / 0.404 = $A2.48

Does ML have this in mind with their HDR holdings?