There's no downside risk with cash and at least you can get up to 5% p.a. as opposed to a measly 2.5% p.a. if you were to by KAZ at 39.5c only for TLS to buy it back off you for 40c in six months time.
There may be little downside risk involved in buying KAZ at current prices but there is also an opportunity cost risk involved. Buyers now wading into KAZ are taking that risk in the hope the offer will go higher than 40c.
