polling is underway to assess shareholder intentio, page-18

Pacey,

I think you might have hit it on the head.

If Kingfisher comes in (and it looks increasingly to be positive news and don't forget the area potential is now reinforced by Nziizi as well) HDR will be much more than 2.02. TLW would know the likely good news of King already I suspect.

It has to resolve the t/o situation before the release to the market, otherwise it will definitely be a NO vote, so they might be thinking of may be a compromised better offer is better than a later huge offer. I think the market has already anticipated all this. I hope. Unfortunately for TLW, I think they cannot control or delay the release of news by Heritage Oil, the Operator.

The other thing is all this t/o activity of sending proposals out, polling, and waiting around is time, something TLW has not got much of ATM.

My conclusion, good news coming from King and second bidder (with JP morgan situation) now more likely.

I was a YES vote, I am now going to be swinging at least until first week Dec.