1. A loan stock holder is not hampered by such restrictions if his loan stock is not paid on the due date.

2. Unsecured loan stock will have a higher carrying cost but less of an impact on the offeror's gearing.

3. Secondly, even if loan stock is unsecured it will rank equally with the other unsecured creditors.

4. Subordinated loan stock will rank behind all unsecured creditors but ahead of preference shareholders and ordinary shareholders.

5. The pension fund loan and loan stock are to be repaid immediately following completion provided their terms allow for repayment on completion.

6. The senior debt could be debentures,[/loan stock.html] loan stock and notes ect.

7. Another shareholder said: "If such a loan stock was offered to existing shareholders and as an open offer in the UK you would have your arm taken off."

8. Preference shares, particularly redeemable preference shares, are sometimes considered to be more akin to loan stock than share capital.

9. The offeror will have a choice of issuing secured, unsecured or subordinated loan stock.

10. Other main forms of payment involve the issue of shares or loan stock by the purchaser.

11. Any new stock will need to be constituted by an appropriate trust deed or loan stock instrument.

12. Normally, however, ordinary shareholders expect lower yields than preference shareholders and loan stock holders because of their participation rights.

13. ICULS is an abbreviation and stands for Irredeemable Convertible Unsecured Loan Stock.

14. If interest rates of gilts are high, then interest rates on company loan stock would have to be even higher to attract the institutional investors.