ACF Academy : : Operations and IT : : Advanced Corporate Actions

ACF Academy

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Category: Operations and IT

The principal objectives of this two-day seminar, viewed from an operations perspective, are to:

	Become familiar with a variety of complex corporate action events
	Become familiar with trading strategies & operational actions that have a complex impact on corporate action processing
	Raise awareness of the possibility that the details of some corporate action events can change during the event
	Appreciate the risks and associated controls employed in the processing of complex corporate action events
	Emphasise the need for complete internal control when processing complex corporate action events



Introduction

	Impact of failed trades on corporate actions
	Definition of failed trades and partially settled trades, highlighting the required treatment of fails when a corporate action event arises
	Short Selling • Definition • Purpose • Overview of hedge funds & prime brokers • Impact on corporate actions
	Securities Lending & Borrowing
	Securities Lending • Definition • Benefit to lender • Ownership of lent securities • Lending methods • Impact of securities lending on corporate actions
	Securities Borrowing • Reasons for borrowing • Ownership • Borrowing methods • Impact of securities borrowing on corporate actions
	Special-Cum and Special-Ex Trading • Definition • How such trades are identified • Impact on corporate actions
	Negative Accrued Interest • Definition of accrued interest • Calculation of normal accrued interest • Impact of normal accrued interest on coupon payments • Definition of negative accrued interest • When negative accrued is applied • Impact of negative accrued interest on coupon payments
	Australian Dividend Tax • Definition of withholding tax • When withholding tax is charged • Treaty and Non-Treaty rates • How correct tax rates are applied • Withholding tax in Australia • Fully franked, partially franked and unfranked dividends • Impact on non-resident shareholders
	Depositary Receipt Issuance Fees • Definition of ADRs • ADR creation • Benefits of ADRs • Definition of issuance fees • Circumstances under which issuance fees are charged
	UK Stamp Duty (on New Stock) • Definition of stamp duty • Why charged • Circumstances when charged for trading • Circumstances when charged on corporate actions



Introduction to Takeovers

	Introduction to Takeovers • Fundamental Takeover Concepts • Takeover bids & takeovers • Controlling interest • Characters in a takeover • Differences compared with other corporate action events • Stages involved in a takeover
	The Offeror’s Perspective • Types of offeror • Reasons for takeovers • How a controlling interest is gained • Offers to the offeree’s shareholders • Communication of offer details
	Regulation • Regulatory approval • Current regulation • Regulatory control • Regulators powers
	The Offeree’s Perspective • Causes of successful takeovers • Friendly vs. hostile takeovers • Avoiding hostile takeovers • Eligibility of offeree’s shareholders
	The Offer Document • Definition • Information contained • Publication rules • Changes to offer terms
	Takeover Types & Characteristics • On-market and off-market offers • Full offers and partial offers • Over acceptances • Compulsory acquisition • Competing offers • Conditional & unconditional status

The Takeover Lifecycle

This section combines a case study of the RBS Consortium’s takeover of ABN Amro (using extracts of the offer document and actual press releases) with a highly structured walk-through of the internal processing steps. Delegates will be required to perform calculations, update internal records, and communicate with owners and custodians at multiple points throughout the lifecycle.

	The RBS Consortium takeover of ABN Amro • Announcement of takeover bid • Publication of offer document • Communication of event terms (to holders) • Opening of offer period • Voluntary acceptance by offeree’s shareholders • Close of offer period • Unconditional status • Subsequent offer opening & offer period • Settlement of offer acceptances • Close of subsequent offer period • Announcement of 98.8% acceptances • De-Listing of offeree’s securities • Compulsory acquisition.

NB All practical sessions are highlighted like this:
	means a Workshop or Simulation
	means a Case study

"I finally have a clear view of global banking. It's the most incredible training I've ever done."

– Oliver T.

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