the horse's mouth, page-35

With good reason: there was no need to cancel the BON listing and lock in shareholders for 6 weeks. And look at the MAK share price compared with UCL's over the same period. The former BON holders would have been better off without MAK. The only possible mitigating excuse for the MAK Board is the fact the phosphate price is outside their oontrol (there perhaps is a price gearing effect on the share price, which isn't MAK's fault) but the timing of the SPP was within their control. One good thing is tney can forget about buying UCL in a paper offer with such an awful share price as 41 cents. :-)