the rock of gibraltar, page-27

further to that hedgie o a potential rights issue..... here is my case why it will not happen.

Note 38 of the annuals list current directors and management holding 66.4 million shares of the ~1.6B. Sure McCabe has 47.5m of those (30/06/09) but that still leaves a lot of the key management with some tidy parcels, Hurley with 12.4m Who knows if his old mate Stephen Day has his 10m (could have bought or sold after his resignation due to illness). The point I'm making is Hurley et al have a vested interest in this company and will not want to contribute to a rights issue that is not in the interests of us every day punters / shareholders

So perplexed as to why they continue with the McCabe deal, In my opinion because it secures their jobs for life with Kevin having a 19.9% vote in their future appointments. Great potential for 30-40c on a rerate, particularly when we start to see what the non balance sheet funds managment businesses produce in terms of cash flow.