I have been doing some rough calculations. The max Tullow will...

I have been doing some rough calculations. The max Tullow will issue in new Tullow shares is 65 million which they say is 10% of their issue. If we accept that Hardman have 725.832million shares in issue, then using the above conversion decimal it seems to me Tullow will buy up 291.623 million Hardman shares max. 291.623 divided by 725.832 comes out at almost 40%.

Therefore it seems to me the deal really is 40% in new Tullow shares and 60% in cash

Could somebody confirm my calculations please