Young share
As a young stock (also: new shares ) the additional, new to shares referred to in a capital increase (issued by a corporation emits be). It is therefore a differentiation according to the time of issue.
backgrounds
To allow existing shareholders to continue so far to stay in the same percentage relationship as the share capital involved, they can, in proportion to the share of the existing share capital, at a rights issue , a subscription rights are granted at a preferential price for the purchase of new shares. You can exercise such a subscription right yourself or sell it to third parties. However, there are also capital increases to the exclusion of subscription rights. If shares of the same class of new shares are admitted to the regulated market , the issuer of the new shares is obliged under the Stock Exchange Act to apply for admission to the regulated market for these as well. Since, according to the Stock Exchange Admission Ordinance, this application for admission does not have to be made until one year after the issue at the latest, shares that are not admitted to the public can also be placed.
history
In the past, old and new shares were quasi as a separate class of shares or independent trading objects sometimes listed next to each other, but summarized in almost all reports. Nevertheless, significantly different price developments between the old and new stocks could be determined earlier. These differences were due in particular to the different features of the old and new shares with regard to voting rights and the different liquidity of the trading classes.
Old stocks
Old shares are therefore called the securities that were already in circulation before the capital increase. The new shares become old shares when they hold all rights, e.g. B. full dividend entitlement , are equivalent. In the case of a second capital increase, only the additional shares issued as a result of this one transaction are referred to as new shares .
Individual evidence
- ↑ Stock Exchange Act (BörsG) §40.2 (PDF; 114 kB)
- ↑ Ordinance on the admission of securities to the regulated market of a stock exchange (§69.2) (PDF; 46 kB)
- ↑ Stahl, Hans, 1969, equipment and price development of old and new shares before and after capital increases, publication by the Institute for Banking and Banking Law at the University of Cologne, Economics Series Volume XX, Fritz Knapp Verlag, Frankfurt am Main (page 92 ff)
