Ann: UCL: Underwriting for $4 million Rights Issu, page-22

re: Ann: UCL: Underwriting for $4 million Rig... Unfortunately the offer by UCL is too little too late. Ideally I wanted the JV between UCL/BON to remain intact but this Financial Crisis has hit home really hard and I have seen so many Companies with bright futures go belly up or heading that way. My head says logically MAK T/O is the way too go but my heart did not want it as I saw the real potential for this JV to be a massive multi bagger. I can only hope now that common sense will prevail and that UCL remain in the JV because thats whee the real money will be made.
If however the JV does split I still think the MEOB Nambian leases that BON hold (even though not as good as Sandpiper, but 3 times the size) will still be a very profitable for both BON/MAK holders because of thei Opex/Capex.