11.   However, change in control restrictions may also apply on a share sale.

12.   Firstly, a vendor may argue that, unlike a share sale, the purchaser does not inherit the liabilities of the business.

13.   In share sales it is the ownership of the contracting party that is changing rather than the identity of the contracting party.

14.   The general advantage of asset sales over share sales is that the purchaser can be selective as to which assets and liabilities he buys or assumes.

15.   The full prospectus for the share sale will be out next Thursday.

16.   More shops will be encouraged in the next BT share sale and it is hoped they will remain in business for future dealing.

17.   Analysts attributed the decline to the new share sale, which will tend to dilute the value of the existing shares.

18.   Analysts predicted the Puma share sale will be popular.

19.   Analysts also said Smart needs to advance its share sale before other Philippine telecommunication start-ups go to the market and satisfy the limited demand for phone companies.

20.   Analysts said they believe there will be more initial public share sales to come.