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In all honesty you would think so, but then again, the current NAV needn't be the same as MV - all depends on what tint your spectacles have re the future. Up to him, of course - he himself paid £1 per share in September 2012, although this was par value - not an indicator of value, just a...

Although holdings have been diluted, it's hard to say whether this has actually disadvantaged any of those shareholders. I would guess some voting powers have been lost, but the total value of the non-controlling interests' holdings may be the same, or more or less than before. It all depends on...

I think he owns 91% - from memory, so may be wrong. Any further conversion of loan into shares is therefore not going to achieve much, except effectively write off some of the money that's owed him, depending on a 'fair valuation' of the share price.