Please pick holes in this logic.KA sits on the sidelines and...

Please pick holes in this logic.

KA sits on the sidelines and does nothing.......

Scenario 1 - If MCT do the same it goes into administration - but does he get his money back as a creditor? Similarly as MCT own a chunk of NME this is probably not in their best interests.

Scenario 2 KA sits on the sidelines. MCT spends money exploring and finds nothing. Both companies go into administration and KA gets a chunk of his money back as a creditor?

Scenario. 3 - KA sits on the sideline. MCT spends money and makes a discovery. KA is initially diluted, but after a major discovery he'll have no problem raising money.

In scenarios 1 and 2 KA does not really lose but the shareholders do.

In scenario 3 everyone wins.

Would be interested to hear your views on this. If it's right, I can see why he's not doing anything. But I'm probably missing something!!!