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"The board believes they are a pre-cursor for further disruptive actions from Elliott which are likely to focus solely on engineering an exit from their shareholding and would not be in the interests of all of our shareholders.
Many of these companies have most of their shareholding outside Switzerland.
The shareholders and former management have been removed from decision-making authority over the bank, and the Central Bank is in the process of extinguishing their shareholding rights.
With oil and gas prices high and a flood of revenue imminent, it is an odd time for the three owners to reduce their shareholding.
Anyone who decides not to take part will see their shareholding significantly diluted, as the 36.5bn shares being created will make up 57.3% of Lloyds' enlarged share capital.
Accounts for IDNML, which was set up a few months after Alexander Lebedev bought the Independent in 2010, indicate how much the pair effectively paid for their shareholding.
Similar(21)
But traditional firms suffer; and they are also finding it harder to grant new share options, because outside shareholders worry that their shareholdings are being diluted too much.
HSBC is approaching all of Nedbank's shareholders in a bid to buy up to 70% of their shareholdings.
But increasingly they prefer to dilute their shareholdings.
The pair sold down their shareholdings to receive about £80m.
And three big Italian banks have swapped their shareholdings in Montedison for Italenergia shares.
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CEO of Professional Science Editing for Scientists @ prosciediting.com