Ann: Update on Timetable for Return of Capital, page-19

could you please kindly explain your reasoning as to why would Molton get over 50% ? not saying you're wrong, just that I don't get it.

Let's say OEL offers to buy back 10% of capital (479.50 mio shares) at 0.02, a 100% premium.
100% of shareholders accept to sell 10% of the shares they own. Net cash outflow for OEL, 10m. OEL immediately cancels the shares.
Molton used to own 48% of 479.50m shares, ie. 230 mio shares. They sold 10% of that. Now they own 207 mio. But the total number of shares is lower as well : 479.50 x 0.9 = 432 mio shares. In the end, they still own 207/432 = 48%... no change.
(taking Bloomberg's data for number of shares, might be slightly off or dated - doesn't really matter for the example).