Template:Nutshell Equity Derivatives 9.5: Difference between revisions

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Template:Nutshell Equity Derivatives 9.5 (view source)

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-Section {{eqderivprov|9.5}}. “'''{{eqderivprov|Number of Shares to be Delivered}}'''”. “'''{{eqderivprov|Number of Shares to be Delivered}}'''” means the number of {{eqderivprov|Shares}} calculated as set out below: <br>
+{{eqderivprov|9.5}}. “'''{{eqderivprov|Number of Shares to be Delivered}}'''” is calculated as follows: <br>
-:(a)	in respect of an {{eqderivprov|Exercise Date}} under a {{eqderivprov|Share Option Transaction}}, a number of {{eqderivprov|Shares}} equal to the number of {{eqderivprov|Options}} exercised or deemed exercised on that {{eqderivprov|Exercise Date}} multiplied by the {{eqderivprov|Option Entitlement}}; <br>
+:(a) '''{{eqderivprov|Share Option Transaction}}s''': For an {{eqderivprov|Exercise Date}}, ''number of exercised {{eqderivprov|Options}} x {{eqderivprov|Option Entitlement}}''; <br>
-:(b)	under a {{eqderivprov|Share Forward Transaction}} for which “'''{{eqderivprov|Variable Obligation}}'''” is not applicable, the {{eqderivprov|Number of Shares}}; <br>
+:(b) '''{{eqderivprov|Share Forward Transaction}}s where “{{eqderivprov|Variable Obligation}}” does not apply''': the {{eqderivprov|Number of Shares}}; <br>
-:(c)	under a {{eqderivprov|Share Forward Transaction}} for which “'''{{eqderivprov|Variable Obligation}}'''” is applicable: <br>
+:(c) '''{{eqderivprov|Share Forward Transaction}}s where “{{eqderivprov|Variable Obligation}}” applies''': <br>
-::(i)	if the {{eqderivprov|Settlement Price}} is less than or equal to the {{eqderivprov|Forward Floor Price}}, the {{eqderivprov|Number of Shares}}; <br>
+::(i) if {{eqderivprov|Settlement Price}} ≤ {{eqderivprov|Forward Floor Price}}: ''{{eqderivprov|Number of Shares}}''. <br>
-::(ii)	if the {{eqderivprov|Settlement Price}} is greater than the {{eqderivprov|Forward Floor Price}} but less than or equal to the {{eqderivprov|Forward Cap Price}}, a number of {{eqderivprov|Shares}} equal to: <br>
+::(ii) if {{eqderivprov|Forward Floor Price}} < {{eqderivprov|Settlement Price}} ≤  {{eqderivprov|Forward Cap Price}}: ''({{eqderivprov|Foward Floor Price}}/{{eqderiv|Settlement Price}}) x {{eqderivprov|Number of Shares}}''; and<br>
-::''({{eqderivprov|Foward Floor Price}}/{{eqderiv|Settlement Price}}) x {{eqderivprov|Number of Shares}}''; and<br>
+::(iii) if {{eqderivprov|Settlement Price}} > {{eqderivprov|Forward Cap Price}}: ''(({{eqderivprov|Forward Floor Price}} + {{eqderivprov|Settlement Price}} - {{eqderivprov|Forward Cap Price}})/{{eqderivprov|Settlement Price}}) x {{eqderivprov|Number of Shares}} <br>
-::(iii)	if the {{eqderivprov|Settlement Price}} is greater than the {{eqderivprov|Forward Cap Price}}, a number of {{eqderivprov|Shares}} equal to: <br>
+:(d) '''{{eqderivprov|Share Swap Transaction}}s''': ''{{eqderivprov|Number of Shares}}''. <br>
-::''(({{eqderivprov|Forward Floor Price}} + {{eqderivprov|Settlement Price}} - {{eqderivprov|Forward Cap Price}})/{{eqderivprov|Settlement Price}}) x {{eqderivprov|Number of Shares}} <br>
+:If the {{eqderivprov|Number of Shares to be Delivered}} comprises any fraction of a {{eqderivprov|Share}}, it will be rounded down to an integral number of {{eqderivprov|Shares}} and a {{eqderivprov|Fractional Share Amount}} will be payable in lieu of the fraction. <br>
-:(d)	under a {{eqderivprov|Share Swap Transaction}}, the {{eqderivprov|Number of Shares}}. <br>
-:[[In the event that]] the number of {{eqderivprov|Shares}} calculated as set out above comprises any fractional {{eqderivprov|Share}}, the {{eqderivprov|Number of Shares}} to be {{eqderivprov|Delivered}} will include only whole {{eqderivprov|Shares}} and a {{eqderivprov|Fractional Share Amount}} will be payable by the relevant party in lieu of such fractional {{eqderivprov|Share}}. <br>