You suggested SMISA sell the Kibble 27% then carry on as normal and buy shares from GLS
Currently SMISA have 28.3% so would be left with 1.3%, so later adding 50% totals 51.3% (0.3% gain on proposal)
If you prefer eventually the status quo of gaining 71% as some do and no Kibble involvement
cant see the point of your proposed version of deal makes a difference but retaining original timeline for less shares.
So Plan A or Plan B