who else will accept?, page-9

Chass,

UCL have 1bill shares. Their intended placement will make that 1.8bill shares. A takeover of 9 for 1 would make it to 3.6bill shares. UCL has just been diluted by almost 4 for a gain of 45% of Sandpiper Meob (or whatever it is called). What do you think is realistically going to happen to UCL shareprice if that was to eventuate? The offer UCL is portraying is not the true offer, it is much less.

Unless MAK does not acquire 50.1%, which is inevitable now, UCL have no hope. They've been trumped.

And yes MAK has picked it up for a song based on the development that has been done so far (regardless of whether it turns out to be a success or not).

I think the success of Arrawurra and Wonorah is very high for MAK but even if not they have a suite of very prsopective resources. Not all the eggs are in one basket. You can't say that about UCL.