My understanding from details in release is the 50+% they need tendered excludes what they already own or tied up prior to offer.  Other opinions? Am i interpreting this incorrectly?      The offer is conditional upon, among other closing conditions, there having been deposited pursuant to the offer and not withdrawn at the expiry of the initial deposit period more than 50 per cent of the Noront common shares then outstanding, excluding the Noront common shares beneficially owned, or over which control or direction is exercised, by BHP Lonsdale, the offeror and any other person acting jointly or in concert with the offeror. BHP Lonsdale owns 21,659,385 Noront common shares, representing approximately 4.7 per cent (or 3.7 per cent on a fully diluted basis) of the outstanding common shares.