ubs could mean new bid in play, page-13

re: abitrage math O.K my take is Tullow will issue 65m new shares you need aprox 4.5 hdr shares to get 1 Tullow share ?

65 X 4.5m equals 292 million hdr shares can be accomodated

Tullow wont vote their own shares but to date they only have 5% ( disclosed in thier name anyway )

The document says shares will be issued on a pro rata basis so if everyone wanted shares not cash you would only get 40%

A lot will want cash and Tullow will probably have a lot more than 5% so I would think those wanting Tullow shares will get closer to 75% of them as wild guess.


Obviously this only happens in the absence of a higher offer or in sufficient number of votes ( unlikely )