Ann: Supplementary Target's Statement , page-4

I think MAK have delayed extending the offer on purpose: they were waiting for the supplementary statement from UCL, before extending the offer.

The Supplementary Statement appears to reiterate the abominable valuation for UCL i.e. that MineMakers are merely underbidding for us by some simply utterly minute amount, which no doubt Minemakers will now correct via an NMDC announcement that lifts the MAK shareprice enough to make all our Directors defence utterly useless. I believe our Directors have badly let us down. I can't see the ASX throwing out MAK's bid extension as being illegal for not giving enough notice. I believe our directors are completely useless (and I won't be surprised if this was mapped out all along).

Long term political events (that you are not supposed to be able, in investment analysis terms, to be able to predict (like interest rates?) (otherwise they would not be "risks" e.g. political risk, title risk, interest rate risk, etc) are moving in our favour as far as our Iranian asset is concerned. I remain concerned by our directors' adherence to the "43 cent high valuation" for UCL.

By waiting to extend the bid without giving the required notice Drummond has pulled a fast one over our directors, depriving them of an opportunity to take a bid extension into account in the supllementary statement. I've always thought Drummond was a rogue, and this behaviour confirms my opinion in that respect.

(If anyone is interested the reason I think things are moving in our favour are 1. Iran knows the next nuclear talks are probably the last chance for a diplomatic solution - hence the stalling over the dates for the talks on 13/14th April (venue agreement difficulties = they are beginning to panic?). 2. 8 minesweepers in Persian Gulf + 3 Aircraft carriers.(Unprecedented build up?) 3. Rifaat al Assad, Bashar's uncle thinks Assad will not hold on to power much longer - Syria is Iran's main ally. 4. More countries are cutting Iranian oil purchases (Turkey, Japan are the latest). 5. Hyundai and Peugeot have pulled out of Iran (are these car plants in Iran now idle?). 6. UN Human Rights Reports in the long term help to deprive the regime of a means of repression?

Regime change will more likely come to Iran before Wonarah gets into production. The valuation for UCL does not take this into account, IMO. The 46 cents valuation is utterly derisory. I believe our directors are handing UCL to Drummond for a pittance.