who else will accept?, page-18

MA, I don't understand your logical regarding the UCL dilution. Currently BON have roughly 200M shares and UCL will have 1800M shares and each own 42.5% of the Sandpiper/Meob project. So if UCL were to gain 100% of BON (which cannot happen because MAK already have almost 50%) then they would end up with 3600M shares and own 85% of the project. So in the end each UCL share will still have the same value of the Sandpiper/Meob project. There will be no further dilution of UCL shares as a result of the offer for BON shares.