will,if MAK accept UCL's offer this will give them approx 43.5%...

will,

if MAK accept UCL's offer this will give them approx 43.5% of UCL (which would then presumably have gobbled up BON as a result of MAK handing over 85% odd of BON that it holds currently).

therefore MAK will have 43.5% of the UCL/BON share of the namibian project J/V. tungeni will still have their 10pc or whatever it is.

the existing UCL shareholders will still have the rest of the UCL/BON stake.

it doesn't really improves MAK's stake in the J/V per se - but it gives them a huge chunk of UCL at the same time.

like i said before, if it makes commercial sense to drummond and co then it might be something they will investigate.