2.10 hmmmm, page-5

re: 2.10 hmmmm rager Hi Rager
I realise it is the value on conversion but I was contemplating that it would be difficult to see how holders would vote to accept a bid at $2.02 (with partial scrip alternative with uncertain value given the max 65m shares available), when the market price is $2.12. I guess I find it hard to believe the arbitrage players are holding simply with a view to converting. Perhaps the HDR offer and issue of new scrip was actually acting as a brake on the TLW price...until now.

If the significant shareholders are, in fact, prepared to hold out for a higher offer the prospects of that must increase as we approach "D" day. Just postulating on behind the scenes activity. Of course the blackout from HDR doesn't help one consider the possibilities.

regards

DF