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academy · special situations

Academy

How is the list card read?

Each number marks one line or figure of the card; below, what it shows and how it is read. The card is a schematic: it carries no deal's data.

  1. 1Line 1 · Security and market identity

    Identifies the underlying share and the official market where the share and the right trade side by side: ticker, exchange and country, the family (06 Rights) and the days since the announcement.

  2. 2Line 2 · Issuing company

    The listed company raising capital by offering pre-emptive subscription rights to its shareholders, with its sector below.

  3. 3Line 3 · Underwriting banks

    Under the «Underwriter» label, the financial institutions that guarantee to subscribe any leftover shares if the market does not absorb them.

  4. 4Line 4 · Score and DRI

    Two badges: the composite Score from 0 to 100, which is not the case page's RAAS and only appears once reliability reaches the minimum threshold, and the DRI, the deal reliability index.

  5. 5HERO metric: Spread

    The temporary inefficiency between the cost of subscribing through rights and the share price, which lets you arbitrage the difference. Below it, the IRR; without a formal close date it is shown as pending.

  6. 6Spot price of the share

    The market price on the exchange, compared with the theoretical cost of subscribing through rights. With no sourced value it shows N/D.

  7. 7Offer: underwritten issue price

    When the situation has a sourced offer price, it appears below the spot: in a rights issue, the issue price guaranteed by the syndicate. The fall to the unaffected price is not on the card: read it in the case page's Summary.

  8. 8Floor: stage and close of rights trading

    The footer shows the current stage and, when there is one, the close date (formal or estimated): the moment rights trading expires and the new shares are paid up.