who else will accept?, page-20

The number of UCL shares on issue doesn't really matter as it can be reconstructed at any time. More important is who holds, how many (%) and how tightly.

Dilution in the UCL takeover scenario would be worn by UCL holders not BON holders. Brown is correct that BON holders would have the same holding in Meob/Sandpiper as previously. The dilution for BON holders is in the MAK takeover scenario if a BON holder has no interest in MAKs other assets which is the case for me.

Anyway until MAK get 90% or notify of intention to apply for delisting there's no imperative for me to accept so we'll see what plays out. I prefer to have the option of selling on market if I want to.