discounting share price

hi
pre- June mock.
the full explanation is shown below:
“Issuing only 20% of the share capital to the public at the initial listing would make them minority shareholders effectively. As such, their ability to influence the decision-making process in the company would be severely curtailed, since even if all the new investors voted as a bloc against a decision, they would not be able to overturn it. The discounted share price would reflect the additional risk of investing in a company as a minority shareholder. In this case, the position of the unsecured bondholders is important. If the unsecured bondholders, holding between 10% and 12.6% of the share capital in an equity-for-debt swap, are included with the new investors, the equity stake rises to 30%–32.6%. In such a case, shareholders, as a bloc, would have a significant influence on the company’s decisions….”