takers on a revised tlw bid, page-3

KKW,

I do not know which way the vote will go and probably most of the votes are in the post by now. So what I am about to say will have no bearing on the outcome.

I see a "yes" vote as a bird in the hand is worth two in the bush.

A "no" vote on the other hand lengthens the current uncertanty over what will happen to HDR in the future. With this choice we have a range of options:-

1) The Institutions hold TLW to ransom over a bid price rise and win

2) TLW have a rethink and walk away

3) The Institutions are left holding HDR shares and attempt to manage it short-term with or without the current Board. They place their own men on the Board

4) TLW come back later with a lower cheeky offer

I do not know if I have overlooked any options concerning The Institutions and TLW or what percentage of probability you can place alongside the above outcomes. This will be an interesting week. I think it is a question of whose nerve holds the best wins the pot. Just like in poker

Of course finally a white knight appears with a second bid sometime this week which trumps all the above hands

This senario makes gamblers of all of us. The IC says "sit tight" in their most recent publication

regards

Acamas