.222890 hardman shares, page-41

Good morning everyone,

Good to see someone taking an interest even on this sunny Sunday morning.

DAY 7 tomorrow and being holiday in NSW, will see a big drop in HDR activities i presume.

May be I am seeing it thru tainted glasses,
but with all the probs in Ching, duster at Flamnt (which TLW would have known that Friday or Monday) etc, and the SOA still went ahead tells me that Uganda is really bigger than what has been announced. Don't forget that TLW is also on the other side of the lake also.

What happens if Kingfisher comes in. How is that value going to reflected in the t/o price. How is the additional going to be worked out except thru the conversion; if not then everyone will be clamerng on to the conversion to TLW shares. That will make Nziizi (supposedly to be drilled in November) look very positive as well, which should add further value by the time the meeting comes along. Again, the same argument for Nziizi applies.

The only problem of course is that TLW could delay announcing Kingsfisher and force a delay on drilling Nziizi.

Regardless of the fact that HDR is bound NOT to assist in valuation by other bidders, nonetheless, the other bidders must be able to see thru the fact that TLW is not here to do HDR a favour or bail it out, but for it's own financial gain, admittedly in the longer term; and the main catalyst is of course Uganda.

I am holding because there is no down side from 2.02 unless TLW pulls the plug, but then HDR will be sitting pretty with a 10% penalty. I see the opportunity for an upside as being pretty good. If all else fails, I'll just convert and wait for a good price for TLW which historically has been 400p+.