11.   He may have created a settlement overseas which in turn owns an underlying company, which underlying company receives UK dividends.

12.   The advantage to the offeror is that the warrants cost nothing and, when they are exercised, the company receives the subscription moneys.

13.   Mrs Bell said the company had received many letters from pensioners who understood why the decision had been made.

14.   Overall, across all sectors, the average company received a modest positive score of six points.

15.   Also, the spinoff companies usually receive low valuations from the market when they are listed because they are unknown.

16.   American companies receive generous tax deductions for donating medicines for needy people, including those hit by emergencies like an earthquake or a war.

17.   Analysts said that as more companies have received product approvals from the FDA lately, price competition in the industry has intensified, reducing earnings.

18.   Among other things, he is fighting European Commission efforts for laws that would require companies to receive shareholder approval before erecting defenses against hostile takeover attempts.

19.   An Andersen Consulting spokeswoman, however, said her company received cash for its services and never exercised the warrants.

20.   An HDW spokeswoman said the company had not received any news of the order.