Ann: Nickel Asset Sale Completion, page-53

Your question is a sweeping one as I understand it (both question and answer).
NICO is a separate corporate entity to MLX. Hence benefits accrue to MLX as an owner of shares proportionate to their % shareholding. They rank "parri-passu" equally with all shareholders of the same class and the shares are the class that are the ordinary ones that own the assets (as opposed to special ones, probably as yet unissued).

The issue of MLX not getting the downside stems only from not being the direct owner of the asset and the Company ownership being a liability. Ie. If NICO does something wrong like digging up sacred sites the damages are limited to Nico. not MLX. i.e Nico can lose value and/or go broke but MLX will only suffer that effect on each share it owns.

NICO and MLX do share a director so he/ or she will have consequences but not MLX itself.

I'm sure anyone who cares to, can provide further details and ALL IMVHO.