Thats normal. BON has become an arbitration play now and it will usually trade at a discount. The thing is if you want to play the arbitration right now to get any decent amount of BON you'd need to bid it up to 7c. You'd get 300K of BON which translates to 30K of MAK. Then you have to fill in acceptance form, send it off, wait a couple of weeks before you get your MAK shares. What might happen in the meantime with no control of your shares.
The other factor is that anyone converting now is subject to the 90.1% rule. If MAK doesnt get 90.1% then you revert back to BON shares which will then drop as let's face it, BONs price is being driven by MAKs rise.
Hope this provides you with some insight in contrast to the one syllable response Rod was able to provide.
mak sp v bon sp, page-3
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