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The Times & The Sunday Times
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Still on track

David Wighton
: Business Editor’s commentary
The Times
David Wighton
: Business Editor’s commentary
The Times

Stock market historians were yesterday scratching their heads to remember the last time there was a contested rights issue. National Express duly announced its £360 million issue despite the opposition of deputy chairman, Jorge Cosmen, whose family owns a near 19 per cent stake. The issue needs a 50 per cent shareholder vote — rather than the more usual 75 per cent — so there seems little chance that the Cosmens can derail it. Nonetheless, it is thought they will continue to campaign against it if they can enlist support from any other shareholders. If they can’t, they should accept that they have lost the argument and move on.