I don't why you guys continue to be amazed that hdr are tarding higher than the cash offer price. You seem to forget that 41% of the shares can converted into tle which means that hdr should be trading at around 2.07-08 to take this fact into account.
Certainly doesn;t mean tlw will have to offer more than the 2.02 in cash becasue they are effectively doing that with their share conversion option. Also they would only have to offer a higher cash amoutn IF another bidder comes into the game. Otherwise ultimately we the share price (including the share conversion component) will continue to trade around these levels
HDR
hardman resources limited
