Ann: Eighth Supplementary Bidders Statement , page-3

re: Ann: MAK: Eighth Supplementary Bidders St... We've been over this before but the MAK boast re liquidity sticks out to me again. MAK management are basically from oil trader type background, they don't think like long term investors. Really if a project is a long term goer for an investor liquidity is next to immaterial - witness MB Holdings taking a stake of 15%. There's no way they can move that stock on in any sort of hurry but they don't want to.

Anyway the ironic point I wanted to get to is that today UCL has done 4 times the volume of MAK and has held steady, even ticking up, with MAK falling a bit further. Yes it's only today but in this whole takeover saga liquidity has not been MAK's friend.

For the long term investor, if the story is good then lower liquidity typically ends up being your friend. It's pretty simple really - low supply to any demand must result in appreciation.