Theoretical ex-rights price
Market basicsAlso called: TERP, Ex-rights price
The share price a rights issue implies once the entitlement has separated from the share — the old and new shares taken together at their respective prices, divided by the total.
In plain terms
The number a rights entitlement is worth by subtraction from, and the reason the share’s own chart carries a genuine step on the ex-rights date that no seller caused.