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Corporate Actions - A Concise Guide: An introduction to securities events by Francis Groves

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3. The Corporate Actions Process

Having looked at the main types of corporate action, this chapter will be dealing with how the processing of corporate actions appears from the point of view of the shareholder. Essentially, every corporate action comprises a few stages and the normal sequence is as follows:

  1. Announcement date of the corporate action.
  2. The ex-date – the first date on which shares are purchased without the entitlement of the corporate action in question.
  3. Record date – the date at which the registrar extracts the list of holders of a particular stock from the register in order to process a corporate action.
  4. Effective date of the corporate action.

In an ideal world, where all processes were instant, the ex-date and the ...

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