What shocks is that, until now, protocol and tradition have constrained warrant holders from any but the subtlest references to them in advertising.

Food and drinks suppliers have always been some of the most important warrant holders to the palace.

The warrant holders called the reclassification "a sham."

Police officers are technically not employees, but crown-appointed warrant holders.

And in a cautionary illustration of how little protection the courts offer warrant holders, they lost.

But the warrant holders might not even get to hold on to their securities.

In this case they are an instruction to the entity's treasurer department to pay the warrant holder on demand or after a specified maturity date.

The exact number of royal warrant holders is not made public and some companies chose not to divulge that information.

The warrant holders are to receive $6.3 million of the money.

But the warrant holders would have had to invest additional cash to get the dividend.