Ann: MAK: Seventh Supplementary Bidders Statement, page-9

re: Ann: MAK: Seventh Supplementary Bidders S... I say with great confidence that MAK's scrip ceiling would not have been much higher than what they ended up offering at 13:10. I base this on observation over time. AD strives to do good deals for his side and doesn't pay premiums. The valuation by Grant Thornton dictated 'fair value' and thus the limits of what he would have been likely to offer. He already has enough problems with the damage he has done to his shareholders without diluting them further. MAK people are basically cheap and nasty oil industry wheelers and dealers, their modus operandi doesn't lend itself to generous offers.