stock split?, page-2

I think this is an unlikely scenario - for it to work they would need to set-up a separate company or JV. Therefore it would split the EXT management, exploration, feasibility and development teams + increase costs and take their eye off the ball.

If a new company or JV is set-up then EXT will have some form of ownership or shareholding (eg NRRP & EXT have a 50/50 JV in Extract Namibia and KAH owns nearly 50% of NRRP). That still doesn't stop RIO launching a direct TO for either KAH or EXT or both.

If RIO launch a takeover they want the lot including all of the potential that goes with it and they will no doubt only be willing to pay KAH top dollar if they can get the lot.