screwed and shafted

some websites have a name for this I gather.

If this was a deal for say $3.50 - I would say - OK - the board are behind it - the break clause is reasonable - and maybe there will be a higher offer.

We have had an unfortunate but typical market overreaction to some badly managed bad news, all good news understated and downplayed by Potter, a fall in the price of oil and delays in annoucements - Flamant drilling slowly, Uganda - months before another well to upgrade Potters very very conservative P50 number, and God knows what has happened yo a Guyanne farmin (maybe its a side deal in the Tullow takeover - who knows - it was meant to be "shortly" in April).

OK - the share price is way down - way below fair value - even most of the more thick brokers recognize that.

So waht do we have - a board panic - a brain f*art from Potter or Carrol or probably both - and a fire sale - geuss what - you can buy a company that in 5 years will be $5 for $2 - but oh no - its not a share swap for better management - its cash - with maybe 1 in 10 Hardman shares getting a Tullow share.

I hope that this is the first of two or hopefully three bids - a pity the board have married the first and most derisory bid they could find.

Alternatively, if there are no bids, no shareholder support and some good news - we may see management and board change. Trouble is, Potter et al are in control of the news - and have a vested interest in making it all sound bad.

How can this board sell 10% of the company for $2.35 a few months ago - and now want to sell the lot for $2.02.

I'll tell you why - they had daily phone calls from the shareholders who paid $2.35 - complaining, asking rude questions, suggesting rude things about the board member's parents - and suggesting that they would prefer Tullow as managers.

Unfortunatley for the loosers that make up Hardman's management and board, we have a say - and they need 75% - and someone may offer more than $2.02 - even if Hardman has promised no help with due diligence to any other bidder - even if it was to benefit shareholders.