I think the main concern amongst shareholders, apart from the...

I think the main concern amongst shareholders, apart from the apparent insanity of the relevant Namibian minister, would be the effect this outcome might have, ?were it to eventuate, on the Chinese offer for KAH and the likely downstream offer for EXT.

Now let's think very carefully about what is actually being proposed/risked here.
The Chinese want Uranium first and foremost. Owning KAH/ EXT is simply a formality to get it and facilitate secure supply over which they have control or at least dominant leverage. So they are really offering to buy raw material, not a uranium operation (despite they enormous profit potential from economies of scale)

In particular, they want uranium in vast concentrations which EXT uniquely has to offer right now, AND they want to own it at the point of extraction. The alternative is to buy the stuff on the spot market or worse, at long term contract prices. This means the following...

Whatever happens re Epangelo etc (nothing material I suspect), the Chinese are in the box seat if the deal goes through either way, and thus, so are EXT shareholders.

Buying KAH and what few non-RIO/Itochu EXT shares it can assuming neither of them capitulated, (let's say 10-15%) through the "possible offer" scenario, will get it majority rule over EXT. It doesn't even need 100% to achieve it's desired outcome...CONTROL over SECURE SUPPLY.

Once this happens, the Chinese are in a much more flexible position to wheel and deal partnerships etc with the Namibians all day long, because profitability is not their primary motivation...SECURE SUPPLY OF URANIUM is!

This is the only reason for Chinese interest in either company, and guess what people, NOTHING HAS CHANGED!
Next week is going to be very interesting indeed.