RepoRt on - BNP Paribas

opa (Offre Publique
d’Achat)
ope (Offre Publique
d’Échange)
french acronym for a public tender offer for cash.
french acronym for a public stock-for-stock tender offer.
opF (Offre à Prix Fixe) french acronym for a public offering of securities at a set price.
opr (Offre Publique
de Retrait)
opra (Offre Publique
de Rachat d’Actions)
french acronym for a compulsory buyout offer (final stage in a squeeze-out).
french acronym for an offer to buy out the minority shareholders of a company that is already
largely controlled (first stage in a squeeze-out).
option contract giving the buyer the right (but not the obligation), to purchase or sell a security at a
future date, at a price fixed when the option is written (exercise price), in exchange for a premium
paid when the option is purchased. options to purchase a security are known as calls and options
to sell a security are known as puts.
opv (Offre Publique
french acronym for a public offering of securities at a set price.
de Vente)
ora (Obligation
french acronym for equity notes, representing bonds redeemable for shares.
Remboursable en Actions)
oRse the french corporate social responsibility observatory.
p/e Price/earnings ratio. ratio between the share price and earnings per share. the P/e serves to
determine the multiple of earnings per share represented by the share price.
par value the par value of a share is the portion of capital represented by the share.
pea (Plan d’Épargne
en Actions)
pee (Plan d’Épargne
Entreprise)
pre-emptive
subscription rights
french name for personal equity plans. savings products designed to promote private share
ownership, invested in shares of companies that have their headquarters in a european union
country or in units in qualifying unit trusts. revenues and capital gains are exempt from personal
income tax and capital gains tax provided that the savings are left in the plan for at least five
years. investments in Peas are capped at eur 120,000 per individual.
french name for employee share ownership plans. Payments into the plan and reinvested interest
are exempt from personal income tax provided that they are left in the plan for at least five years
(with early withdrawal allowed in certain specific cases). surrender gains are also exempt from
personal income tax.
when a company issues shares for cash, each shareholder has a pre-emptive right to subscribe
for a number of new shares pro rata to the number of shares already held. the right can be
traded on the stock market. companies can ask the general meeting to cancel shareholders’
pre-emptive subscription rights to facilitate certain operations or allow the company to open up
its capital to new investors.
preference shares Preference shares are shares that pay dividends at a specified rate and have a preference over
ordinary shares in the payment of dividends and the liquidation of assets. they do not carry
voting rights.
price guarantee when a company acquires control of a listed target, it is required to offer the target’s minority
shareholders the opportunity to sell their shares at the same price as that received by the sellers
of the controlling interest. the offer must remain open for at least fifteen trading days.
primary market market where newly-issued securities are bought and sold.
prime brokerage activity consisting of providing a wide range of services to hedge funds, including financing,
securities settlement/delivery, custody, securities lending/borrowing, etc.
public tender offer an offer to buy shares of a company, usually at a premium above the shares’ market price, for
cash or securities or a combination of both. where only a small proportion of the company’s
shares are traded on the market and the offer is followed by a compulsory buyout, the process
is known as a “squeeze-out”.
Quorum general meetings can take place only if there is a quorum. for ordinary general meetings,
on first call there is a quorum if the shareholders present and represented hold at least 1/4 of
the voting rights. there is no quorum requirement on second call. for extraordinary general
meetings, the quorum corresponds to 1/3 of the voting rights on first call and 1/4 on second
call. for combined meetings, the quorum requirements depend on whether the resolutions are
“ordinary” or “extraordinary”.
152 <strong>RepoRt</strong> on CoRpoRate SoCial and enviRonmental ReSponSibility