hmph,Let me first say I think Uganda will bring in more the $125...

hmph,

Let me first say I think Uganda will bring in more the $125 million for Hardmans 50% share given time and considerable financial outlay.

Most of us agree the potential value of HDR is much greater than what TLW are currently offering. However to achieve that potential TLW are going to take on the risk of bringing the HDR exploration sites into production. It is very clear now that HDR believe they cannot do this on their own anymore

For your view on the valuation to be proved correct then a rival bid or bids will have to appear. If none do then reality says that HDR is only worth what TLW are now prepared to pay.

I hope there will be other bids because while TLW are giving a lifeline to the HDR shareprice their rewards from this takeover will be much much greater than the risk they are about to take

regards

Acamas