Ann: Shortfall Offer, page-23

Gold won't come out from the Mountain itself, NTL needs money to mine them. SPP from shareholders are the best way to minimize impact. Look at lots of small caps in NSX and ASX, they do SPP to sophisticated investors only with huge discount without even offering anything to shareholders. NTL could have offer its share to sophisticated investors for 0.015 cents but instead gives us retailers a chance first.