If people can't unwind what just happened well then you have not...

If people can't unwind what just happened well then you have not been in business long enough.

What it looks like to me and this is pure inference and my view only is that DST start LKAT using the IP collected by the 50 50 JV.

Using my speculation, This business probably holds similar but different (better) IP than KORDID now. Depending on their legal system the technology changes are probably enough legally to allow them to spin it off into LKAT and keep protean and Kordid at arm's length and slowly wind that company down.

This cannot be proved so this is my theory, and a theory only so again don't read too much into it. Old management may have known about the spinoff and the newly created LKAT, hence no market updates for many months and non execs slowly leaving Protean now being at arms distance. They have now left the company in the hands of Matt Foy, who was the secretary, which was an outsourced position.

This again seems to be another layer, I am not saying Matt had any details on this LKAT spinoff, it could just be another layer in between strategically placed by the old management..

This is all an opinion, do not read too much into it. I am sure the regulators will be all over it at some point. Good luck to the holders, I hope the old management are held accountable.