"The most important thing is the last sentence of the quoted...

"The most important thing is the last sentence of the quoted paragraph. So for example, if CMT were to flip this asset on to another strategic partner that DIDN'T result in a commercialisation, i.e. say a Santos or OSH wanted a strategic stake, but weren't ready to commit to any commercialisation, then IES' rights do not apply. So no need to deduct that 25M at all!"

So what's CMT worth then?? Alot more than current market cap!!