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Quantitative Finance · Glossário

O que é Rights issue?

Definition 8.6 Markets I: The Ecosystem and Exchange-Traded Markets · Capítulo 8 — Shares, Corporate Actions and Indices

In a rights issue a company raises capital by giving its shareholders the right to buy nn new shares for every NN held, at a subscription price SS below the market price. The rights are usually tradable for a few weeks.

Exemplos

Example 8.8 (One for four at six)

A share trades at 10.00; the company issues 1 new share for 4 held at 6.00. TERP=(40+6)/5=9.20\mathrm{TERP} = (40 + 6)/5 = 9.20. A right to one new share is worth 3.203.20; a holder of 4 shares receives one right and owns 4×9.20+3.20=40.004 \times 9.20 + 3.20 = 40.00, as before. The share price falls 8% on the ex-date and nobody is poorer; a holder who ignores the rights, however, gives away 3.20.

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