GUIDED LIGHT LAB

Rights-Issue TERP Adjustment

Choose a case, step from evidence to derivation, and inspect why TERP is a reference rather than a traded-price fact. The historical case uses National Grid's issuer-documented terms.

1. Source terms

source or validderived referencepolicy boundary
EVIDENCE
Rights issue value bridgeExisting-share reference value and new-share subscription cash are combined into the enlarged-share theoretical reference. Old-share reference1,088.38 GBp + Subscription cash645.00 GBp TERPpending Offer basis: 7 new for 24 old
Source terms loaded. No derived market claim exists yet.

Audit trace

StepStageEvidence or ruleResult

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