surprise surprise increased offer, page-36

UCL gives you more leverage to the proeject than you get via owning MAK shares. Accepting MAK = loss of leverage 100% certain. Accepting UCL may result in some dilution but this is by no means certain. I've instructed my broker to accept the UCL offer. The level of dilution suffered as a result of accepting the UCL offer depends on the share price at the time the capex is raised (if it is) and on whether UCL holders are able to participate in any such fund raising.