pacey,i think your sums are incorrect.1 hdr share is equivalent...

pacey,

i think your sums are incorrect.

1 hdr share is equivalent to .222890 tullow shares.

tullow is trading at 375p

.222890 of 375p = 83.6p

so each hdr share that can be converted is worth 83.6p.

exchange rate is (say) .40

83.6p = AUS$2.09

a 10% rise in tullows share price gives 412.5p

91.9p = AUS$2.30

so if tullow remain at 412.5p until the offer closes, we can sell 60% of our shares to tullow at $2.02 and each hdr share that we convert will have a market value of 91.9p or AUS$2.30.

thats the way i see it and if i am wrong im happy to be corrected.

cheers.