ucl 9 for 1 bid, page-11

Sure in a pre GFS world it could be possible that debt finance would be available to get the project off the ground without immense dilution and be the best outcome for BON/UCL. But in the real world right now even UCL holders may end up realising that losing share of sandpiper to MAk to gain funding via earnings is a better outcome for shareholders. Have said before -BOn holders need to be careful what they wish for - and perhaps so do UCL holders. The dilution required to keep this in house for UCL will remove the benefit - it'll go ahead but it won't be UCL holders who end up benefitting IMO - the financier will own it. In this case if the takeover goes thru, and Mak picked up UCL as well -the whole will be worth much more than the sum its parts - there lies the advantage.