malvernmoe, to answer your question more completely, the 50% of the dividend less allowance for personal income tax on the dividend at 48.5%, reduces the amount of the loan.
The loan is still non-recourse and referenceable to the market value of the shares but the Share Loan Plan is not specific over any partial vesting of the shares.
It could be that JW has an entitlement to ask the directors to release to him some of the shares due to the dividend repayment but I can't determine this from my quick reading of the Share Loan Plan attached to last year's Notice of Meeting relating to the SLP.
He may well be able to access some shares. I can't determine this from what I have read.
Ann: Half Yearly Report and Accounts, page-129
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