Ann: MAK: Seventh Supplementary Bidders Statement, page-2

re: Ann: MAK: Seventh Supplementary Bidders S... " the Increased Offer now falls within the valuation range for UCL Shares determined by the Independent Expert."

Irrespective of what we get from an amended valuation report is this really sufficient grounds to recommend the takeover offer? Not to most UCL holders to date who have shown no interest in Wonarah and thus consider the immediate dilution of ownership share of Sandpiper as unacceptable. To them a proper takeover premium is required and falling within a valuation range that essentially doesn't allow for potential income from Sandpiper just doesn't cut it.