re: offer value Complex,Yes large buyers have been relentless...

re: offer value Complex,

Yes large buyers have been relentless since the offer was announced. I am also wondering why with apparently so little in the risk / reward equation.

One possibility is they may see it as a good way to get a reasonable stake in TLW without chasing TLW's price up. I have unfortunately never had this type of problem of wanting millions of a particular share like the instos do, but perhaps the HDR share price has a lower elasticity of demand at present compared with TLW plus they are also getting a small discount.

The bottom line must however be the instos think either:

[1] TLW is a good buy/conversion thru HDR, or
[2] their are still cards to be played

Whatever the case I think they know more than the "retail" sector so it is probably a reasonable bet.

Here's to holding and hoping.