The equity in some PPP project companies has been sold, directly or indirectly, many times, ranging from 2 to 9 occasions. Multiple transactions of the same SPC occur for a number of reasons. Firstly, there are usually two or three shareholders in the SPC and all could sell their equity, sometimes collectively, but usually individually. Secondly, shareholders sometimes sell only part of their equity and retain the remainder, or sell it at a later date. Thirdly, construction companies may sell equity to new infrastructure funds or joint ventures established with financial institutions, such as pension funds, or they may sell equity via the secondary market. Finally, equity may be resold for commercial or financial reasons connected with the parent company (for example Jarvis plc sold its equity shareholdings during its financial crisis). The number of equity transactions in a PPP company may reflect the financial performance of that project, although there is inadequate data to demonstrate a connection between the number of transactions and good or poor performance of the project.