Hi JJ - 90% is the minimum figure required for WN to be able to...

Hi JJ - 90% is the minimum figure required for WN to be able to force remaining shareholders to accept their offer - i.e. their offer becomes mandatory.

At 80%, even though WN cannot make us accept their their offer, they could seek to have BRM delisted which would mean minority shareholders would not have an open and transparent avenue to trade their shares if they need to sell for any reason. For many the risk around that prospect would be unacceptable, hence that is the figure at which the fat lady sings for a lot of us.