Ann: Appendix 3B , page-2

Only just read this announcement which was for 500 million shares issued to the underwriter to raised $2.5 million in the placement. There's the answer to your questions about his intentions makattack and cerhob. He's serious about Sandpiper - he'd better be because that's a heck of a lot of stock for an overhang!!

Going by the numbers in the announcement, there's 1.8 billion shares on issue. He's got 500 million here which is 27.7% of the company and he already had 4.5% so he's now got about 32.2% of UCL. This is a very interesting situation to have a major shareholder with that much and no stated intent on the company. Well no stated intent yet, I think by law he must give notice of intent once passing 19.9% threshold?