beppa holders will acquire two interests , page-5

"that is, a process for being able to sell your ownership interest in any possible surplus - as I can't see any legal reason preventing me from being able to sell this interest in any possible surplus funds".


The BEPPA will go 'ex-entitlement', with the entitlement being the proceeds of the disposal.

When a stock goes 'ex-entitlement' to a dividend (ie 'ex-dividend') you cant trade your entitlement, ie a right to receive the cash before you actually do. (obviously, the timespan is different).

Better still, think of it as having a shareholding of a company in liquidation. Once the liquidation is complete, you will get the proceeds. You cant trade this right.