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In two parts.

  1. Once new shares have been issued, who is the owner of those first shares till they get sold on the market?
  2. Because of the dilution caused by issuing new shares, could it be possible to "take over" a company by issuing enough shares so this first owner of new shares would become the majority shareholder?
    • If yes, can the shareholder in place protect themselves against it?

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Once new shares have been issued, who is the owner of those first shares till they get sold on the market?

The company owns the shares.

could it be possible to "take over" a company by issuing enough shares so this first owner of new shares would become the majority shareholder?

As the company owns the shares, this is not possible.

can the shareholder in place protect themselves against it?

Yes and No.

Generally lets begin with 100 shares, with A & B owning 25 each and the remaining 50 by other 50 individuals.

As part of Board resolution A&B together can put and get a proposal approved to create 50 more shares. As part of the resolution, it is also agreed how these would get distributed. Some say 5 each can go to A & B as bonus / compensation etc. The other 40 can be issued via rights issue or follow-on Public Offering etc. i.e. there is a established process as to how these 40 would get distributed and governed by various laws in each countries.

There are also specific rules in quite a few countries that need notification if the majority shareholder is changing.

Edit:
The dilution doesn't technically happen till the shares are actually placed. Depending on why the additional shares are created, it could be few days or few months / year before they actually get placed.

For example at times the shares are created only when placed via a follow on public offer. So the board approves the proposal to create additional shares. However these are not immediately created and get created as part of placement.

At times board does approve creating a set of shares that are placed in company trust and are earmarked for distribution to key employees and part of bonus compensation.

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