(13 Sep 2013, 7:35 am)eezypeazy wrote I think we can all see now just how simple this is - it just divides up the revenue based on usage, after NTL's own costs are deducted.

The 'shares' in the company are nominal shares - they are never traded, but (presumably) can be redistributed to reflect market share at an appropriate moment.

Agreed that the question of voting rights at meetings is intriguing, but ask yourselves this - what is there to be decided and voted upon? I'd guess that the biggest decision is an annual review of NTL prices. Each shareholder (including Nexus on behalf of Metro/Ferry) has a need to maximise revenue; but set NTL prices too high and customers will buy two individual operator tickets instead, thereby depriving companies of NTL revenue. Set NTL prices too low and operators own tickets become more expensive and NTL's share of total revenue goes up and the individual operator loses control of his own revenue stream. And Nexus has the problem of needing to maximise revenue while satisfying their political masters' desire for cheap travel...

I would imagine the meetings might get rather tense...!!!

Not sure anyone was disputing or not showing an understanding of the revenue, more likely the shareholder allocation or the concept of shareholders at all.