new proxy forms, page-3

re: new proxy forms pacey Pacey

Why would we feel warm and fuzzy about HDR management because they send us a proxy form aimed at selling off the company??? My understanding is that institutional holdings were near 60% and as the sp declined they exited so that when the offer was made it was a merely 6%!! Then the brokers started buying and we have to assume that several of these at least are buying for TLW...instos now own over 40%. But the vbote needs 75% doesn't it?? If I were management I'd be worried too!! If the vote is lost their options won't look too flash and we the shareholders will give them the sack for recommending the bid unanimously.

Its all theoretical for me as I am long out of HDR. In recent times it has continued to disappoint .. with more poor results in Mauritania and only a partial farm-out to GDF (which doesn't rate as a MAJOR in my books ... so Simon failed there as well), and no definite drill date or target. No-one else will top TLW's bid IMHO .. but if it fails others may have a go later.

Current plays include AIM, BDG, MRX, CSM. Life after HDR has been better I have to say!

H