Remember that CBA received only about 1/5th of the 43-odd...

Remember that CBA received only about 1/5th of the 43-odd million shares issued at 23c in the recent raising. (They did continue buying to get their holding beyond 5%.) There were, also, allocations to other entities totalling approximately 35M shares at 23c. So any role assigned, hypothetically, to CBA as a major holder should recognise that those other entities will have their own agendas too. It is difficult, if not impossible, to know what they may be, but, prima facie, they are in KNL for a long(er)-term return (as, I expect CBA is), involving both share-price appreciation and dividends.

Of course, not so much the 23-cent Club, but any entity who has been able to acquire shares recently at 20-21 cents, will still have the opportunity to sell them, at present prices (say 22c), or over the last few days for more; netting a nice short-term (annualised) return. So the recent decline following the CBA declaration may be nothing more than entities, all and sundry, making a quick buck.

However, it may also serve the longer-term strategy of keeping the share price low so that their entitlements from any rights issue accompanying CAPEX financing will be much greater than it would otherwise be, were the share price to be sitting at 30-40c, say, when that time comes.

Any beneficial entity that may have "more up-to-date" information concerning financing and the likely pricing of the rights issue may even be prepared to short KNL, or to sell some of their position at a loss, if they deem that they can hold the share price low for "long enough". Tapped-out retail investors, or others not in the know, may be reluctant to acquire more shares at a lower price, if and when that time arises, leaving more to be taken up by underwriters or "those in the know".

Please note that I make no allegations against any entity or entities in particular. It is just a hypothetical scenario that I perceive may be enacted by some entities, should they so choose.

Of course, any player(s) engaged in this gambit would, implicitly, be expecting that KNL will be successful, manifesting in a substantial increase in the share price beyond the price of the rights issue and beyond 23c. So, the "tapped-out retailer" can benefit too, if they can afford to wait and are prepared to do so in the face of the depressing (depressed??) share price action.

FWIW IMO DYODD