re: Ann: UCL: Namibian Phosphate Project - Re... It will be a scrip offer. Agreed UCL scrip will not be as attractive as MAK scrip. That doesn't make it worthless.
One possibility we can hope plays out is that the UCL offer proves to the market how lowball was the MAK bid and encourages sellers to hold on and force the current bid to fail and require a higher offer in the absence of a significant appreciation in MAK's price to do the work. I would be pretty surprised if MAK walked away given the future plans for global impact they've been spruiking in recent presentations.
We suspected and it seems pretty obvious that the MAK bid was timed to be over before yesterdays JORC news from UCL. They were probably hoping they would have the 50.1% already as they think they've got the JV tied up. My guess would be that the JORC from yesterday was probably anticipated by BON and UCL at the end of April but UCL have pushed to get it out earlier to support their takeover offer.
Anyway fingers remain crossed for a better price. MAK will be considering options but waiting to evaluate the UCL offer.
BON
bonaparte diamond mines nl
