Ok so Mawarid completed the rights issue. They now own 19.58% of the company and all bought at 30 cents. A powerful long term signal indeed. The interesting thing here is that their backing of the cash component of the MAK takeover offer could see them with a lot more shares in the long run. Depending on the size of uptake from MAK holders the ratios might be enough to kick them over the 19.9% takeover threshold.
I haven't done the maths at all so it's uniformed speculation on my part but there was a clause in the takeover funding agreement about not going over the threshold so this might introduce a new layer into the decision making.
Mak and twynam will have been diluted by this step so we should get revision notices from them soon.
UCL Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
