The issue of preference shares satisfied the original Thai BOI...

The issue of preference shares satisfied the original Thai BOI requirement for KCN to divest 50% of Chatree to Thai interests. The idea was to list this 50% on the Thai stock market.

RSK said this in 2007


During the year, the Company restructured its
Thai subsidiary, Akara Mining Limited (Akara),
to meet Thai ownership obligations. This was
achieved while maintaining the economic
benefit and control of Akara previously enjoyed
by the Company’s shareholders


KCN had to technically be seen to have divested 50% by Nov 2006. The preference share structure must have given the holders of the pref shares conditional rights...but clearly things got messy and argy bargy took place

So if we revert to the original intention the solution is quite simple. 50% of Akara is listed on the Thai exchange and KCN holders get fair value for that 50%

Then face is saved and everyone is a winner.