Ann: MAK:Bidders Statement Completion of Despatch, page-2

re: Ann: MAK:Bidders Statement Completion of ... Ok so it's now open. We have to hang out until 10 April closing unless they extend it or withdraw it earlier. UCL will be responding by 20 March.

I note that UCL ownership of Sandiper will slip to 19.1% from the current 42.5%. If you have no interest in any of MAKs other assets then this would be a serious disincentive. Clearly Kahlbetzer feels this way, it will be interesting to see if any other similar statements are made. Basically the offer can only be seen as attractive if you impart significant value to MAKs other assets. Some will, some don't.

I also note ADs arguments re lack of liquidity. Personally this doesn't bother me - when the time finally comes for UCL to be related as a profitable producer low liquidity will actually be helpful as people will have to pay up to get in. Supply and demand.