new proxy forms, page-14

Acamas

I've had a look at the explanatory memorandum and it says the resolution needs 75% of the votes cast. So for example if there were 800 million shares on issue, but only 100 million were voted on the day, only 75 million would be required to get the vote through.

The two unknowns are how many disgruntled shareholders voted "no", and what percentage of the total is held by banks that are willing to hold Tullow to ransom to get a higher price. The answer to the first question could be as high as 5-10% judging by the response on H.C. It looks like if you take out the friendly brokers, the remaining shareholding is in the region of 20% (although this may change substantially in the next few days). Together they would form a potentially strong voting block, it will be interesting to see if this scenario eventuates.