CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

an amount equal to the dividend amount for that quantity of TDC shares, net of WHT, was debited from Rock, which by the nature of cash accounting entries (if there was nothing on account to cover the debt) effectively amounted to SCP lending that amount to Rock so it could be paid to AOI (or, which is in fact the same thing, SCP treating Rock as owing it that amount because it was being paid by SCP to AOI in discharge of Rock’s obligation to pay);

an equal amount was credited to AOI; and

adjustments were made to accounting records relating to the futures and the stock loan collateral, the net effect of which was to reduce AOI’s credit balance and Rock’s debit balance by an amount equal, or very nearly equal, to the net dividend amount, in effect indirectly funding the payment of that amount by Rock to AOI via SCP.