surprise surprise increased offer, page-23

As expected the Target Statement rejects the UCL offer. I haven't been impressed by the efforts of the independent directors. I can't see any evidence that they've done anything to try and extract better value for us - that's been the work of UCL with a counter offer and the stubborn shareholders letting MAK know they weren't happy.

Interesting to see that there is a huge gap today between MAK and BON based on the 1:9 ratio. BON should be about 6.6 cents - suggests market expects yesterday's surge in MAK will not hold. Since it appears to have been driven by a newsletter inspired buying that's probably reasonable.

I'll continue to hold my BON for now until MAK is in a position to create a problem for me.