Hardman is now a great arbitrage opportunity - and folks are...

Hardman is now a great arbitrage opportunity - and folks are piling into it - around 5% of the company today. The volume traded shows that much of the selling is coming from those stalwart believers in Australian value, our 20-30 year old fund managers - who know it all!

Tullow must hate it that so many buyers are using their prosposed Scheme of Arragement as a put option. This really reflects the low ball value of their bid - and they going to have to sweeten it if they want the votes. - or else show some ba*lls and move to a full and proper on market bid.

I still am of the firm view that Potter and our chairman from the Woodside accounts department, should have rejected the offer - but publically - as the fact that someone was willing to offer $2.02 and was rejected would have been a big help to the market perception of Hardman's value.