I guess Simon was getting tired of living in Perth................Hardman chief executive and managing director Simon Potter said Tullow's offer was at an attractive premium to Hardman's recent share price and captured potentially several years of the risked upside in Hardman's portfolio.
"Further, it provides investors with the choice of certain value now via a cash offer or, through the scrip alternative, retaining exposure to the Hardman asset inventory with the additional leverage offered by an E&P company of substantially greater scale," Potter said.
"We know Tullow well through our joint venture in Uganda. It is a highly successful E&P company with a strong exploration ethos, an excellent operational record and a broad range of assets in Africa, Asia and OECD countries.
"The board has concluded that Tullow's offer has the value and flexibility to appeal to Hardman's varied shareholder base, and we recommend the offer to our investors."
HDR
hardman resources limited
