re: Ann: MAK: Patersons Research Note Recomme... Reread it and...

re: Ann: MAK: Patersons Research Note Recomme... Reread it and realised MAK have published the note on their website, see:

http://www.minemakers.com.au/documents/120502PatersonsUCLMAK120502.pdf

From the note, could explain some of the selling in MAK this week:

Recommended action
• If you hold MAK we recommend that you sell MAK, buy
UCL and accept the bid, while UCL trades at less than a 30% premium to MAK (prices highlighted in the first table of Figure 1). This provides a cheaper entry point into MAK, is a market neutral strategy, capitalises on the arbitrage of the offer and maintains the potential upside from our MAK price target.
• If you hold UCL we recommend that you accept the offer.
• We retain our speculative buy recommendation on
MAK with a price target of $0.35/share, as negotiations with NMDC continue regarding the development of Wonarah. The new executive additions to MAK give more confidence to the likelihood of a successful outcome and it will potentially provide cash inflow, de-risk the Wonarah project and reduce the capital raising for Sandpiper.