It's hard to read dalemmah due to the fractured nature of MAK...

It's hard to read dalemmah due to the fractured nature of MAK ownership. When the offer was first announced I rang UCL and was told they had MAK holders call in that they were interested in accepting bit who knows what that represents? Barely 20% is in the hands of the top 20 which means the MAK board probably has little control over how it goes. How much do their recommendations mean anymore to the 8111 other shareholders?

Roughly 7800 shareholders hold less than 100,000 shares each or $15k worth at 15 cents. Those 7800 represent about 49% of ownership and you can be confident the vast majority paid a lot more than 15 cents and probably couldn't afford the pain they have suffered to date with the current board. To them getting 4.5 cents cash back, or maybe more, while still keeping an interest in all the projects could be very appealing.

I'll probably be surprised if UCL get 50% without a significantly approved offer but I reckon 20% is a fair shot.

With your shares, you don't have to accept immediately but if you do you will get them back if the bid fails to achieve the minimum conditions. If it achieves minimum conditions you will be bound to your initial acceptance.

If UCL looks like failing so decide to waive their conditions (as MAK did with their bid) if you had already accepted you would be given a chance to withdraw your acceptances at that point. If you fail to do so in the time allowed you will be bound to your initial acceptance.