There'd never be an independent non exec director if in order to serve, a director had to hold shares. A qualifying shareholder in the case of a rights offering is a SH who held shares prior to the qualifying date.
A Qualifying Share Holder is someone who holds the minimum amount of shares that a person needs to hold in order to qualify to sit on the board – this is not any different from a common shareholder, except in the amount of shares owned. If you were a Qualifying Shareholder you would have got a letter offering you more shares under the rights issue.
The irish guys here can help me…..please. Its actually an INM question but there is nobody on that page.BB.
when INM did its rights issue back in 2009 where the Bondholders got 48% of the firm, INM shareholders were allowed to buy new issue shares as well, at 5p. However the company said it was for qualifying shareholders …what did that mean? was there some cut off date that you had to own the shares at , as in one or two months prior to the announcement ? the idea being to exclude very recent share holders benefiting from the cheap rights issue that was 80% below the SP> ?
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