the way i see it..., page-15

Seals, looks like you are correct about the current status of the JV. The most recent update on the JV indicates that the JV company hasn't even been incorporated yet, despite the announcement on 27 October 2008, stating that the terms of the JV included incorporating a new company within one month and a shareholders agreement within three months. We're now nearly six months down the track and it appears neither of these have happened.

Perhaps the main barrier is UCL needing to get agreement from the vendors of Sandpiper, but as a MAK holder who has no current interest in BON or UCL, it concerns me that MAK is taking over a company that seems to be some way behind schedule in securing its interest in what I gather is its most prospective project (I haven't done enough research at this stage to know the relative merits of Sandpiper and Meob).