The Vam shareholders created trusts under which they took up their Vamgas rights and paid for their new shares with money provided by Mullens. The shares were in the names of those various Vam shareholders, but as trustees, with Mullens (or associates) the beneficial owners. Mullens granted those shareholders options allowing them to buy the Vamgas shares, if they wished, for the issue price (i.e. what Mullens had paid), any time until 15 May 1969 (that being a few months after the issue). The benefits of this scheme were,