RBS explained

You have two cows.

You sell three cows to your subsidiary company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get four cows back, with a tax deduction for five cows.

The milk rights of the six cows are transferred via an intermediary to a Cayman Islands company secretly owned by the majority shareholder who sells the capitalised rights to all seven cows back to your listed company.

The annual accounts say the company owns eight cows, with an option on one more.

You sell one cow, leaving you with ten cows.

The public buys your bull.