A former company solicitor had helped the investigating committee, and there was charge and counter-charge as to the solicitor's role in the company's difficulties and hence whether the report was accurate or an exercise in score-settling, mud-slinging and rewriting of history aimed to exonerate him. Nonetheless, a way forward was agreed. Three of the committee were elected directors and sat (with the chairman and three old directors) on a managing committee, which a year later (with a change of chairman) became the company board. Loans were retired by the issue of two tranches of preference shares (which would receive the dividend on ordinary shares, should that be higher): (4% preference (up to the company's authorised share capital), 4.5% preference (when authorised capital was increased by the Act for the direct connection into Citadel)