yes or no, page-5

HDR in London last night = .8450 GPD
This is 0.8450GPD/HDRx2.46776A$/GPD = 2.085A$/HDR
TLW in London last night = 4.1450 GPD
The 40/60 scrip/cash offer values HDR at A$2.10

4.0450GPD/TLWx2.46776A$/GPDx.22289TLW/HDRx0.4+2.02A$/HDRx0.6 = 2.10A$/HDR

The market last night valued HDR on a 40/60 scrip/cash offer at A$2.10 which is HIGHER than the current SP = A$2.08 on the ASX and the LSE. It's not rocket science. Geez.