Interesting dilemma. At the moment yellowcake's prognosis looks...

Interesting dilemma. At the moment yellowcake's prognosis looks accurate however there may be angles to explore.

It has been a debacle for MAK for sure. MAK holders do really need something to go right for them atm. The takeover attempt coming to an end will be a start. Sandpiper looks like it will be a few months sorting through permits etc then financing questions so I wouldn't be looking for much there in the very near term. That leaves NMDC and Wonarah, NMDC have taken a ridiculously long time to assess the project but they are still around - if they can land that deal then it should put a solid floor in for them. With 2 projects going forward the prospects will start to look positive for MAK and having been a market darling in the past there will be a residual population of punters that will jump on when things look good to drive the price.

Given that the new offer is also likely to fail it may mean that only a small portion of UCL shares change hand to MAK and thus only a smallish amount of dilution for them. In that case, if a UCL holder currently places value on Wonarah (which it seems most don't) then there might be a case to accept and benefit from the easy switch and plan to capitalise on the historically stronger interest in MAK.

Personally i'm holding through this unless forced but i see nothing particularly wrong with accepting MAK for the mid term if people are uncomfortable holding UCL while we are unclear about the financing implications for our position.