as 618 pointed out, any shares that get bought on market by Tullow are not going to be eligible for conversion into scrip. Similarly there may be many funds that are restricted to ASX stocks and wont be able to take up UK listed shares, if they hold they will be taking the cash offer.
The pool of shareholders able to take up the scrip offer by the time the takeover occurs could be much smaller than it is now.
HDR
hardman resources limited
