london sydney up, page-9

it seems none of us are lawyers (or will admit to it) so we ae a pretty good bunch!

The scheme of arrangement is "friendly" supported by Hardman to buy all shares at $2.02.

I can't see how TLW could go onto the open market at a higher price.

If in fact TLW will not be allowed to vote thier stake in December, it would be in their interests to actually have a low stake - as 25% would then be a greater number of shares - and shareholder apatrhy measns that only 60% of shares will be voted.

If Tullow are buying at hit 19.9% - my feeling is that then would be obliged to make an on market bid - and shelve the scheme of arrangement.


Either way, I suspect that this game is not over.