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appel de capitaux

English translation: call for €XXXXXm in fresh capital

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11:12 Mar 14, 2008
French to English translations [PRO]
Bus/Financial - Business/Commerce (general) / Share issues
French term or phrase: appel de capitaux
'augmentation de capital de XXX

.... les modalités sont les suivantes ......

- prix émission : ZZZ euros,
- émission de ZZZZ actions nouvelles jouissance [date], à raison de [n] actions nouvelles pour [n] actions anciennes,
correspondant à un appel de capitaux dé XXXXX millions d'euros.

Am I right in thinking that this could be rendered as 'rights issue'? Some expert help (or any other!) would be appreciated.
Thanks.
Alain Pommet
Local time: 05:15
English translation:call for €XXXXXm in fresh capital
Explanation:
It's just elegant variation, not a technical term. They've already used the word for "issue" in specifying the number of shares, and this is how they're indicating the amount.
"Fresh capital" is the kind of thing you see often in the FT.
No doubt it is a rights issue of ZZZZ shares for €XXXXXm, and you could just say so.

--------------------------------------------------
Note added at 2 days18 hrs (2008-03-17 05:26:30 GMT) Post-grading
--------------------------------------------------

Article 29 of the EU Second Company Law Directive (1976) comes close to imposing a blanket requirement for rights issues:
"Article 29
1. Whenever the capital is increased by consideration in cash, the shares must be offered on a pre-emptive basis to shareholders in proportion to the capital represented by their shares."
You'll have to read the rest of it for the exceptions.
Rights issues have long been conventional in Europe but rare in the US.
Selected response from:

rkillings
United States
Local time: 20:15
Grading comment
Thanks especially to you and Mark for your comprehensive answers. I used your answer - but with Mark's link I got the right words for other potential questions I had.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4call of capital
gabuss
4calling up of capital/call for funds
MikeGarcia
4call for €XXXXXm in fresh capitalrkillings
3bid/attempt to raise capital
Mark Nathan


  

Answers


12 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
calling up of capital/call for funds


Explanation:
A literal translation. According to the context the use of this term presumably corresponds to an increase in the share capital of the Company.

See the Dictionnaire Economique et Juridique de Baleyte et autres, page 30.-

MikeGarcia
Spain
Local time: 05:15
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 15
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
bid/attempt to raise capital


Explanation:
There are several ways that companies can raise capital. Issuing rights is when they give exisiting share holders the right to buy new shares. However, a new share issue may be open to everyone. Hopefully all the new shares will be subscribed, but there is no guarantee...hence it is a bid or attempt to raise capital. You might say XXXX is hoping to raise €€€ of capital by issuing yyyy new shares.

--------------------------------------------------
Note added at 2 hrs (2008-03-14 13:35:01 GMT)
--------------------------------------------------

It is not necesarily a rights issue. You can issue new shares and give preference to existing shareholders on a pro rata basis.
See here for some explanations:
http://www.jordans.co.uk/jordans3.nsf/Main/Share issues

Mark Nathan
France
Local time: 05:15
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 62
Notes to answerer
Asker: Thanks Mark - you see here that it is giving a preference to existing shareholders- so you seem to be saying that my suggestion of 'rights issue' may be correct. Is that the case?

Asker: Thanks - useful link. That appears to be what they are doing here.

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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
call of capital


Explanation:
Glossaire Banque Mondiale

gabuss
Local time: 03:15
Works in field
Native speaker of: Native in FrenchFrench
PRO pts in category: 16
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6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
call for €XXXXXm in fresh capital


Explanation:
It's just elegant variation, not a technical term. They've already used the word for "issue" in specifying the number of shares, and this is how they're indicating the amount.
"Fresh capital" is the kind of thing you see often in the FT.
No doubt it is a rights issue of ZZZZ shares for €XXXXXm, and you could just say so.

--------------------------------------------------
Note added at 2 days18 hrs (2008-03-17 05:26:30 GMT) Post-grading
--------------------------------------------------

Article 29 of the EU Second Company Law Directive (1976) comes close to imposing a blanket requirement for rights issues:
"Article 29
1. Whenever the capital is increased by consideration in cash, the shares must be offered on a pre-emptive basis to shareholders in proportion to the capital represented by their shares."
You'll have to read the rest of it for the exceptions.
Rights issues have long been conventional in Europe but rare in the US.

rkillings
United States
Local time: 20:15
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 278
Grading comment
Thanks especially to you and Mark for your comprehensive answers. I used your answer - but with Mark's link I got the right words for other potential questions I had.
Notes to answerer
Asker: Thanks for the extra info.

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