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Originally Posted by scastle
Agreed. We are dealing with Venture Capitalists where I work. They operate quite simply. You do what they demand (usually make as much money as possible). If you don't, then they pull their funding (which in the case of NTL is in the order of Billions) and you have to pay them back. If that happens, bye bye company.
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Slightly different in ntl and Telewest's case - these people aren't funding, they actually own the company.
Figures below taken from a post regarding potential mergers:
NTL Inc
WR Huff Personal Holding 11,077,692 12.64%
WR Huff Asset Management Holding 10,448,530 11.92%
W R Huff total assets in NTL Inc = 21,526,222 shares = 24.56% of share capital.
FMR Corporation (Fidelity Management & Research Corp) 10,846,817 12.37%
Fidelity International Ltd (Bermuda) 2,169,814 2.48%
Fidelity Corp / Int Ltd NTL Inc holding = 13,016,631 shares, 14.85% of share capital
Franklin Resources, Inc 7,756,409 shares, 8.85% of share capital
Oaktree Capital Management, LLC 7,364,235 shares, 8.4% of share capital
Total Shares Outstanding 87,657,000
W R Huff, Fidelity, Franklin Resources and Oaktree Cap. Mgmt own 56.66% of NTL Inc.
Telewest Global Inc
HUFF, WILLIAM R. Personal Holding 45,022,199 18.38%
HUFF (W.R.) Asset Management Co., L.L.C. 42,772,619 17.46%
W R HUFF total holding in Telewest = 87,794,818 shares = 35.84% of share capital.
FMR Corporation (Fidelity Management & Research Corp) 29,830,504 12.18%
Fidelity International Ltd (Bermuda) 6,919,426 2.82%
Fidelity Corp / Int Ltd Telewest Global holding = 36,749,930 shares, 15.00% of share capital.
Franklin Resources, Inc 22,621,503 9.23 $262,861,857 30-Sep-04
Oaktree Capital Management, LLC 14,131,785 5.77 $164,211,337 30-Sep-04
Shares Outstanding 245,000,000
W R Huff and Fidelity just between the two of them own 50.84% of Telewest Global Inc.
Franklin and Oaktree Cap Mgmt's shares make this combined ownership 65.84%