4:1 offer, page-18

Dimma and Leod,

I think Leod makes sense but I just wanted to see where he was getting his numbers from. I think he came back and amplified his earlier comments. DLS seems to be burning through the cash. My comments above were aimed at seeing the justification in Leod's numbers rather than disputing them (sorry if it came across that way Leod).

Its always easier to want to hold out for a better offer but as value flows from the bidder to the takeover target, relative value changes until either the takeover succeeds in which case we would then have shares in an expanded DLS that managed to get a good asset cheaply (win win) or the takeover fails and TDO sp loses its takeover premium in which it moves back to its pre-announcment price or thereabouts.

One thing is for certain, the Market (with a capital M) values TDO differently to 25-30 cents and I argue that the value of TDO right now is somewhere between the bid-offer spread for its sp. Anything other number is simply conjecture.