mak offer doesn't recognise benefit of 75%, page-24

Hi makattack.
Sorry for delay replying. Did post twice last Friday but for some it reason it didn't come out. Agree Mak have been shrewd in how they've got Bon on the cheap. My experience once of being a minority shareholder in a slightly more than 75% controlled company (in a jurisdiction where there were no 90% compulsory purchase provisions: in Jersey or Guernsey - can't remember which) suggests that once they've got 75%, it is fairly straightforward to buy in the minority at a price that doesn't reflect the scarcity value of the minority shares. In my case they just passed a 75% special resolution at an EGM, and my vote against it didn't stop me having my shares exchanged compulsorily for some shares I didn't want. So I expect MAK, unfortunately, won't have any problems getting all of BON. Nonetheless, I have accepted the UCL offer for my BON.