The purpose of the convertible loan note, if I understand...

The purpose of the convertible loan note, if I understand correctly, is to fund the cash component of the takeover offer for MAK. As UCL is not extending the offer for MAK (the main purpose of the offer was either to acquire MAK's 42.5% stake in Sandpiper or to assist our cornerstone investor, Mawarid Mining, to do so, which the latter has now done) I presume the convertible won't be needed. One reason is we are not obligated to buy the MAK shares that have hitherto taken up the offer as long as they don't exceed a certain proportion of the MAK shares in issue (50%?? I am just guessing at that percentage). The details will be in the takeover offer document, which you can find here:

http://www.asx.com.au/asxpdf/20120528/pdf/426j3y44b7zq8l.pdf

The significance of the new date for the convertible loan note funds to be provided by is probably not because the provider is short of cash: it just happens to coincide with the new date for the bid to expire. Well that is my take on it. MB Holdings, the parent company of Marwarid, has profits of around $200m a year if I recall correctly.