Paarmo - suggest you go and re-read previous posts.
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.
VAS are a sizeable airport operator not some fly-by-night outfit. They are the majority share holders in Peel Airports, so when Peel Airports speak it's fair to assume that they are saying what VAS want them to say - so VAS haven't been mute.
Peel Airports = VAS!
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.
My understanding is that Peel as the majority shareholders can propose the share dilution but it is then up to the minority shareholders to either accept the dilution or put up the cash to maintain their level of share holdings.
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.
As previously stated - VAS are the majority shareholders in Peel Airports so wouldn't be voting against themselves...
Peel Airports = VAS!