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 | |||||||
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|  Selected response from: RobinB United States Local time: 21:35 | ||||||
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| Summary of answers provided | ||||
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| 5 | quoted/trading ex-rights |
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| 3 +1 | was quoted ex-subscription-rights |
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Answers
2 hrs confidence: 
peer agreement (net): +1
peer agreement (net): +1was 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. |
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11 hrs confidence:
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... |
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