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In 1992, Britain''s number one medical research charity, The Wellcome Trust, made the largest fully-paid non-privatisation secondary offering ever to take place on the London Stock Exchange and internationally. Since the Trust was the dominant shareholder in the drug company Wellcome Plc, such an offering was clearly of major importance to both organisations. The case study explores the strategic thinking behind this giant share sale and concludes that it provided attractive benefits to the Trust and the Company. Part One of this case study will throw light on several major areas of corporate funding, stock market behaviour and the role of equity capital in the market positioning of a company. This case can be used in conjunction with Part Two (293-002-1).