arbitrage, page-6

Hi DF

Another possibility is that the buyers expect Tullow shares to rise significantly if the SOA gets a tick.
TLW was at a high of 445.5p on 5/8/2006 but even this only values the offer at $2.205 at 40% scrip and $2.5/GBP. If TLW reach 500p in the short term this would value the offer at $2.33 which IMHO is still a bit on the lowside.

TLW have risen 70%pa compound over the 3 years so maybe, as somebody remarked earlier, the buyers see it as cheap entry to Tullow for the long term or for an immediate takerover, lol.

Rager

I hope the West Australian is right.

Complex