nobull, apologies, it appears you are correct, there is a 75%...

nobull, apologies, it appears you are correct, there is a 75% rule. And I think you are spot on in your summation of MAKs strategy to acquire 75%. This opens up the door for enactment of special resolutions to restructure or delist BON. Remaining shareholders would have to be compensated but its another way of attaining full control of BON (allbeit a little bit more complex and expensive than simply attaining 90%). I don't know the full ramifications or requirements of this. How hard is it to enact when you have 75% ownership?

Since they already have 69% it appears this is a foregone conclusion. Even if they can only get to say 72%, I believe they can then purchase up to 3% every 6 months.

Looks like MAK management are smarter than many give them credit for.