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Steve, that's what I believe I overheard in conversation at the AGM. It was qualified with something about "dependent on price and market conditions at the time". As Oxs has time on its side (it can choose when it wants to make an offer) I imagine it will make an offer to MKD shareholders when it can satisfy both parties that a 3 for 1 price is fair. That time may not be right for a while, hence the low MKD share price now. Patience required and a willingness to accept a technical risk: namely that if Oxs wished it the MKD minority could be left owning nothing?

Edit. A further point is that if anything less than a 3 for 1 was offered, the directors wouldn't look very good because of having a) been closer to the JV negotiations than us and b) having rescued themselves from MKD without advising us to accept "rescue". It is true the directors could argue that such accusers were mguilty of writing history backwards (using knowledge of subsequent events to impugn the directors' motives?). I have perhaps been guilty of this latter sin myself!