Warrant
A company may issue warrants to their shareholders as part of a change in their share capital. They are not shares. Warrants give you the right, but not the obligation, to buy shares in the company issuing the warrants, on a fixed date, at a fixed price. You can sell your warrants at any time before the fixed date. The value of the warrant is worked out by comparing the fixed price of the warrant against the market price of the shares. Warrants generally do not entitle you to dividends or voting rights.
When Issued
Relates to securities that are sold conditionally.
White knight
A company at the receiving end of a takeover bid often searches for an alternative bidder that would be more acceptable – a white knight.
Wholly unconditional
See unconditional
Windfalls
Free shares given to members of a mutual society when it becomes a PLC.
Withholding tax
A tax levied by a country of source on income paid, usually on dividends remitted to the home country of the firm operating in a foreign country.
Writer
The issuer of a covered warrant is sometimes referred to as the writer.
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