The MAK sp is headed down, probably to sub 40cpsThe UCL offer is...

The MAK sp is headed down, probably to sub 40cps
The UCL offer is still superior to that of MAK.

Personally I think the UCL offer is basically worthless because of all the dilution required to simply take it to a BFS stage.

But let's now take away the future direction of shareprice then just on value alone MAK and UCL's offer is now almost even:

MAK shareprice: 57c / 9 = 6.33c
UCL shareprice: .7c x 9 = 6.3c

Add to it now that there is an extra offer of a share and option for 43c, MAKs deal suddenly becomes a lot better.

This is the futile nature of trying to evaluate the worth of the offer purely on shareprice. One day and the whole calculation can change. The only way to evaluate is on potential future shareprice. UCL will dilute 3 to 4 times (on already 1 bill shares) to get to BFS stage (potentially). MAK may dilute 2 or more times to get it to production stage. Huge difference. UCLs shareprice will falter from here (back to .5c), MAK other than short-term movement due to uncertainty of new placement will most likely move up.

In my opinion there is no comparison between the two offers, and I'd say 60+% who have already taken up the offer agree.