Corporate Actions


Corporate Actions are the hardest part of the Back Office and Securities Operations. Events are unpredictable and can  be very varied. Different countries have different practices.


This course helps to  provide clear understanding of International Corporate Actions : what they are, why they happen and what needs to be done. Critical factors and the alternative choices for the Client as well as relevant calculations and the time scales involved are included. The course covers a very wide range of Corporate Actions with relevant examples and differences in practice taken from many different markets around the world.


  • Back Office,Settlement and Custody staff,
  • Stockbrokers and Bankers
  • Private Bankers & Fund Managers
  • Operational and Mid Office staff
  • IT Operations,Software Developers & Sales Executives
  • Investment and Fund  Accountants & Internal Auditors.  

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.

Delegates should bring an ordinary pocket calculator with them to assist in the many exercises included.


-  Background to Corporate Actions. Types, Actions and Critical Factors

-  Debt v Equity. Implications.

-  Outline of Specialist Instruments eg Preference Shares, Derivaitves, ADRs, GDRs etc

-  Life Cycle of a Corporate Action

-  SWIFT Corporate Actions Messages

-  Bearer, Registered shares, Book Entry Securities

-  Bonus or Scrip issues, Splits. Pricing Calculations

-  Reverse Splits and Consolidations. Calculations

-  Demergers and Spin Offs

-  Capital Raising or Rights issues. Pricing. Calculations of Alternatives.

-  Open Offers

-  Takeovers and Mergers. Why they occur. Process. Alternatives and selecting from among them

-  ADRs, EDRs, GDRs etc  Corporate Action Variation

-  Bond Corporate Actions: Early Maturity. Partial Call. Bond Puts. Rating change. FRNs

-  Dividend and Interest Payment Dates: Cum, Ex, Record, Payment

-  Stock Dividends. DRIPs and Dividend Scrip Alternatives.  Timing and Dates. Calculations

-  Capital Reduction Methods: Buy Back, Tender, Return of Capital, Reorganisation etc. 

-  Convertibles: Why used and Calculations

-  Exchangeable bonds. Reverse Convertibles

-  Warrants: Calculations for Conversion or Exercise

-  Annual General Meeting. Voting Rights and Proxies

-  Class actions (USA)

-  Section 793 notice (UK)





Todays Date:

Duration 2 days
Guernsey & JerseyFurther dates available on request

Fee GBP 980

Fee GBP 980 + VAT

LuxembourgFurther dates available on request.

Investment Education PLC
45 Old Hall Road, Manchester M7 4JF, United Kingdom
Tel:+44 (0)161 832 3800
Registered in England Number 2129160
VAT Registered Number GB 480 2112 85

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