One thing I'd note is that with the price of the raising unknown and conditional on 50% a BON shareholder couldn't accurately calculate how much dilution the JV is facing before they accept the UCL bid. Of course it was magical how the UCL price rose on no volume in the last week.
Anyway it's up to the BON shareholders but UCL seem to have left it too late.
ucl 9 for 1 bid, page-2
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