'I concede that there will be dilution at some stage for UCL...

'I concede that there will be dilution at some stage for UCL holders but there will also be for MAK holders and a lot more than you are reckoning on. We know already how much MAK intend to raise over the next 6-12 months and it will introduce a dilution factor that is a multiple of the current market cap. '

MAK dilution will not be a multiple of its current marketcap. At the most double but I am hopeful that they will only raise the $15mill this time around they previously said they were aiming for and the other $70 or $80mill later on when the shareprice is much higher. This would possibly mean only a dilution of half or so. But absolute worst case scenario would be double.