English term (edited): open offer shares

Acţiuni emise în cadrul unei oferte adresate acţionarilor existenţi (open offer), şi nu publicului (public offering).

An *open offer*, also known as an entitlement issue, is an offer made by a quoted company to its shareholders inviting them to buy new shares in the company at a set price, which is normally lower than the current market price.

The purpose, as with a rights issue, is to raise new capital for the company. Unlike a rights issue, an open offer cannot be traded or sold on by the shareholder - usually, if you do not take up your entitlement, it lapses. Because of this, when an open offer is announced, you will be allocated sub shares, not nil paid shares.

The other way that open offers differ from rights issues is that sometimes you will be allowed to apply for more than your strict entitlement under what is known as 'excess application'. Shareholders tell the company (or its registrar) how many shares they want to buy, including any excess shares, and pay over money to cover their application. The company, before announcing the offer, will have determined how much capital it wants to raise, and the number of shares it needs to sell in order to raise the amount. When it has received all applications, it will either scale them back (if more shares have been applied for than it wants to sell) or it will issue all the shares requested (including any excess applications). If a shareholder's application is scaled back, he or she will be repaid funds for the shares not actually issued.
http://www.finance-glossary.com/terms/open-offer.htm?id=1244...

Public offering
An offering of new securities to the public.
http://www.finance-glossary.com/terms/public-offering.htm?id...

Au fost subscrise 90,3% din cele peste 73.000 de *actiuni oferite actionarilor existenti* la un pret egal cu valoarea nominala ...
http://www.standard.ro/articol_42690/prima_companie_straina_...

http://www.bvb.ro/ListedCompanies/SecurityDetail.aspx?s=ALR&...

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Note added at 4 hrs (2008-11-10 01:18:47 GMT)
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The balance of 315,971 *Open Offer Shares*, which includes 82,694 Open Offer Shares in respect of which irrevocable ***undertakings were received from the Directors not to take up their entitlements under the Open Offer and Open Offer Shares not applied for by *Qualifying Shareholders* under the Open Offer***, will be subscribed pursuant to the Placing Agreement dated 21 April 2004.
http://www.aveva.com/news_content.php?_id=110