url: universal and vulcan to merge , page-53

Perhaps if you look at it like that it makes sense but doesn't change the fact that it is appalling capital management to issue more than twice your outstanding share issue when your shares are trading near all time lows.

Looks like Xstrata finally woke up to the fact that they could lose their grip and decided to do something about it. Better late than never I suppose.

Still waiting on a legal opinion will post when I get it. If this can be done without a vote it will shake my faith in the entire system, as it would seem to give managers the power to give away assets that belong to shareholders without their permission. There are restrictions placed on the number of shares that can be issued without shareholder consent for this reason.