HDR - Takeover Questions, page-3

Interesting points Abuman.

I would worry about the ethics of a takeover bid in the middle of a drilling programme when WPL have far more information on which to assess value than we do. I guess we are meant to be guided by Ted and Stuart.

If this bid was to occur (and I'm dubious) it may shake some other players out but I doubt it. There's no doubt that the process would extend beyond Banda which would make matters interesting.

Like most long term holders I would feel gazumped by a bid around $1.50. A bit like taking one bite out of a violet crumble.

Regards,

Pagarsi