43.7%+25%=57.78%, page-3

If you go back in original documentation, you will find that the management (" ") holds a percentage that will go down to a cap, as it can only be diluted by a few percent. The management can off course not keep up with capital calls so they protected themselves by this mechanism.

As there have been capital calls last year they had to hand in a few percent, which now belongs to Riverstone and AJL.

I have always wondered who are 'management'??? At the time it started hardly any people were involved; that's when this arrangement was set up.