scrip offer for bonaparte diamond mines, page-93

Yes I think I got that. But t/o premiums have always been way overdone - just look at the way some deals have been done, the t/o target SH's are usually very happy but the offering coy SH's usually have not. So, the greater the premium, the more the upset some SH's are. I am in this category. BTW, high premiums to recent coy sp might have been Ok (NOT!) in a bull market, but this isn't a bull market.

BON may be a good match for MAK, however at this time I would prefer MAK stick to its plan for Wonarah. As to the premium being offered, these are always based on the average for the last 7 days, 30 days or whatever, so a 14% premium in this market is Ok - any more than that and I would be worried - besides there are possible upsides for CH's of both companies, so 14% is probably Ok.

Also, being a scrip offer, there is dilution for MAK holders but no loss of cash. Besides, the combined entity in terms of value, might not be so bad and as mentioned elsewhere, the combined business could be a "force" to be reckoned with in the P market.

As I wrote before, the offer is Ok, given the "fair" premium (IMO of course), however I would prefer MAK stick to the original plan and deliver on it first.

PS: The extra $2.5m+ in BON's treasury would be handy too...