Share issuance

Recording an issuance of new securities by uploading its legal documents and letting the platform extract the transactions — then checking what it read.

Overview

This records an issuance that has already happened. You are catching the platform up with the company's history: the shares were issued, the paperwork exists, and this is how the record comes to match it.

If the issuance has not happened yet, this is the wrong lesson. An issuance you are about to make is run as a subscription process (A8.1), which collects the money and the signatures as well as recording the result.

An issuance creates and allocates new securities. New shares come into existence and the company's share capital increases — which is what separates it from a transfer, where ownership moves between parties and nothing new is created.

The flow is not what you would expect. You do not type an issuance in. You give the platform the legal documents and it derives the movements from them.

What you'll learn

What an issuance is, as against a transfer
Why the flow is document-led rather than data entry
How to read the three analysis outcomes
Why to check the extracted transactions, and why you can

Before you start

You need the legal documents evidencing the issuance. The decision page carries a Document Checklist telling you what is required, and it will not proceed until at least one of them is uploaded.

Steps

From the company navigation, open Timeline. It lists the company's events.
Select Record past event. Give the event an Event Label, then under Choose Decisions pick Securities Issuance.
Upload the legal documents. Refer to the checklist.
Analyse. The platform reads the documents and extracts the issuance transactions.
Read the result — see below.
Check the extracted transactions against the documents, and correct anything wrong in the decision.
The cap table rebuilds automatically.

Reading the analysis result

Three outcomes, and the wording tells you which you have:

All imported. Every transaction the analysis found has been recorded.

Partial. Some imported, some skipped, with an error report. The imported ones are already in; the skipped ones need attention.

Failed. Nothing was read — usually the wrong document.

There is also an Other Issuances Detected section, and it is worth understanding rather than skipping.

Your documents frequently describe movements in other companies — a wave usually touches a BidCo and one or more ManCos, and the same instrument names all of them. The analysis records what it found for those companies too rather than discarding it, and lists it here.

Two things you can do with each: Delete it, if it does not belong; or leave it and record it against the company it belongs to, as its own event and decision there. What you should not do is ignore the section — it is the platform showing you work that still has a home to find.

Then check it

The analysis derives financially significant data — who received how many of which class — from documents. Extracted data is proposed until a person confirms it.

This flow gives you the means to do that: the transactions are visible in the decision and editable there. So read them against the documents and correct what does not match.

Do not delete the decision to fix a transaction

The delete confirmation is explicit, and worth reading before clicking: deleting a decision permanently removes all legal content associated with it — documents included — and cannot be undone.

To fix a wrong transaction, correct the transaction.

Common problems

Analyse is unavailable. No document uploaded yet. The checklist says what is needed.

The analysis failed. The document could not be read as a transaction source. Check you uploaded the right file.

Transactions were skipped. Read the error report. The imported ones are already in, so this is a partial success rather than a failure.

The cap table moved unexpectedly. An issuance increases share capital and dilutes existing holders proportionally. That is arithmetic rather than an error — but check the quantities against the documents.

Something appears in "Other Issuances Detected". The analysis found more in your documents than it recorded. Investigate rather than dismissing.

A6.1 — Events and decisions: the model · where this decision sits
A6.4 — Share transfer · ownership moving rather than being created
A5.6 — Reconciling and correcting the record · correcting an extracted transaction
A2.5 — Document templates · the other half of the document relationship