notice of tullow shareholding, page-3

H,

I think the other stakes were probably purchased > 2.02 so that would rule them out being in TLW camp. TLW haven't really had too much of an opportunity to purchase at $2.02 until their shareprice went down the other day.

From a strategy point of view if you thought you were going to have to up the offer you would be buying as many as you could on market for 2.02. If you were confident you had the numbers you would sit back and wait for the vote. I don't know where TLW lies between these 2 extremes and there may be other factorrs involved.