For all those who are talking about the $4m cap raising being...

For all those who are talking about the $4m cap raising being horribly dilutive and giving the "new" investor control of UCL - you really should read the announcements properly. The raising is an underwritten rights issue, meaning it will only be dilutive to holders who do not take up all their rights and the underwriter (who actually appears to be an existing shareholder, and not a new investor) will only get control if a significant portion of holders do not take up their rights.

Presumably if the issue does give control to the underwriter it will be because UCL's holders don't believe in the deposits sufficeintly to put more money into the company.

Disclosure: I hold MAK, but not UCL.