the key is, page-10

The issue then is how much can NKP offer in just cash ?
I agree cash is clean and final but for a none earning company like NKP it may be in their interest to entice holders wth an attractive merger .
NKP holders are probably already aware that they may be diluted via the two other listings so what is a bit more dilution when it gains them a very rich 15% of a major PGM mine ? IGC is the only way to increase project equity .