found this re royalty., page-12

It does, you have failed to read it properly and/or understand my point. Try reading it again. Here, I'll help you out.

CVY has what is called in the investment banking community a "last" or "first" right of refusal. If CVY exercises this right, the mystery buyer's proposed purchase from Nuinsco does not go ahead and the mystery buyer does not lose anything. Under normal circumstances CVY's right of refusal overrides any attempt by Nuinsco to sell the royalty to anyone other than CVY for $2m CVY shares. Nuinsco must sell the 2% to CVY for $2m CVY stock if CVY exercises its right. If CVY then chooses to engage the mystery buyer and on sell the 2% to them, the mystery buyer may pay the $3.4m. In this situation, the $1.4m goes to CVY and the mystery buyer still pays the same for the royalty as it would of if it bought it from Nuinsco.

Understand now?

Marxist.