594 million tonnes at 18.2% maiden jorc, page-33

I would think total control of Sandpiper would be desirable for MAK. Here's an absolute left field approach, won't happen but some fun to speculate.

MAK gets the large majority of BON shares pretty quickly. Say 60% = around 120 million shares.

UCL keeps offer out there at eg 7 UCL for 1 BON to give BON holders a healthy 25%+ premium (current BON m/c around $9 mill at 5 cents, UCL at around $8 mill at 0.8cents. About 5.5 UCL shares = 1 BON at the moment). That would be about 1.4 billion shares taking UCL shares on issue to around 2.5 billion if successful

MAK accepts UCL offer and receives around 840 million UCL shares or about 33.5% of UCL all for the shares issued to get control of BON. They then launch a takeover bid for UCL with 33.5% of the company already stitched up and only needing to get another 17% to have tied up both BON and UCL. I think they could do that if they weren't starting from zero and probably wouldn't cost a lot more to do it.

Now that would be a creative takeover!