"Behaviour to date suggests he is keen on Sandpiper and...

"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."

Hence the reason that I prefer to hold UCL over BON.

My preference would be that UCL develop Sandpiper, although the other options (JV MAK or MAK purchase UCL) may also be profitable for UCL shareholders.

Consequently all my BON share profits now in UCL at 0.5cps.