Common use of Rights Issues Clause in Contracts

Rights Issues. If the Client holds share positions on the last date to trade as specified by the issuer of such shares, the Client may receive an offer to acquire shares or other Securities in respect of the issuer (“the Rights Offer”). The Rights Offer may be renounceable or non-renounceable. The Client shall provide Velocity Trade with a written instruction as to the Rights Offer within the time period specified by Velocity Trade. If the Rights Offer is non- renounceable, the Client shall be entitled to accept or reject the Rights Offer. If the Rights Offer is renounceable, the Client shall be entitled to accept or reject the Rights Offer or sell the Rights Offer to a third party. If the Client fails to respond to a non-renounceable Rights Offer within the period specified by Velocity Trade, the Rights Offer may lapse and have no further force and effect. If the Client fails to response to a renounceable Rights Offer within the time period specified by Velocity Trade, Velocity Trade shall be entitled, but not obliged, to sell the Rights Offer to any third party for the account of the Client. The proceeds from the sale of the Rights Offer will be for the account of the Client less the fees payable to Velocity Trade in terms of this Agreement.

Rights Issues. If the Client holds share positions on the last date to trade as specified by the issuer of such shares, the Client may receive an offer to acquire shares or other Securities in respect of the issuer (“the Rights Offer”). The Rights Offer may be renounceable or non-renounceable. The Client shall provide Velocity Trade with a written instruction as to the Rights Offer within the time period specified by Velocity Trade. If the Rights Offer is non- non-renounceable, the Client shall be entitled to accept or reject the Rights Offer. If the Rights Offer is renounceable, the Client shall be entitled to accept or reject the Rights Offer or sell the Rights Offer to a third party. If the Client fails to respond to a non-non- renounceable Rights Offer within the period specified by Velocity Trade, the Rights Offer may lapse and have no further force and effect. If the Client fails to response to a renounceable Rights Offer within the time period specified by Velocity Trade, Velocity Trade shall be entitled, but not obliged, to sell the Rights Offer to any third party for the account of the Client. The proceeds from the sale of the Rights Offer will be for the account of the Client less the fees payable to Velocity Trade in terms of this Agreement.