Much ado at the board of National Express this week where Spaniard, Jorge Cosmen, has been building a strategic stake in a bid to get the company to reconsider a proposed £360m rights issue. It’s by no means clear how this matter will pan out, but it illustrates the point that if companies continue to de-gear by simply issuing scrip, it’s inevitable that a growing number of directors will be forced to either stump-up, or see their holdings diluted. For many directors this is largely incidental, but there are others who would be unwilling to jeopardise the increased leverage their holdings afford them.
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