буду премного благодарна за помощь в поминании фразы: "...by reason of the ratio which the new shares bear to shares held by.."

Контекст
Furthermore, the Directors may so dispose of
any new shares which, by reason of the ratio which the new shares bear to shares held by
persons entitled to an offer of new shares, cannot, in the opinion of the Directors, be
conveniently offered under this Regulation.