re: now bid for premier oil tullow pr cheer team, page-19

re: cash flow projection Acamas,

I think some of your analysis has holes, people sell good companies as well as bad (the question is whether the price is good enough rather than whether to sell, at the right price you should be prepared to sell just about anything).

As to why, well frankly there are any number of reasons why people do what they do, not all related to the company.

People leave companies due to personality conflicts, aspirations not matching the companies, all sorts of reasons.

Boards capitulate (or not, I could name plenty of examples where they haven't when they should have) for a number of reasons, cynically I would suggest that for many the factors driving this are as much personal reasons as in the interests of the company. Clearly in this case the recent sp does not reflect well on the board or Simon and they may well have perceived this as an easy way out.

Did they, well who are we to know, the directors haven't deemed fit to share their reasons with us, which to me suggests that quite possible the interests of their shareholders was not uppermost in their minds.

Cheers