It's called Sunshine Holdings, and Michael Ashcroft and government says it will hold 20% of BTL's shares in trust for the company's employees. But is Sunshine really a holding company? Well, that's not the meaning we get from its memorandum of association which says that the first object for which the company is established is to, "only carry on the business of an investment company." It goes on to explain that its purpose is to "acquire and hold...shares...issued by BTL."
And who gets the rights to those shares? Well according to this document, Sunshine would exercise and enforce all rights associated with those shares. That, we assume, would include voting rights. It's a sore point for the Communication Workers Union which has maintained that it intends to keep the voting rights on its BTL shares for itself. It is believed that in order to retain control of the majority of the seats on the BTL Board, Ashcroft's companies would need to retain the voting rights for those shares.
