new proxy forms, page-12

Acamas

I think you have misinterpreted the voting procedure, there is no requirement for 75% of the shareholders to vote, only that 75% of the votes (i.e. 1 share 1 vote) cast on the resolution be in favour. I think the 50% shareholder number vote will be passed easily, I cant see that this will be an issue.

It's possible that the institutions that are not friendly to Tullow, when combined with a reasonable "no" vote (5-10%?) from the small shareholders, might be able to defeat the 75% majority required. I suspect this is the reason that Hardman is so busy encouraging shareholders to vote.

If this is the case Tullow will know this well ahead of the meeting and will be forced to either up their bid or face a loss at the ballot box. This will be a humiliating experience for the Hardman directors as well, so both they and Tullow will have some incentive to push the transaction through, even if it means a higher price.