ucl , page-14

Superprofits, Further to previous post. The experts preferred valuation for MAK is 54 cents and preferred valuation for UCL is 39 cents but 29 cents discounted for minority status (p28 of BDO report).

Keeping it really basic that values MAK at 1.38 times UCL or 1.86 times on minority basis.

Current UCL price 16 cents vs 14 cents MAK.
1.38 times 16 cents = 22.08 cents
1.86 times 16 cents = 29.76 cents

So UCL may only have to find between 6.08 cents and 13.76 cents worth of scrip consideration to deliver value to MAK shareholders equivalent to the preferred valuation of 54 cents on current market prices, ignoring current cash component and ignoring dilutive effects.

The valuers methodology was firstly on asset value and then on market price. It won't take much to shift the asset value of UCLs offer into the valuers fair range. Not sure what they would need to do to address all the reasonable criteria but most like the TSX listing are nebulously weak.