Ann: Kin Plans $13M Rights Issue & Rejects NBIO from St Barbara, page-41

The simple fact is that all shareholders own KIN, rather than one or two shareholders who apparently have told the board they won't accept the bid. Perhaps that's true, perhaps it's not (directors have been known to be less than honest in the past, particularly if their positions are at risk). Who knows what larger shareholders might do with the money (or SBM scrip) in front of them for a holding now that's now about to be diluted.