Countrywide - CWD .....the short ?!

"Sales of shares out of treasury do not require the issue of listing particulars or a prospectus. Companies holding the full compliment of shares in treasury, i.e. 10%, can therefore offer for subscription and sale shares representing up to 20% of their existing issued share capital, inclusive of treasury shares, without issuing a prospectus or listing particulars. 10% would be represented by a sale of treasury shares and the other 10% by an offer of new shares, taking advantage of the exemption in the Prospectus Rules"