Zero ownership. When you have a significant owner (like Pradeep Paunrana of ARM, James Mwangi of Equity & Bharat Thakrar of Scangroup) who looks for other ways of financing without a Rights Issue that dilutes existing shareholders.
ARM - Convertible Debenture at a significant premium to the then price
ScanGroup - Sale of shares at a premium to WPP which also gained connections & skills
Equity - The Helios deal at the then market price but at a premium to Book Value
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett