Private placement of unsubscribed shares
A private placement of unsubscribed shares ( rump placement ) is the private placement of young shares which , in the case of a rights issue , could not be placed within the normal subscription period via the subscription rights or the subscription rights sold.
backgrounds
A rump placement therefore always takes place for the exact amount of shares that were not placed due to unused subscription rights. The subsequent private placement of unsubscribed shares usually takes place at the normal subscription price, but sometimes also slightly above this, but at least at the current market price. A sale below the previously publicly offered price is not allowed, as this would put the shareholders at a disadvantage who would have previously subscribed at a higher price - a situation that would mean that the shares at the lower price would not only be available to some private investors, but to all interested parties Tobe offered.
If the shares are placed at a price above the subscription price that has actually been set, the difference must generally be paid by the placing banks to the respective company, as otherwise unfair advantage is taken throughout the process (e.g. by setting the value too low beforehand) Subscription price) could be seen.
See also
Individual evidence
- ↑ Deutsche Börse: CFO Workshop - Financing via the Capital Market (page 19) ( 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. (PDF; 253 kB)
- ↑ Drillisch AG: New Drillisch shares successfully placed
