The process for the registrar on a rights issue (or whatever relates) can be nightmare event. The combination of the shareholders sometimes did not permit you to assume they know how or understand what to return with the remittances. Sometimes, they'll attached a remittance with only the form of acceptance ( can't traced who sent the cheque because the addressee page was not attached - loose leaved page problem), some just sent back only the form of renounciation and nomination was made - except the front page again - again loose leaved page problem arose. Some just returned the excess shares application form - guess what? They turned down their original entitlement and applied only the excess shares application - you won't able to ascertain they were doing these and start locating the whole office for their form of acceptance. may be that's why the registrar needed extra long periods to complete their new register - you can't have that when you can't balance the shares accounting.
The fact was, in the first place, why the excess share application form (form e) had to be separated - since the address is the same as page one of the document? Anyway, we couldn't recall any form e are transferable! That means, the registrar have doubled workload by printing separately with the same contents on another form where the rest were in separate entirety at all. The second big problem could arise later, what if the clerical staffs inserted different form e to another near-similar-named shareholder? 2% of these mistakes on a huge register could gave the registrars kilo-tons of problems!
The idea of gluing all
the forms together as a set will the ultimate way to minimise all potential problems
and improved efficiency - one pass event (no double printing of data on form e, inspection
and matching forms of shareholders names before pocketing by passed.