If I was a BON holder I'd probably wait for the offer but with...

If I was a BON holder I'd probably wait for the offer but with very little faith in it coming up with a better scenario than MAK.

What benefit is a UCL takeover going to give BON holders? A 50% holding in something you already have Sandpiper. And the likelihood of UCL shareprice plummeting after doubling its shares (as they get nothing either - they have to fork out around $6mill in shares which may double the number of shares ie halving current shareholder value to end up with 85% of Sandpiper/Meob...divide by 2 = 42.5%).

Unless UCL has something up their sleeve that we dont yet know about, their shareprice will plummet on a successful takeover devaluing the takeover offer even further.

Who am I kidding? UCL will not get its current shareholders to fork up $4mill and get the placement under-written. It's fanciful.