lets get serious, page-15

re: more detailed disclosure on bad news the new MD is going to have an interesting challenge - TE got the share price from 6 cents to $2.48 in 6 years - the new guy looks like starting with about $1.65 (London now about $1.70) - and in the short term has only Uganda as a booster - which should not be too hard given Heritage experience.

Maybe the current board don't feel the share price pain as much as they should and are therefore not as aggressive enough in areas where they could boost the price.

If projects like Tiof need more money tyhan anticipated, they may need shareholder support - which is more forthcoming and cheaper when the SP is higher.

My impression only of course, but when "soon" and "shorty" and "as soon as possible" are applied to Uganda - I cringe. We as a company should be pushing our strenghths as much as possible - and after Mauritania - thats Uganda.

Fundamentally - I am strong suppoert of Hardman - but the story from a trading - share p[rice situation is different.

We need a new MD - and someone very very good - and soon. Hardman's board should be siezed on this. This is not a criticism of Scott - he as a former seniorble diplomat is an incredible resource for us in dealing with the areas of the world where we are.


Cheers TGN