I suspect ML and other large holders let Simon know they would sack him unless he got the price up fast. ML would also have known about Tullow´s interest earlier in the year hence their buying at 2.34 - with their dismay at subsequent disappointments all related to Woodies incompetance in Mauri.
Sadly, HDR has had MANY opportunities to get a great price over the last few years, and has missed every one. I don´t trust SP a jot and beleive the timing of the bid is about 1) saving his bacon, 2) saving his bacon, 3) hence forced sell off before more drilling in Uganda whioch would then begin to impact positively on the share price. And maybe also prior to a positive outcome on Tiof.
The downplaying of positive stuff lately from the company on Uganda, procrastination over Guyane, and announcement of major downgrade in Ching initial reserves in the absecnce of any official rework (and at a time he knew Tallow were bidding) smacks of a CE not interested in a long term future of HDR and more of self-interest through doing a good deal for Tullow and a few v large and v recent shareholders who are only interested in a quick profit.
HDR
hardman resources limited
