When you see the board members speaking, they are not speaking for themselves, its NSSF and other small shareholders speaking. The Board is just like John the Baptist, he came NOT on his own, but to bring the message from the sender, he didnt do what he did on his own. NSSF is quietly sending signals , its upto everyone to decipher the ENIGMA CODES...

NSSF is not happy with the dilution they got during the conversion of NBK's preference to ordinary shares

Its not taxpayers' money but Pensioners. Their first priority was capitalization . They dont want to lose the crown jewel, like the British lost India in 1947, ending their superpower. Since NBK has to call for a Special General Meeting, There is possibility people will bolt from this marriage at the Altar

Potatoh/Potahto ... It is taxpayers money at the end.
1) Anyone who ever paid into NSSF - usually through the deductions made from payroll - is owed money.
2) A shortfall in NSSF will probably be covered by GoK using debt, printing money or increased taxation.
3) Debt taken by GoK will have to be paid off by taxpayers.

Perhaps the best thing is to let NBK die and the NSSF takes the lumps. Pumping in more (pensioner/taxpayer) money into NBK is what I dread.

Perhaps NSSF should also buy another perennial loss-making firm

Not in the near future NSSF can't have problems paying it's members.
The monthly contributions they get is enough to sustain paying retirees

Watch & Learn
I expect #1 to happen first. "Retirement age is increased before one can access their money"