re: abitrage math hooter "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."
Sorry, but this is fantasy on your part. Why would anyone hold onto their shares for a few months so they can sell for 2.02 when they can get 2.06 on market today. Virtually everyone who is still holding HDR shares at the end will be taking their full allocation of Tullow shares, because if they don't want to be left holding Tullow shares, their next best option is to sell on market to an arbitrager who will take up the Tullow allocation.
The result will be that none of us will be getting much more than the 40% allocation unless the Tullow share price drops substantially in the next 6 weeks and removes the arbitrage opportunity.
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