Background and Objectives
This course provides a good understanding of Corporate Actions from an international view in a very enjoyable and interesting fashion:
- what are Corporate Actions ?
- why do they happen ?
- what are the alternative choices for clients - if any ?
- where can we lose money ?
- what is the effect on our clients' valuations and how should they be treated ?
Calculations, Valuation and Accounting aspects are included. Different international approaches/terminology are also mentioned.
The course is of use to all Corporate Actions staff whether in Custody, Fund Management, Settlement, Back or Front or Mid Office. In adition Accountant and Accounting staff, Custodians and Depositories and IT and Systems executives involved in systems in this area should also benefit from this course.
CONTENT
Background to Corporate Actions. Types, Actions and Critical Factors.
Life Cycle of a Corporate Action
SWIFT Role and ISO 15022
Debt v Equity. Implications.
Outline of specialist instruments eg Preference shares, ADRs and international variations, ETFs.
Roe of a Default.
Bonus or Scrip issues, Splits. Pricing calculations.
Reverse Splits and Consolidations. Calculations
Spin Offs and Demergers
Rights issues ansd Open Offers. Pricing. Calculations of alternatives.
Takeovers and Mergers. Why they occur. Process. Alternatives and selecting among them.
Return of Capital: Buybacks, Tenders, Reconstructions, Special Dividends, Reduction of Nominal Capital
Bond Corporate Actions: Early Maturity/Call. Partial Call
Bond Puts. FRN interest calculations. Rating change.
Dividend and Interest payment dates: Cum, Ex, Record, Payment.
Stock Dividends, DRIPs and Dividend scrip alternatives. Timing and dates. Calculations.
Convertibles; waht and why. Pricing calculations for conversion or exercise.
Warrants
Annual General Meeting. Voting rights and actions. Proxies.
Sundry items: Class actions (USA).
Section 793 (UK)
This course can be tailored to meet client's needs and can be provided in- house.
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