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Tunisie Clearing
Confidentiality – effectiveness – innovation

Services

Corporate actions

Last update : 23-02-2015

Tunisie Clearing performs all types of corporate actions occurring on securities admitted to its operations on the basis of information provided by the issuer or its mandated approved intermediary.

Tunisie Clearing classifies corporate actions into two types:

  • Corporate actions with cash movement: Capital increases by subscription, dividends payments and redemptions of debt securities annuities, ...
  • Corporate actions without cash movement: Capital increases by bonus shares allotment, exchange operations, securities assimilations, ...

Tunisie Clearing intervenes when a corporate action creates new securities, reduces or increases the number of shares in order to debit/credit the bookkeepers’ securities accounts.

Corporate actions with cash movement

Capital increase by subscription :

Tunisie Clearing offers a service of DVP settlement for capital increases by subscription at T+4 (T = subscriptions closing date) as follows:

  • The credit of the accounts of participants which have subscribed to the increase against a payment of the corresponding amount;
  • The credit of the issuer account at the clearing bank of the increase total amount.

Dividends payment

In accordance with the issuer instructions, Tunisie Clearing fixes the dividends payment date at ex date + 3.

On the record date, which is PD-1 (ex date +2), Tunisie Clearing determines participants securities balances and the final total amount to be distributed on the Payment date.

Tunisie Clearing publishes on its website the dividends payment schedule and the unitary amount for each security.

Redemption of Debt securities annuities

Upon instruction of the issuer and its clearing bank, Tunisie Clearing:

  • Debits on PD the issuer’s clearing bank account at the Central Bank of Tunisia by the total amount to be paid,
  • Credits participants’ clearing banks accounts according to their assets at the CSD.

Corporate actions without cash movement

Capital increase with free allotment rights

Upon the admission of allotment rights, bookkeepers can transfer at one or many times the executed rights to the issuer or its mandated agreed intermediary.

Every bookkeeper has to send its allotment rights transfers orders and the list of the shareholders requesting these transfers via the members’ area.

The bookkeeper chooses, at its convenience, the settlement date of its transfer order: T, T+1, T+2 or T+3 (T = date of the transfer).

Following the settlement of the allotment rights transfer order, the issuer or its mandated agreed intermediary can consult the conversion request on the members’ area, proceed to the conversion on its accounts and transmit a conversion order to the CSD.

Tunisie Clearing offers issuers and their mandated agreed intermediaries a service allowing the management of successive capital increases.