The company changed its articles by special resolution in general meeting allowing existing shareholders to offer any shares to person/members outside the company.

"The spinoff route, as opposed to a sale, allows shareholders an opportunity to make their own decision," he said.

It has been brought forward to 5 April to allow institutional shareholders to enjoy the 25 per cent grossing-up for the last time.

But they have not allowed shareholders in the west wing to use their apartments.

Rights issues require a minimum subscription period of 3 weeks to allow existing shareholders the chance to take up their rights.

Sometimes, though, disclosure has allowed shareholders to police what they consider excesses in corporate largess.

That offering allowed shareholders the opportunity to invest alongside traditional public equity investors like pension funds.

But he argued that the Internet's lightning pace was exactly what allowed small shareholders to find one another quickly and seek out the expertise they needed.

The plan allows shareholders who own less than 20 percent of the stock to buy shares at half price, thus diluting a large holding.

However, in the past the board of directors allowed several shareholders to put television antennas on the roof.