Corporate Actions

Corporate Actions

Content

• Background to Corporate Actions. Types, Actions and Critical Factors
  
• Debt v Equity. Implications.
  
• Outline of specialist instruments eg Preference shares, ADRs and international variations.
  
• Life Cycle of a Corporate Action
  
• Swift Corporate Actions Messages
  
• Bearer, Registered shares, Book entry securities. Dematerialisation and consequences
  
• Bonus or Scrip issues, Splits. Pricing calculations
  
• Reverse Splits and Consolidations. Calculations
  
• Demergers and Spin Offs
  
• Capital Raising or Rights issues. Pricing. Calculations of alternatives.
  
  
• Takeovers and Mergers. Why they occur. Process. Alternatives and selecting among them
  
• Bond Corporate Actions: Early Maturity. Partial Call. Bond Puts. Rating change.
  
  
• Dividend and Interest payment dates: Cum, Ex, Record, Payment
  
• Stock Dividends. DRIPs and Dividend Scrip Alternatives. Timing and Dates. Calculations
  
  
• Capital reduction methods: Buy Back, Tender, Return of Capital etc.
  
• Convertibles and Warrants. Why used
  
  
• Exchangeable bonds. Reverse Convertibles
  
• Pricing calculations for conversion or exercise
  
  
• Annual General Meeting. Voting rights and Proxies
  
• Class actions (USA)
  
  
• Section 793 notice (UK), previously Section 212