11.   However, the problem with a cash placing is that existing institutional shareholders may not be willing to consent to the disapplication of pre-emption rights.

12.   Obviously the position is modified if vendor shareholders of Target are to take shares or loan notes in Newco.

13.   However, these shareholders are not the persons generally meant when one speaks of membership of the clearing house.

14.   If untraceable shareholders are not a significant problem, it may be possible to dispense with advertisements.

15.   Target shareholders can sometimes be circumspect about accepting ordinary shares in the offeror, particularly if the takeover has been fiercely contested.

16.   But the total number registered is more than four million if existing BT shareholders are included and the sale organisers believe this is a good performance so far.

17.   No shareholder would now be worse off because of the tax measure.

18.   Could they sack the shareholder?

19.   Will the shareholders be pleased at the end of the year?

20.   Among the foreign investors who are big shareholders in Qantas are Templeton Investment Counsel, Fidelity Management and Research and Mercury Asset Management Plc.