It is effectively a RI

but as NCFC isn't a listed company they can do what they want within certain regulatory boundaries, particularly as this is a friendly transaction. In diluting their shareholders value by issuing just enough new shares to allow MA to become the majority shareholder (and we don't know yet if he'll also convert his C Preference Shares to Ordinary) all other shareholders %ages reduce. No, other shareholders were not offered additional shares at an agreed ratio as in normal RIs but the principle is the same.

Posted By: Old Splat, Feb 13, 10:53:15