HDR - Takeover Questions, page-11

HDR are currently in a very STRONG financial position and the need to raise capital IMHO is not as urgent as many may think..
As of 30-7-02 Quarterly report;
Cash on hand $50,726,000
Cashflow Provisions for 1st quarter;
1) Exploration & Evaluation $8,700,000
2) Development 9,300,000

On top of the cash at hand they have substantially liquid investments in ARC and Carnegie and Options all but in-the-money which when excersided will be worth $25-million to the companies cashflow.

Its all about getting Chinguetti deamed as "commercial" with 100+MB; from that point on their options become many and varied in terms of raising capital and this does not necessarly mean them running back to WPL by any means. IMHO the magement of the company by Ted over the last few years has been a work of art and as far as a small speccy like HDR goes remain in a remarkably strong cashflow position.. As far as funding the development of commercial fields, well they need to be deamed that in the first place.

Regards