Common use of Increase in capital Clause in Contracts

Increase in capital. To consider any recommendation made by the directors on any proposal to increase the capital of the Company and after giving due consideration to the recommendations of the directors and if the Company requires additional equity capital to vote in favour of such a proposal and the Trustees and the directors shall endeavour to ensure that except where the interests of the Trust Fund require some other method of distribution any new Shares shall be offered to the following classes of person in the following sequence: (a) first to Consumers on the basis of an equal number of Shares for each Consumer. (b) second to the extent that any Shares are not taken up by the Consumers to whom they are offered under (a) above they shall be made available to all Consumers and allocated to all those who apply for them and to the extent that the number of Shares applied for exceeds the number of Shares available the Shares shall be allocated equitably by reducing progressively the entitlement of Consumers who applied beginning with those who applied for the greatest number of Shares until the number of Shares available equals the number to be allocated to all Consumers; (c) third, to the extent that any Shares are not allocated to Consumers under (a) or (b) above, they shall be made available to all Electors and allocated to all those who apply for them and to the extent that the number of Shares applied for exceeds the number of Shares available the Shares shall be allocated equitably by reducing progressively the entitlement of Electors who applied beginning who those who applied for the greatest number of Shares until the number of Shares available equals the number to be allocated to all Electors; and (d) finally, any Shares not allocated to Consumers or Electors, shall be offered to the public on terms no more favourable than those offered to Consumers or Electors.

Increase in capital. To consider any recommendation made by the directors on any proposal to increase the capital of the Company and and, after giving due consideration to the recommendations of the directors and directors, the Trustees may agree to such a proposal if the Trustees agree that the Company requires additional equity capital to vote in favour of such a proposal and and, if the Trustees and the directors shall endeavour to ensure that do so agree, except where the interests of the Trust Fund require some other method of distribution distribution, the Trustees and the directors shall endeavour to ensure that any new Shares shares shall be offered to the following classes of person persons in the following sequence: (a) first First to the Trustees; (b) Second to Consumers on the basis of an equal number of Shares shares for each Consumer.; (bc) second Third to the extent that any Shares shares are not taken up by the Consumers to whom they are offered under (ab) above they shall be made available to all Consumers and allocated to all those who apply for them and to the extent that the number of Shares shares applied for exceeds the number of Shares shares available the Shares shares shall be allocated equitably by reducing progressively the entitlement of Consumers who applied beginning with those who applied for the greatest number of Shares shares until the number of Shares shares available equals the number to be allocated to all Consumers; (cd) thirdFourth, to the extent that any Shares shares are not allocated to Consumers under (ab) or (bc) above, they shall be made available to all Electors and allocated to all those who apply for them and to the extent that the number of Shares shares applied for exceeds the number of Shares o shares available the Shares shares shall be allocated equitably by reducing progressively the entitlement of Electors who applied beginning who with those who applied for the greatest number of Shares shares until the number of Shares shares available equals the number to be allocated to all Electors; and (de) finallyFinally, any Shares shares not allocated to Trustees or Consumers or Electors, shall be offered to the public on terms no more favourable than those offered to Trustees or Consumers or Electors; provided that, as a result of any proposal to increase the capital of the Company, the Trust shall not hold less than 51% of the issued share capital of the Company.