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SGX will display cum-entitlement (CE) and ex-entitlement (XE) corporate action indicators for stocks undergoing share consolidation or share split corporate actions. This will better alert market participants that a stock is about to or have just undergone a corporate action, and prompt them to find out more on the details of the corporate action event.
CE stands for cum-entitlement, which indicates that a stock is about to undergo a corporate action event and is trading on the basis of the upcoming corporate action event. Investors who purchase the stock when the CE indicator is displayed will be entitled to the corporate action declared by the company.
XE stands for ex-entitlement, which indicates that a stock has just undergone a corporate action and is trading on the basis that the corporate action event applies. Investors who purchase the stock when the XE indicator is displayed will not be entitled to the corporate action previously declared by the company.
After a company makes an announcement for share consolidation, CE will be displayed for the stock, indicating that the stock is trading on a pre-consolidation basis and is about to undergo a share consolidation.
On the ex-date, consolidation is effective and the XE will be displayed for the stock to indicate that it is now trading on a post consolidation basis.
The table below shows the display of indicators CE/XE on key dates:
| Pre-Consolidated Counter | Post-Consolidated Counter (Different stock code) | |
|---|---|---|
| After company announcement on corporate action | CE | Not trading yet |
| On ex-date (first day trading on consolidated basis) | XE | XE |
| ex+1 and ex+2 | XE | XE |
| On record date +1 (or ex+3) | DL (to be delisted) | Remove XE indicator |
Kindly refer to SGX website for more details on Company Announcement and Corporate Action.
