sophisticated investors, page-2

Cant do that. There is an ASIC definition of sophisticated that must be adhered to. If not adhering to that it has to be open for all. Just being a larger shareholder does not entitle preferential treatment over any other shareholder.

70m shares is a big hit at this time. If they are worried about cost overruns or the success of UK they probably could make do with a much smaller hit like 10-20m at 10c and then why not rely on the 15% rule as Surandy70 points out.

If they are confident of success then why not let the SP rerate for a few months instead if instantly removing any upside with a dilution?

I think Key has more than enough on its plate for the next year with UK for 3 months, 2 new TZ drills for the following 9 months (and possible KN1 tie in approvals) and then there is Italy if it is possible to progress anything in that country without paying bribes.

So assuming they are confident even if the shares are for another Acq I think it ill timed considering the SP could easily rerate on good news, so the concepts doesnt stack up to me.
As Kalmsg point out: not much built in at the moment.