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Ex-Bezugsrecht notieren

English translation: quoted/trading ex-rights

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Ex-Bezugsrecht notieren
English translation:quoted/trading ex-rights
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19:26 Aug 3, 2004
German to English translations [PRO]
Bus/Financial - Finance (general) / Interim Report
German term or phrase: Ex-Bezugsrecht notieren
Absatz in einem Zwischenbericht:

"Die XXX-Aktie notierte nach Ankündigung der Kapitalmaßnahmen bei xxx Euro. Am 02.06. begann der Bezugsrechthandel, und *die Aktie notierte Ex-Bezugsrecht* mit xxx Euro."

Was bedeutet das und wie übersetzt man hier?
Michaela Sommer
Local time: 15:04
quoted/trading ex-rights
Explanation:
Definition from Moles/Terry, The Handbook of International Financial Terms:

"ex-rights. Shares which are trading without th rights attached. It is often the case that in a rights issue, the same common stock will be traded both cum rights and ex rights. In the latter case, the right to subscribe for more shares has been stripped and traded separately."

One of the most persistent myths in German-English financial translation appears to be that Bezugsrecht should always be translated as "subscription right". Not so.

The sort of Bezugsrechte that relate to rights issues are properly translated as "pre-emptive rights" (or: pre-emption rights), and may even simply be abbreviated to "rights". These are the rights of shareholders, stipulated by law or the company's articles of association, to subscribe for any new issue pro rata to their existing shareholding so that they can maintain their proportionate interest in the company's share capital, thereby preventing dilution of their shareholding.
Moles/Terry again: "The transferable entitlement to buy shares given to the existing holders is normally known as rights in the UK and subscription warrants in the USA."

The second, and possibly most common, occurrence of Bezugsrechte relates to stock option plans (or e.g. SAR programs), when the term is simply translated as "stock options" (or e.g. SARs).

Finally, Bezugsrechte *may* be translated as "subscription rights" when they refer to the rights of holders of compound financial instruments (convertibles, exchangeables, bonds with warrants) to subscribe for shares of the issuer.

I think that should do it...
Selected response from:

RobinB
Germany
Local time: 15:04
Grading comment
Many thanks!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5quoted/trading ex-rightsRobinB
3 +1was quoted ex-subscription-rights
Oliver Walter


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
was quoted ex-subscription-rights


Explanation:
Bezugsrecht is subscription rights (privilege given to a shareholder): found in Dictionary of Banking at the UBS website.
My target term is for "notierte Ex-Bezugsrecht".
i.e. the price of the share not including the Bezugsrecht, which presumably remained with the previous owner of the share.

Oliver Walter
United Kingdom
Local time: 14:04
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
agree  Terry Moran: Simply "was quoted ex-rights" is more normal.
43 mins
Login to enter a peer comment (or grade)

11 hrs   confidence: Answerer confidence 5/5
quoted/trading ex-rights


Explanation:
Definition from Moles/Terry, The Handbook of International Financial Terms:

"ex-rights. Shares which are trading without th rights attached. It is often the case that in a rights issue, the same common stock will be traded both cum rights and ex rights. In the latter case, the right to subscribe for more shares has been stripped and traded separately."

One of the most persistent myths in German-English financial translation appears to be that Bezugsrecht should always be translated as "subscription right". Not so.

The sort of Bezugsrechte that relate to rights issues are properly translated as "pre-emptive rights" (or: pre-emption rights), and may even simply be abbreviated to "rights". These are the rights of shareholders, stipulated by law or the company's articles of association, to subscribe for any new issue pro rata to their existing shareholding so that they can maintain their proportionate interest in the company's share capital, thereby preventing dilution of their shareholding.
Moles/Terry again: "The transferable entitlement to buy shares given to the existing holders is normally known as rights in the UK and subscription warrants in the USA."

The second, and possibly most common, occurrence of Bezugsrechte relates to stock option plans (or e.g. SAR programs), when the term is simply translated as "stock options" (or e.g. SARs).

Finally, Bezugsrechte *may* be translated as "subscription rights" when they refer to the rights of holders of compound financial instruments (convertibles, exchangeables, bonds with warrants) to subscribe for shares of the issuer.

I think that should do it...

RobinB
Germany
Local time: 15:04
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 380
Grading comment
Many thanks!
Login to enter a peer comment (or grade)




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