what happens if you don't convert to mak, page-9

If the offer stalls between 50% and 90% (after a few extensions) then remaining listed will only be hurting BON.

MAK will have control over every decision while BON will still have the overheads of listing/admin. They'd have no access to MAKs cash and would still have to raise money (when needed) on their own.

They could apply for them to be delisted but that would only happen if there were something like 85% with just a few people holding out.