mak offer doesn't recognise benefit of 75%, page-28

As a hold out I don't expect any compensation if MAK get to compulsory - they will be able to take my shares from me for the price of the offer ie 1:9 shares at that level. I think the only prospect for gain is if they close short of 90% but elect to remain listed and acquire sufficient on market to get 90% - that should see the price rise a bit.

Re UCL/MAK/BON I wouldn't hold my breath for too much. The JV should go ahead but my guess is that the subunderwriter for the UCL rights raising could end up with 35% or so of UCL if he follows through on his commitment and holds on to his shares. Behaviour to date suggests he is keen on Sandpiper and conversation with UCL last week leads me to think he's not all that impressed with MAK. MAK will need to come up with a pretty good offer to take him out.