bonzaboy, they can't realistically commit to anything on Wonarah...

bonzaboy, they can't realistically commit to anything on Wonarah at this stage until they have access to all the proper information. However the bid states that they will appoint appropriate advisers to determine the best path to extract value from Wonarah for all shareholders. They also state that a principal would be to do so without diluting potential returns from Sandpiper.

The way I interpret that is the most likely outcome to develop Wonarah that would satisfy both goals would be along the lines that Yellowcake has previously proposed ie a separate float of the asset. We also now know from MAK's leak to The Australian that this was one of the proposals UCL put up to MAK in the discussions over merging interests at Sandpiper.