Ann: Trading Halt , page-20

Hi 67b

Although more shares are created, each IGR holder is offered the same right to buy shares to maintain their original percentage holding in the company.

For example, if there were 100 shares in the company and two shareholders.

shareholder 1 holding before rights issue = 80 shares =80%
shareholder 2 holding before rights issue = 20 shares =20%

Say the rights issue is one share for every 2 shares you own bringing the total shares on issue up to 150 shares and both shareholders take up their entitlement.

Shareholder 1 adds 40 shares to his 80 = 120/150=80%
Shareholder 2 adds 10 shares to his 20 = 30/150 =20%

Each shareholder ownes the same % of the company after the rights issue.

Hope my maths are right
Angers