Ann: UCL: Namibian Phosphate Project - Resource U, page-7

re: Ann: UCL: Namibian Phosphate Project - Re... UCL obviously don't agree with you Sigma or they wouldn't have launched the counter offer. They have fundamental concerns that MAK acquiring BON will undermine the progress of the JV and that is a survival threat for UCL.

It was entirely predictable that UCL would have concerns, I pointed it out from the beginning, so MAK have stuffed up on this. They are the favourites to win BON but the way they have done it has prejudiced their long term interests in the area. They should be making every effort to allay UCL's concerns if they are genuine about the JV. That they apparently have not suggests UCLs fears are founded.