Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
The part of an entitlement under a scheme or other corporate action that does not amount to one whole share, aggregated across all holders and sold by a trustee, with the net proceeds distributed in proportion.
You cannot insist on a share instead and you cannot insist on a price. Nothing is rounded up and nothing is lost — it arrives as a small cash credit, usually weeks after the shares do.
The number of shares of the surviving company issued for each share held in the company being absorbed under a scheme of arrangement, derived from a registered valuer’s report.
The whole commercial bargain of a merger compressed into two numbers; everything else in the scheme is machinery for delivering it. Any part of your holding that does not divide into whole shares becomes a fractional entitlement paid in cash.