surprise surprise increased offer, page-43

Makattack, I was considering the BON price in reference to the 1:9 offer for 90% threshold. It is currently trading at a huge discount to that and this is interesting to me. Why aren't MAK people snapping BON up at these levels to push it all through and get a great discount on the MAK? Actually they may be doing so now given the relatively large BON volumes of the last 2 days. We'll see in a week if acceptances jump up.

I'm in agreement with Nobull re exposure to Sandpiper. A BON share converted to MAK indisputably goes from 45% exposure to Meob/Sandpiper down to 16%. Yes an existing UCL share will get diluted eventually however will always have overall exposure to 45% of Meob/Sandpiper. Therefore the starting position is much better for a UCL share than a BON share and the process of managing dilution much easier.