Yeah MAK should've held off extending until after the close of trade on the 28th, there was no hurry to extend it.
Back to UCL I've normally seen these situations arise (an intention to make an offer) when a company has been surprised by the other offer. I think UCL should've made their offer when they were ready, not this "oh we'll make an offer if we can get an underwritten rights issue organised".
594 million tonnes at 18.2% maiden jorc, page-26
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