Vamgas shares had a par value of $0.50 each and Vam itself took up 5 million part paid to $0.10 each. Another 5 million, to be fully paid, were offered by way of a prospectus; 3 million to Vam shareholders and 2 million reserved for clients of the underwriting stockbroker and certain other brokers (Mullens & Co was not one of them). The offer to the Vam shareholders was by way of non-renounceable rights, which meant they could take them up or let them lapse, but could not sell or transfer them to someone else.