surprise surprise increased offer, page-46

makattack, fair points re arbitrage, MAK's volatility is unpredictable. Unfortunately I was away most of the day otherwise I would have joined Rod in selling some BON around that 7 cents mark today as I expect MAK to pull back from here.

Re dilution in Sandpiper exposure, your points are a matter of pure conjecture. What is calculable on known facts is that a UCL share offers better leverage to Sandpiper/Meob than a BON share converted to MAK (45% vs 16%).

I concede that there will be dilution at some stage for UCL holders but there will also be for MAK holders and a lot more than you are reckoning on. We know already how much MAK intend to raise over the next 6-12 months and it will introduce a dilution factor that is a multiple of the current market cap.

If we are going to conjecture on end dilution factors, which we really can't, I much prefer to be starting from a 45% exposure vs a 16% exposure to Meob/Sandpiper - more likely to be controllable by participation.