guyane, page-19

Edd,

There is one condition I am not 100% sure of how it can come into play and that is the 10% penalty for TLW if it withdraws from the SOA, but I am going to go into it a bit more. Maybe some of the other posters can enlighten us.

If there are no further bidding, we can:
1. Vote YES and we take the cash, we get 2.02 or the TLW shares, which if Kingfisher and Nziizi are good meanwhile, then they'll be reflected in the TLW share price. Probably more so in TLW sp than HDR sp as HDR is not in Kingfisher. So we gain a little bit.
2. Vote NO, two things can happen. TLW can up the price and we are all sweet depending on the increase in price; or, TLW can say enough of this and exits. If this happens, HDR sp will crash back to the pre T/O level, probably plus a little bit higher if Kingfisher and Nziizi are good.
There is the question of the 140million penalty of course which (should we get depending on the condition!!) will up HDR share price being cash in hand.

Personally, I think TLW has already factored in a higher price (nobody really expect the first offer to be accepted) and increase the bid.

But it's still early days. Let's hope for another bid(s).

But these are the factors and risks we have to take and they are my own opinion only and I stand to be corrected.

Make sense or not?