Corporate Actions

Time: 25-26 March 2009
Venue: London, United Kingdom

To provide a detailed understanding of Corporate Actions, what they are, where they originate and why they happen. Critical factors and the alternative choices for the investor as well as relevant calculations and indicative time scales involved are included. The course covers a wide variety of Corporate Actions with relevant examples and differences in practice taken from different markets around the world.

Delegates: Investment, Broking, Banking, Settlement, Custodian and Accounting Managers and staff. Front, Mid and Back Office staff will all benefit.  No specific prior knowledge is assumed but delegates should have at least 3 months experience in the area. Delegates are assumed to have a basic awareness of equity and bond markets in general.

This course is eligible for CPD credit.


  • Background to Corporate Actions. Types, Actions & Critical Factors.
  • Life Cycle of a Corporate Action
  • Role of a Default
  • SWIFT Corporate Actions messages
  • Debt v Equity. Nature, returns.
  • Outline of specialist investment instruments eg Preference Shares, ADRs EDRs GDRs etc. Convertibles. Futures & Options. Warrants.
  • Bonus, Split and Scrip issues. Process and Pricing.
  • Reverse Splits and Consoidations.
  • Demergers and Spin-Offs.
  • Rights Issues and Open Offers. Process. Pricing. Alternatives. Calculations of alternatives.
  • Takeovers and Mergers. Why they occur. Process. Alternatives. Conditions. Defences.
  • Bond/Fixed Income Corproate Actions :Early Call, Partial Call. Bond Put. Rating changes.FRN interest and LIBOR notifcation
  • Dividend Payment: Cum, Ex, Record, Payment Dates.
  • Share/Stock Dividends and DRIPs. Differences. Calculations.
  • Explanation of Double Taxation and its impact on Dividends. Double Tax treaties outlined
  • Return of Capital /Capital Reduction methods: Buy Back, Tender Offer, Reorganisation, Special Dividend.
  • Convertibles: Corporate Action on Call/Repayment and determiniation of best client value
  • Exchangeable Bonds, Reverse Convertibles explained.
  • Anual General Meeting & Voting. Proxy role and process.
  • Class Actions(USA)
  • Section 793 Notice (UK)=

Organised by Investment Education PLC
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