Red, whilst MAK could act in a way to hurt BON, and that...

Red, whilst MAK could act in a way to hurt BON, and that sometimes happens in those situations, it's not likely is it? That would be hurting themselves if they were the majority shareholder.

If acting in such a predatory manner was the likely course it would hardly be an incentive for BON holders to trust MAK with Sandpiper/Meob is it? It is also hardly likely to be an incentive for UCL to follow through with the JV and that would be very unhelpful for MAK as they would take the Sandpiper project with them. MAK need to be very careful about this as Sandpiper is the cornerstone of potential success of the JV.

Regarding fund raising that BON might have to undertake, MAK would have to support it at least enough to maintain their position of control. That would assist BON greatly with any fundraising effort to have a portion effectively underwritten. On that basis I think it's more likely that they would try to acquire the remaining shares either by increasing the offer or buying on market. Nevertheless MAK could indeed do what you say and accordingly I will hold out as long as I can without prejudicing my own interests. :)