There is a thread over on **** which starts with a copy of the letter to shareholders that arrived today. It is all about issuing new shares and converting 'security into shares' (debt into equity?) up to a total value of £120m. The purpose is to comply with Football Fair Play and to improve the balance sheet by reducing the level of debt owed to the majority shareholder:

http://www.cardiffcityforum.co.uk/vi...p?f=2&t=179076

On the face of it this is further evidence of the club and Vincent Tan delivering on their debt to equity promise.

However, I don't understand the detail - the timescales, the status of the Malaysian regulator's approval, the effect on minority shareholders.... etc.

Can anyone (Keith?) give an explanation?

Thanks.