Operation blanche
An opération blanche is a special strategy for exercising subscription rights in the context of capital increases . With this strategy, the shareholder can acquire new shares in a company without having to make an additional payment.
execution
The shareholder sells so many subscription rights that he can use the proceeds to exercise the remaining subscription rights and thus receive new shares without further capital investment.
The use of an opération blanche reduces the share of the individual shareholder in the share capital of a stock corporation - in contrast to exercising all subscription rights to which he is entitled. His absolute share (number of shares) increases because he has bought additional shares. The total value of the shares then owned by the shareholder may be higher or lower than before the subscription rights were sold and the subscription rights were exercised, depending on how the share price develops.
Formulas
Calculation of the subscription rights to be sold
n * | = Number of subscription rights to be sold |
m | = Number of shares owned by the shareholder (= number of subscription rights that the shareholder receives for his shares) |
j | = Number of new shares from the subscription ratio a / j |
E. | = Issue price |
a | = Number of old shares from the subscription ratio a / j |
WB | = Value of a subscription right |
Subscription right
Calculation of the new shares to be bought
ABR | = Number of subscription rights = is identical to m, provided that an old share = 1 subscription right |
WB | = Value of a subscription right |
BV | = Subscription ratio = a / j |
swell
- ↑ Prof. Dr. Dr. Oskar Betsch: script for the finance lecture, TU Darmstadt . 10th edition, 2005
- ↑ BÖRSE ONLINE: Börsenlexikon - Operation Blanche ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. . (visited: August 21, 2006)
Web links
- Page no longer available , search in web archives: derivation of the formulas given in this article ) (