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Biotech / Medical : Cambridge Antibody Technology Group

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To: Jongmans who started this subject	9/27/2003 3:06:01 PM
From: nigel bates	of 625

Slightly OT, but the GENZ deal circular reminded me of something that has annoyed me for some time as an investor in US stocks: The Companies Act provides that, unless shareholders otherwise consent, all new equity securities to be issued for cash must first be offered to existing shareholders in proportion to their individual holdings. - ie UK companies can't dilute you (as a shareholder group) without your express permission. I can think of several biotechs whose shareholders would have benefited from this stricture.

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