I'm certainly not sure about that. But I don't think your...

I'm certainly not sure about that. But I don't think your experience (in the retail market) can be generalised to that of the big boys (and girls?). I'm sure it all depends on the terms of the agreement. Looking at UBS, for instance, they specifically say with regard to voting: "Since all right and title in the securities passes to the transferee (ie UBS AG), the transferee has the right to vote." They talk about rights to return shares, but don't mention the specific circumstances of a rights issue.

In my mind if it is not tied down in the agreement then the lawyers for a lender would have a hard time persuading UBS to make good with the rights. I have worked in the tech industry which has a propensity to include all sorts of restrictions on who you might work for after leave your current employer. I have been very careful in signing workplace agreements - perhaps the lenders have not been so careful?