mak 26.5 cents

That close for MAK values their offer for UCL at 23.85 cents.

UCL closed at 29.5 cents. That's a 23.7 % premium on the current offer value.

Does anyone fancy swapping their UCL scrip for a straight up 23,7% loss today plus be diluted in half on Sandpiper?

AD wanted to use market based arguments to justify the offer, at the moment he can't liking what the market is arguing back and appears to be saying he will have to up his offer and probably bend to kahlbetzer requirement for cash.

This next comment is pure speculation but It would be very interesting if UCL interested extra variables eg a capital raising or, wildly hoping, another key investor.