Tegningsrettigheder

Tegningsrettigheder, often translated as drawing rights or subscription rights, are a type of financial instrument that gives the holder the right, but not the obligation, to subscribe to a certain number of new shares in a company at a predetermined price within a specific timeframe. These rights are typically issued when a company decides to raise additional capital through a new share issuance, often referred to as a rights issue or a new share offering.

When a company announces a rights issue, existing shareholders are usually allocated a certain number of tegningsrettigheder proportional to their current shareholding. For instance, a shareholder might receive one tegningsrettighed for every five shares they own. The exercise price, which is the price at which the new shares can be purchased using the rights, is typically set at a discount to the current market price of the company's shares. This discount serves as an incentive for shareholders to exercise their rights and invest further in the company.

Tegningsrettigheder are themselves tradable securities. This means that a shareholder who does not wish to subscribe to new shares can sell their tegningsrettigheder on the stock exchange to other investors who are willing to exercise them. The value of a tegningsrettighed is influenced by the difference between the exercise price and the market price of the underlying shares, as well as the time remaining until the expiration date. If the market price of the shares is significantly higher than the exercise price, the tegningsrettigheder will generally be more valuable. Conversely, if the market price falls below the exercise price, the rights may expire worthless.