I was only going by memory but i thought BON and UCL have 45% each in the JV and some other small group own the remaining 10% (Something to do with original owners of land or indiginous people)
If MAK accept UCL's offer then MAK will own 43.5% of UCL AND BON as a combined company (from regulator above) and then with the extra 8% wouldn't that mean that as we have control over UCL (over 50% of shares) then we have control of UCL's orginal portion(45%) and BONs original portion(45%) of the JV adding up to 90% with the 10% remaining as i stated above.
Correct me if i am wrong i had a quick look for the annoucements to check the details but couldn't find them.
This was just from memory so they are bound to be wrong in some way but i think my point still stands that it has some merit
ucl gets 5pc of bon, page-13
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