1.  It aims to achieve a high level of income for ordinary shareholders as well as providing capital growth.

2.  The Directors propose to offer ordinary shareholders the opportunity to receive fully paid ordinary shares in the Company in lieu of the cash dividend.

3.  Most ordinary shareholders have never had a total remuneration package and have never been part of a performance-related bonus scheme.

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

5.  The rights of the preference shareholders rank behind those of the provider of debt and the creditors, but before those of the ordinary shareholders.

6.  Management will sometimes request a catch-up dividend before further dividends are paid to the preferred ordinary shareholders and ordinary shareholders.

7.  Normally, however, ordinary shareholders expect lower yields than preference shareholders and loan stock holders because of their participation rights.

8.  The ordinary shareholder will assess his likely participation in the residue of profits of the company after fixed interest and dividend charges have been paid.