The dividend disadvantage develops, if a share in the current year is acquired, but for the under-lowest period of the capital supply no dividend is paid. This becomes balanced by the privilege of the subscription right. Dependent on the time of the acquisition of the share the subscription right of the share itself. The dividend is paid off thus indirectly over the reduced subscription right price.

BR = \ frac {K old - (K again + Dividende* (1-n/12))}{(BV + 1)}

• BR: Worth a subscription right
• K old: Market prices of the old shares
• K again: Bond issuing price of the new shares
• Dividend: prospective dividend
• n: Months before payment
• BV: Reference relationship

Example:

The example AG with a drawn capital of 20 millions euro intends to make a capital increase at a value of 5 millions euro by expenditure of new shares. As bond issuing price 90 euro per 50 euro-share are specified. The course of the old shares is with 130 euro.

Which value does the subscription right have after departure of the dividend disadvantage, if the expenditure of the new shares takes place 3 months before dividend payment and is counted on a dividend from 15

\ frac {130 - (90 + 15* (1-3/12))}{(4 + 1)} = 5.75 = BR

The subscription right of a share costs only 5.75 euro in place of 8 euro at the time of the expenditure of the new shares at the time of the dividend payment.

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