Yanzhou, which owns 78 percent of Yancoal, agreed to subscribe for $1 billion of the offer, while Glencore committed for $300 million. A further $1 billion will be coming from two Chinese groups: China Cinda Asset Management (HKEX: 1359 ) and Shandong Lucion Investment Holdings. The funding plans, which will involve issuing 23.6 new shares for every one currently held, is "unnecessarily highly dilutive and 'value shifting,'" Senrigan told the Takeovers Panel, adding that it does not allow existing minority shareholders a reasonable and equal opportunity to participate. The Hong Kong-based hedge fund has also argued that the other Chinese investors are associates of Yanzhou, which could raise its voting power from 78 percent to 89.15 percent as a result. Other minority shareholders have also voiced concerns over Yancoal's plans. Noble Group (SGX: CGP ), which holds 13.2 percent of Yancoal, said last week it might also file an objection with the Takeovers Panel.