Ann: Second Supplementary Target's Statement , page-2

re: Ann: Second Supplementary Target's St... Mostly as expected ie a bit of an uplift in valuation for additional measured resources. Not much weight given to DFS by valuer due to need to complete some things that would finalise it as a bankable feasibility study - particularly environmental approvals, resolution of land requirements, clarity of UCL's equity needs and outcomes of proposed placement with MB Holdings and precedent rights issue to us. Overall basically keeps the control premium valuation in that 43-46 cents range.

The most interesting thing I came across was on page 15-16 where Grant Thornton state that UCL informed them

- that the discussions for the MOU with MB Holdings commenced prior to MAK making their offer for UCL and that the placement price of 30 cents was indicatively agreed at that time when UCL was 19 cents.
Assuming this is true (there's no reason to doubt it) that means that MB Holdings were comfortable at that time in paying a significant premium of more than 50% to the market pending due diligence etc. I'm probably clutching at straws but that gives me hope that they will follow through at 30 cents as it will be a smaller premium to what they were originally talking about. Fingers crossed!