21.   The shares are invariably the most heavily traded and the shares the least traded of the three.

22.   However, it is suggested that market share is normally the most important indicator of dominance though not the only factor.

23.   Equally, where a young solicitor replaces a retired senior partner whose profit share was substantial, increased shares may be awarded to the continuing partners.

24.   This provides that the option scheme shares must not be subject to restrictions other than restrictions attaching to all shares of the same class.

25.   Nevertheless, in terms of the rights which attach, redeemable preference shares are more akin to debt than shares.

26.   The ordinary shares are the equity provided to management and therefore rank last in priority.

27.   If there are allotted but unissued shares in the target outstanding the Panel must be consulted.

28.   Ordinary shares are not particularly attractive unless the offeror is listed and the new shares will also be admitted to listing.

29.   Only the company whose shares are to be suspended can make the application.

30.   Acceptable shares are usually those listed on the UK stock exchange or the Unlisted Securities Market.