Glossary
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S
- Second Marché (Second Market) »
- regulated market for mid-sized companies. Conditions of admission: the company must open a minimum of 10% of its capital and must present two years’ profitable results.
- Secondary market »
- market on which securities that have been issued on the primary market can be traded.
- Self-financing »
- yearly surplus enabling a company to internally finance its investments (without recourse to a capital increase, a loan…etc.). Cash flow – the measurement of this surplus – is the sum of Net Profit, amortization and provisions of the period.
- Share buyback »
- when a company buys its own shares on the market, within a limit of 10% of its capital and with the shareholders’ agreement voted at the Extraordinary General Meeting.
- Share warrant »
- Cf. Share with Share Warrant Attached. A warrant can also be attached to a bond in the same way, or it can be issued by itself.
- Share with Share Warrant Attached (SSWA) »
- share issued in the course of a capital increase and to which a share warrant is attached, i.e. a certificate giving its owner the right to buy more shares, at a given time and for a given share price. This warrant can be separated from the share and negotiated by itself on the market.
- Shareholders’ Consultative Committee »
- group of individual shareholders chosen by some listed companies for consultancy on their Individual Investor Relations policy. Société Générale group’s Shareholders’ Consultative Committee is in place since 1988.
- Shareholders’ equity »
- resources belonging to shareholders and left in the company’s keeping, composed of capital, surplus and net profits of the period.
- Speculation »
- investments made in the hope of a short-term profit. Speculators are the main actors to ensure market liquidity by their willingness to take risks, and are thus indispensable.
- Stockbroker »
- intermediary in charge of the negotiation and clearing of securities on a market.
- Subscription priority »
- In the event of a capital increase by creation of new shares, the issuer may decide to give up these rights (Extraordinary General Meeting decision), in which case they may be replaced with a subscription priority: existing shareholders may subscribe the newly issued shares for a period of time before their sale is opened to the rest of the market. Past that term, existing shareholders no longer have priority over new ones in the list of orders.
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