[176] With cancellation of the 1998 allotment, Far East was put back to the share structure of 16,685,099 (Far East) and 8,218,033 (Majlis). Or rather, Far East was put back to the share structure of 16,685,099 + 151,616 (Far East) and 8,218,033 less 201,650 (Majlis). Cancellation of the 1998 allotment put the total issued shares capital of KAOP back to 24,853,098 shares.

[177] Section 56 (1)(c) of the Companies Act 1965 (since repealed by the Companies Act 2016) provided that a company may "pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others". KAOP could only pay dividends in proportion to the amount of its issued share capital. But KAOP would have paid dividends in proportion to the then issued share capital of Far East - 38,933,583 (16,685,099 + 22,096,868 +151,616) and Majlis - 8,016,383 (8,218,033 less 201,650). But with cancellation of the 1998 allotment, only the dividends paid in proportion to 24,853,098 shares would have been validly paid. That was not discerned by the arbitrator who only perceived that dividends were not paid to Majlis in accordance with its rightful equity. The