iba rights advice, page-9

I posted an answer to this question on another site also and I'm amazed that so many people don't understand this.

You need to understand exactly what the record date means. It actually means you must be on the IBA register by that date to have entitlements to the rights. However, it takes at least 5 business days from the date that you buy a stock to be on the register. So, if you take the 24/05/07 as the record date and then take the 5 business days before that, it means you must have bought the shares by last Thurs. Therefore, the stock went ex-entitlement to the rights on Fri thus causing the stock to fall so anyone buying the stock from here on WON'T get entitled to the rights.