Ann: MOU with Amer-NTL.NZ, page-34

Possibly - although that wouldn't explain why the announcement suggests Amer will take "around 70%" of NTL.

My view is that the rights issue is the last chance of holders to get among the real NTL action before it goes to a vote of whether we want to sell 70% of our respective holdings to Amer. Yes, sure it could be a quasi-underwriting where they buy the shortfall but I'm just not sure...