61.   The push by the government to sell off major state assets as part of economic reforms has left the stock market awash with new equities.

62.   Thorn EMI said that neither Thorn nor EMI intended to raise any new equity as part of the demerger process.

63.   Telewest would keep its name and exert management control, and is not expected to raise new equity.

64.   The acquisition will be financed without raising new equity and company headquarters will remain in Norway, he added.

65.   The new equity structure now reflects the previous commercial reality, Shirdharani said.