ubs could mean new bid in play, page-16

re: abitrage math kkw Hi KKW
My calcs were of course aimed at the holders before the offer.

The current buyers are probaly not buying to get Tullow shares allthough it gives them a bit up their slleve as long as TLW stays at the current price or goes up.

Current buyers including the allready disclosed substantial holder notices are either ?

A. Hedge funds having a punt ( see Rinker and QLD gas ) on a higher bid

B. Friendly brokers buying for Tullow ( yeah yeah they aint allowed to do that ) yeah right.

C. A combination of A & B

Cheers Hoot