surprise surprise increased offer, page-44

'Makattack, I was considering the BON price in reference to the 1:9 offer for 90% threshold. It is currently trading at a huge discount to that and this is interesting to me. Why aren't MAK people snapping BON up at these levels to push it all through and get a great discount on the MAK? '

Doesn't seem to be a huge discount at all. Regardless, the arbitrated stock will often trade at a discount because of the time it takes from buying stock, to converting, to getting the new shares. We have seen how quickly MAK can move and what might seem like a good arbitration trade can quickly become not so good. Very riisky proposition. Also before the last couple of days there wasn't alot of trading happening. Even on today's volumes it converts to only 300K of MAK shares. Consider that MAK traded over $2mill today, there doesnt seem to be too much advantage in taking the arbitrage option.

It will be interesting to see who is buying BON atm. Is it UCL-aligned or MAK-aligned? Whichever way it looks like the end of BON as an entity. With only a small percentage of BON tradeable once this is all over (and very few shareholders), it may not qualify as an ASX-listed entity.