yes or no, page-4

Hi simonj,

The market is valuing HDR at more than 2.02 at the moment because the market is anticipating at least the TLW t/o or another bidder IMHO.

If it is another bidder, it definitely is going to be higher than the 2.08-2.10 range. If there isn't then the TLW cash and shares combination will give the buyer a slight price advantage, as HDR is trading at a slight discount ATM.

It is a reasonably safe bet, assuming a YES vote.

If there is no bidder by 15th Dec and it is a NO vote, TLW is in a good position not to offer much more; even though I personally think that TLW does badly want HDR. They could come back with a token increase, just wait, or they could jump in and start buying, as immediately after the NO vote, the sp will drop, by how much i don't know. Probably to the KGMB report level. If I were TLW, I'll jump in for a heap then and at a cheaper price. See the problem?

TLW will then be even in a stronger position.

To those who wants to vote NO, don't do it just to spite SP. He won't be around if TLW is successful but he'll be around (unless he gets voted out as well) if TLW is not, to further upset everyone.

However, if there is another bidder then we won't have a problem do we!

You have to speculate to accumulate, in this case, TLW shares.