Corporate Actions - A Concise Guide: An Introduction to - download pdf or read online

By Francis Groves

ISBN-10: 143569337X

ISBN-13: 9781435693371

ISBN-10: 1905641672

ISBN-13: 9781905641673

Company activities were sidelined for too lengthy and need to be handled with extra recognize. No form of funding safety might be totally understood with no wisdom of its company activities. they've got implications for the sustainability of an investment's functionality yet many times extra beguiling funding preoccupations placed them into the coloration. including financial institution clearing and alternate payment platforms, the management of company activities is among the key co-operative features tying our hugely aggressive worldwide finance together.In the monetary markets of the constructed global the potency and 'risklessness' of company activities processing is completely taken without any consideration. but the quantity of complicated company activities and a typical experience estimate of the possibility of errors happening recommend that practitioners and making an investment consumers could be deluding themselves. If wisdom of company activities brings us to completely comprehend the securities they relate to, a few familiarity with company activities processing is necessary in gaining an perception into the workings of the securities as a procedure. With the exceptions of accountancy and monetary legislation, no different task includes as many different types of funding player as company activities processing.

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If shareholder ‘thinking time’ often seems unduly short, this is because of all the other factors the issuer (or the issuer’s lead manager) has to take account of. Chapter 7 looks at the issue of keeping informed about corporate actions in a timely fashion using the investor relations pages on company websites. Some companies make good use of their websites by posting helpful timetables for specific, complex corporate actions. 41 4. The Corporate Actions Industry What sort of animal are we talking about?

38 The Corporate Actions Process For example, a return of capital often involves the issuing of ‘B’ shares that can be redeemed for cash. In the case of the return of capital by Stagecoach PLC in 2004 the stages of this corporate event were as follows: 27th August The AGM (which voted on the return of capital) 10th September Last date for dealing in the existing ordinary shares Same day after trading finished Record time for the new (consolidated) ordinary shares and the redeemable ‘B’ shares WEEKEND 13th September First day of trading in the new ordinary shares33 & CREST accounts credited with new ordinary shares and ‘B’ shares34 15th September 22nd September Closing date for election to redeem or retain ‘B’ shares Despatch of cheques and crediting of CREST accounts in respect of those who elected for immediate redemption Despatch of share certificates for those who elected to defer the redemption of their ‘B’ shares Despatch of share certificates for the consolidated ordinary shares A breakdown of the stages in the course of another important shareholder event, a rights issue, is also merited (as this is not a real-life example the stages are shown as days counting up to the 33 In the case of an event like this where the existing ordinary shares were being swapped for consolidated ordinary shares it was imperative that no trading could be done in between the exdate and the record date, which is why this stage of the corporate action would normally be timed to take place over a weekend.

However, in the case of dividends, at least, the way it works seems fair. 33 Corporate Actions – A Concise Guide Typically, in the UK the gap between the ex-date and the record date will only be a couple of days. However, there will normally be a much longer period between the record date and the effective date. 30 Corporate action processes vary in two main ways as far as the shareholder is concerned. Firstly, the kind of corporate action will affect the announcement date. Typically a dividend announcement, for example, will accompany the half-year (interim dividend) or final results (final dividend) but other corporate actions, such as a takeover bid, can be less predictable.

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Corporate Actions - A Concise Guide: An Introduction to Securities Events by Francis Groves

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