huge discount to ucl offer

Rod,

BON had a history of struggling to raise equity capital so control by MAK may assist in that regard. BON was languishing and despite increase in Namibian resources its SP has hardly moved.

UCL rights issue does not guarantee $4M will be raised despite underwriting - see my post on UCL thread.

For my part I think MAK offer is clearly the better option going forward because it has control of BON's share in Sandpiper/Meob and full ownership of Wonarah. I rate MAK management well ahead of UCL management besides UCL only has Sandpiper/Meob and raising finance likely to be more difficult for UCL than MAK.