Confused? You should be!
Not being a financial wizard I have done a small amount of research ( it's a nightmare ) into stock dilution. From that scan I think that the way a firm dilutes the shares is by voting at a board meeting. With Peel owning 75% of the shares they would obviously be able to vote this through with no problems. The story is though that they now only own some 35% of the shares after VAS bought 65% of Peel Airports. Presumably VAS would not want to put more money into the black hole which is MME so they would vote against any such proposal in concert with the Local Authorities.
If this is not the case then do VAS actually exist or are they just a fancy website like our friend Mr Nigeria and if they do exist then did they actually go through with the purchase of that part of the Airports Division that they are said to own?
VAS have been strangely quiet since they are supposed to have taken over the airport. In fact mute is the word that comes to mind.