tullow have a problem, page-15

2.02 isn't a floor price

Its highly unlikley anyone else will come in, and the offer was at a larger than normal takeover premium. So there are two good reasons why HDR would conceivably be trading under 2.02

1) Cost of carry. $2.02 in the future is worth maybe $2.00 today
2) Risk that the Tullow offer falls over.

But the partial exposure to the Tullow shareprice has been keeping HDR ticking over at 2.03-2.05