This excerpt taken from the LPL 20-F filed Apr 11, 2005.
Article 7. Issuance of New Shares
Unless otherwise agreed by the Parties, NEG and LPL shall subscribe for new shares of the JVC in proportion to the ratio of the Parties respective equity ownership in the JVC
at the time of the issuance of such new shares during five (5) years after the date of LPLs first acquisition of the JVCs shares and so long as the issuance of such new shares is required for raising the funds within the Business Plan.
Except for the subscription of the new shares of the JVC under Article 7.1 above, the Parties hereto shall have pre-emptive rights in proportion to the number of shares held by each
of them with respect to any new issuance of shares of the JVC.
If any Party does not wish to exercise its pre-emptive rights mentioned in Article 7.2 above in whole or in part, such Party shall notify the Board of Directors of such intention
within 15 days from the day of the resolution of the Board of Directors to issue new shares. In this case, the other Party shall have the pre-emptive right to such un-subscribed new shares.
Bet you've never seen portfolio analytics like these.