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Hi nobull

I agree that it should be possible to finance as a joint venture. Of course it's easier for financiers to get their simple minds around one party but it's common enough. Very common even in some sectors eg oil and gas to have multi party ventures.

Not sure where you get the 80% dilution figure from? Do you have calcs for that? Under the bid structure there's roughly 85% non MAK shareholders in UCL which dilutes to around 45% if 100% successful, higher if 50% successful. That's less than 50% at most, still high in respect of Mehdiabad but not 80%.

Btw it wasn't market cap that was written off, it was a mark to market loss on the asset value of Mehdiabad. The market cap was unaffected and with mark to market accounting the value will be written back on if anything ever happens with Mehdiabad.