surprise surprise increased offer, page-26

I've thought long and hard over the lastest MAK offer for BON. Nearly decided on the MAK offer, however believe that the best strategy is -

Buy more UCL
Do not accept MAK offer
Maybe buy 500 MAK shares
- may make a small loss as current price is inflated.
- qualify for MAK at 43cps placement the plus options
- maybe dump all MAK after receive 43c placement
- keep options (maybe sell in 6 months)
- maybe later buy MAK if <38cps (probably not)
Accept UCL offer for BON or sell BON on market(if >8cps)
- probably the former

Rational
I believe that UCL has upside from 0.7cps due to more certainty. Currently no upside in the sp. If MAK secures an offtake agreement there may be a MAK offer made for UCL, just by gut instinct. I still believe that the relationship between UCL and MAK is better than many imagine.

The manner in which the MAK sp kicked on Thursday must make one very suspicious of the transparency of dealings. Hence, I will sit and wait until the last opportunity to dispose of my BON.

If there is no signifivant MAK announcement within the next 4 weeks I believe that the MAK sp will fall off a cliff. Conversly an offtake agreement etc could see it approach 100cps. I believe the former but hope for the latter.