Stock peak
A share tip (also share partial rights ) is a part claim to which reference or holding a stock , by rights issues by capital or by merging of shares in capital reductions can occur.
backgrounds
If the share capital of a stock corporation is increased through a capital increase, the existing shareholders are often granted subscription rights in relation to their share of the shares (“pro rata”). Depending on the size of the share capital and the capital increase, there are different subscription ratios that authorize the acquisition of one of the new shares known as new shares. For example, if the subscription ratio is 3: 1, three shares authorize the purchase of a new one. Does a shareholder now have e.g. B. four shares, he would have a so-called full right and a partial right (share peak) of 1/3 share. Equivalent to rights issues, such share peaks can also arise from the capital reduction (“share merger”) if, for example, B. three old shares are made a new one.
In order not to lose this partial entitlement, there is generally the option of selling this entitlement or buying enough partial entitlements in order to have a full entitlement. From a legal perspective, each fractional share is independently transferable and inheritable. In the case of the capital transactions mentioned, the purchase and sale of fractions of shares is therefore usually handled directly by the custodian banks . In order to enable each individual shareholder to purchase the necessary partial rights when issuing subscription rights, the share capital is increased by a small additional amount to compensate for fractions. The subscription right is excluded for this fractional amount. The unused peak amount is then usually sold together with the "normal" subscription rights shares that have not been drawn up via a private placement of shares that have not been drawn up ( rump placement ).
Individual evidence
- ↑ Technical glossary - ZABIL reporting regulations ( Memento from June 30, 2008 in the Internet Archive )
