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A rapid sell-off would spoil the taxpayers' recovery by driving down the share price.
Such news would typically drive down the share price of a company involved in a merger.
Although HBOS was not in any immediate financial difficulty, hedge funds had helped push down the share price, which in turn sparked concern among the customers.
By one estimate, the rule change brought down the share of land that might have been available for public housing and parks from 326 acres to 57 acres.
And the motion argues that it was the collapse of the Internet bubble, not the company's statements, that took down the share price.
Shareholders have bet on it all year, driving down the share price of what is still the world's second most valuable firm to nearly 60% below its peak in August 2000.
Similar(23)
The outlook helped push down the shares, which trade at about half their 1998 high.
All eight of Royal Mail's non-executive directors also turned down the shares.
"We have not recommended that anyone turns down the shares," she said.
The forecast also dragged down the shares of similar equipment makers, including ASM Lithography Holding N.V., Applied Materials Inc. and the Credence Systems Corporation.
Investors have marked down the shares of AAR Corp., a $1.4 billion (sales) aerospace outsourcing firm that maintains fleets of jumbo jets for large commercial airlines and defense customers.
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