Ann: UCL:1.Takeover bid for Minemakers 2.Converti, page-52

re: Ann: UCL:1.Takeover bid for Minemakers 2.... Rods, I'm sympathetic to your reaction to the offer - 20.5 cents would be a bitter pill for a long term holder, especially any that were part of the heady heights in the plus $2 days.

On the other hand, for some of those holders this may actually be an attractive offer if they assume the view UCL hopes ie that it leaves them in a reasonably similar position in regards to the overall asset exposure. If they think like that they will probably also think that it gives them a chance to change their management and also get some cash back in their pocket.

I reckon the offer will be raised and the cash component will go up. The notice did imply that money will be there if needed to meet demand. I had been planning to buy some more UCL but on the basis that i think the offer will be improved, including cash component, i'm going to put an order in the depth for MAK and then accept. Basically UCL would be paying me to buy their shares so i might as well give that a crack as buy them on market. If the offer doesn't succeed I would get the MAK shares back with the option of either selling them put again or just holding. Given the current price is low and i reckon makes MAK undervalued I don't see much downside risk really.