1.   A company sets up a trust fund into which it contributes new shares of stock or money to buy existing shares.

2.   First, the Esop can buy existing shares in the Market, avoiding the need to issue new shares.

3.   It required the full disclosure of the condition of any firm wishing to issue new shares.

4.   Sometimes owners had to promise not to issue new shares for two more years.

5.   Ordinary shareholders have voting privileges, the right to receive dividends, and subscription privileges in the event of new shares being issued.

6.   A rights issue in which the existing shareholders may exercise their pre-emptive rights to subscribe to the new shares in proportion to those already held.

7.   Existing shareholders have pre-emptive rights to buy new shares in proportion to their existing holdings.

8.   Thus far we have implicitly valued the right in terms of the new shares.

9.   The Scrip Dividend was accompanied by a Cash Offer from Barclays de Zoete Wedd Securities Limited to buy the new ordinary shares.