I get what Dog is saying.

Irrespective of whether his investment is by way of loans or share acquisition, MA is entitled to 11% pa on his investment (as interest on loans, or dividends on the shares).

As Loz says, there may be accounting / PSR reasons for converting the loans to shares, but from a pure cash perspective it presumably doesn't change the £££ to which MA is entitled to receive from NCFC each year.

Posted By: NxNW, Oct 9, 09:26:00