I think your suggestion is sound re not needing to buy Wonarah. From the various announcements we've seen, from both companies, it appears that UCL tried to propose a solution to MAK which left Wonarah out but MAK refused it. This is very frustrating to me as that approach would be the best benefit for both sets of shareholders - consolidate management of Sandpiper under UCL but with major shareholding protection for MAK holders whilst leaving Wonarah solely for MAK. Also that would leave Mehdiabad to UCL holders. Seems a win all round to me, perhaps Cliff might be the circuit breaker of sense at MAK?
UCL Price at posting:
13.0¢ Sentiment: LT Buy Disclosure: Held