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Eligibility for voluntary corporate actions
Eligibility for voluntary corporate actions

A company may outline eligibility criteria when announcing a corporate action.

Sharesies Help avatar
Written by Sharesies Help
Updated over a week ago

Currently on Sharesies, shareholders can take part in:

  • mandatory corporate actions (for the investments they hold)

  • some voluntary corporate actions for NZX-listed investments.

Shareholders can't currently take part in voluntary corporate actions for US and ASX-listed investments.

What’s a voluntary corporate action?

If a corporate action is voluntary, shareholders can choose whether they take part. Examples of voluntary actions include capital raises such as rights offers, share placements, and share purchase plans. These offers give shareholders the opportunity to buy more shares in the company, usually at a discounted price.

Who can take part?

Common eligibility criteria can include things like needing to have held shares in the company on the record date, and having a registered address in the relevant country.

Record date

When a voluntary corporate action is announced, the company will specify a record date which determines the investors who can participate. Generally, if you own shares on the record date, and if the corporate action is available through Sharesies, you can take part.

If you want to buy shares in order to be eligible for an upcoming corporate action, you’ll generally need to place an order at least two business days before the record date. This is because it usually takes two business days after the day your order is filled for you to technically own shares (this is referred to as ‘trade settlement’). Your order must be settled by the record date for you to be eligible.

If you're eligible to participate in a corporate action on the record date, you can usually sell your shares in the company without it affecting your eligibility for the offer.

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