That means a non-shareholder looking to underwrite the new issue can only buy any unsold shares.
The open offer of shares is not being underwritten, but it could have been by a shareholder or a non-shareholder.
That is not possible, because the board needs 75% shareholder approval to be allowed to release that many shares exclusively to a non-shareholder.
He wants a controlling stake in the Scottish Championship club but, for that to happen, the board would need 75% shareholder approval to issue that many shares solely to a non-shareholder.
A non-shareholder can still underwrite the share issue or current shareholders can apply to purchase more shares than they are entitled to buy to maintain the size of their stake.
A non-shareholder can still underwrite the issue, but they will not know how many shares they will end up with until after shareholders have taken up or declined their rights.
If the proposed share issue fails, the board could seek permission from shareholders at the annual meeting to offer stakes in the company to non-shareholders, although the board would in theory retain the power to limit how large a stake a non-shareholder could purchase.
But its efforts could not muffle the bang made by a non-binding shareholder vote against a ludicrous compensation scheme for Vikram Pandit, its chief executive.In this section The not-for-profit sector A new kind of outrage Beware Teutonic caution Stuck in the middle Conscience v commerce Weaken, dammit!
"Its all right to steal from Uniloc as long as it helps stop pirates stealing from me?" Richardson claims to no longer be a principal at the company and is only a non-majority shareholder.
Tom Watson, a Labour Party member of Parliament who has led efforts to investigate the hacking scandal, flew in from London to attend the event as a non-voting proxy shareholder.
In the previous example, had Acme Inc.'s investor been a non-participating preferred shareholder with a 1x preference, they'd be entitled to either the $20 million they invested, or 20percentt of the $80 million sale ($16 million in all).
