bon acceptances now stand at 10.3%, page-5

Director Acceptances??

Maybe, maybe not.

According to the BON Target's Statement dated yesterday, there are 190,375.005 BON Shares on issue.

The BON Directors have BON holdings as follows:

(1)Mr Ted Ellyard 13,055,000
(2)Mr Dennis Wilkins 1,875,000
(3)Mr Andrew Drummond 7,343,750
(4)Mr Michael Woodborne 2,360,000
(5)Mr John Robertson 1,250,000

They also hold options exercisable at 20cents, 20cents and 30cents on 24/7/'09, 30/6/'10 and 30/09/'12 respectively. As these won't be exercised, they don't factor in calculations.

Directors 1to3 hold 11.7% of the stock.

Directors 1&3 hold 10.72% of the stock.

All Directors hold 13.60% of the stock.


These percentages don't appear to relate to the 10.3% figure reported. Note: any Holder's Acceptance has to be for their entire Holding.

Would be nice to think the 10.3% is for acceptances by other BON shareholders, that have taken place even before the issue of the Target's Statement yesterday, advising acceptance of MAK's t/o Offer. This would indicate a sizable portion of Holders found the Offer "fair and reasonable" even without the Independent Report by BDO. Perhaps confirmation of Director Acceptances will be provided in the next update.

Cheers to all.