Thanks dapper.I think what you have uncovered is the extent to...

Thanks dapper.

I think what you have uncovered is the extent to which the corporate relationship between UCL and MAK has been shattered. It makes me wonder just what has gone on at MAK, prior to Cliff Lawrenson's arrival, that should create such a level of distrust. It's history now but somehow a solution needs to be found as Sandpiper and each companies need to get it up intertwines them.

In this situation the JV appears compromised and Sandpiper needs to be in the ultimate management of one of the two companies. It appears that MAK will not be able to acquire UCL, at least without an extraordinary offer, as Twynam and Mawarid are plainly presently implacably against them. The current offer by UCL is unlikely to win enough support from MAK shareholders based on current acceptances. In the absence of a knock out increase in the bid that will leave us with a stalemate. That might be enough to restore some balance as UCL will have proven that they can't be pushed around by MAK.

My preference is for Sandpiper to be in UCL via an in specie distribution to MAK shareholders which effectively floats the asset. Wonarah then would also be effectively separated for MAK holders. Simple and surely gives everyone what they want including them all keeping their jobs?

For now though we need to just wait and see where UCL go with their bid for MAK.