Ann: Change of Substantial Shareholder Notice from KBC, page-5

A Board can't legally just 'take money'. If a 'raiding' style investor wants the cash out, they are doing it for the benefit of all shareholders by way of capital return, because presumably doing so would be share price accretive (otherwise there's no point?).

Any investor that buys a major stake is driven by share price performance and through vested interest must be far more aligned with other investors than a Board who is simply there for remuneration.

Generally, the criticism of 'raiders' comes from the short term nature of their investing... which means they may not hang around for many years to maximise the potential value. However, short-medium term returns will generally exceed expectations in this environment... which is good for IRR.

The question will be whether this is better than status quo.