who else will accept?, page-17

Chass,

If MAK was a blue chip the deal would be justifiable...lol....

IF BON is such a sure proposition why aren't blue chips clambouring all over BON and giving you your 30c. You guys are over-valuing BON. It is a highly speculative company (as is MAK). Until you see a BFS and subsequent proof of production you can never expect someone to offer that sort of money.

I have already said MAK have picked up their share of BON for a song, but let's be realistic. BON is nowhere near the value of MAK. MAK was well ahead of BON in development. A couple of MAKs other assets would sell right now for maybe 2 or 3 times BONs current marketcap. People make valuation comments on MAKs other assets without knowing anything about them. I actually first invested in MAK for its other assets. Phosphate only became apparent as the first-mover later when the price rose.

It's done and dusted now. MAK have BON (or at least 50.1%) so you're going to have to accept it. The future is with MAK, not supporting the situation as it now is, means you don't respect your current investment. Of course you do have the option of selling.

I like BON, I can see the potential, I also see a number of risks. And I see some real synergies between MAK and BON that will benefit both holders greatly. MAK did get BON cheaply but they also committed to fund exploration and development. Do you know how many shares BON and UCL would have had to issue to get to that stage. The dilution would be significantly more. Hard to understand how some of you cannot see this.

PS UCLs offer is a joke. Their solution is to triple or quadruple their shares.