Ann: Bid for MAK - Substantial Holder Notice from, page-4

re: Ann: Bid for MAK - Substantial Holder Not... GFU, not big enough numbers yet but a positive start for UCL. MAK took 2+ months to get 2% of UCL in their bid. The first impression is that the UCL offer is more attractive than was the MAK one - probably because of the cash component. It's a long way to go for them to be successful but the other aspect in getting early acceptances might be in some of the sharper comments by PS - there are plenty of MAK shareholders who are frustrated/disillusioned with MAK management.

PS, if UCL keeps getting 1% a day then it might be a little while before we see a modification on the offer. I think it will take an improvement to win the bid but 1% a day, IF sustained, would see them at 30-40% with a normal extension on the current closure date. Let's monitor the announcements to see what momentum they build up. My shares are open to UCL too - ultimately I just want to see Sandpiper moving forward without the problems that MAK has generated.