The UK has an amazing history of non-shareholder driven banking models – mutuals, trustee savings banks, co-operatives – and Post Banks must be set up using these.
But will it such consolidation be as exciting for non-shareholders - for journalists and for citizens?
"And this is something she may be well advised to do, because shareholders generally have more rights than non-shareholders".
Shareholders are more likely to vote than non-shareholders; so it is possible that almost two-thirds of the voters this time will be shareholders, compared with just over a third in 1996.
When the first-day trading premium is 35%, non-shareholders – aka most of the public – have a right to know why the shares were not priced more keenly than 330p.
A timetable for the event said non-shareholders are welcome to attend the Sports Direct AGM on 7 September, which is being held as usual at the company's headquarters in Shirebrook, Derbyshire.
The letter counted as very big news in the decorous world of corporate governance, and seemed to suggest that shareholder advisory firms, as non-shareholders, had too much influence on voting.
Or most likely it may be because, as shareholding spreads, investors are becoming more like everyone else.Once, owning shares was a preserve of the wealthy, which helps to explain why, in the past, some studies have shown that shareholders are twice as likely to vote Republican as non-shareholders.
The second area of interest is the impact on non-shareholder stakeholders (Freeman & Phillips, 2002; Jackson & Nelson, 2004).
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.
