Actually, I now understand the answer to why there is 1 right per share showing up in our trading accounts.
"Arcam’s shareholders will have pre-emptive rights to subscribe for new ordinary shares in proportion to their holdings. For every ordinary share held on the record date, the holder will receive one (1) subscription right. Five (5) subscription rights entitle the holder to subscribe for one (1) new ordinary share."
So to buy the right to purchase a share at 240 SEK would actually cost about $10 right now, which adds up to more than the going price of a share on the open market. Which means that selling our rights is actually a good deal if it is something you want to do I suppose. You could sell your rights, take the money and buy more shares on the open market and have made money, no? If those shares are available. Or just keep the money. And if we can't exercise our rights, this may be our only option.
From the Oct 10th announcement:
"For existing shareholders who do not participate in the Rights Issue, a dilution effect arises corresponding to 16.67 percent of the total number of ordinary shares and votes in the Company after the Rights Issue. Shareholders who choose not to participate in the rights issue may be able to compensate for this dilution by selling their subscription rights."
But most confusing seems to be this Sweden only issue. The prospectus is up on the arcam website so it's not exactly hidden. I received it in email too but they only sent it out in Swedish.
The timeline in the prospectus and the Oct. 10 email says:
October 25th - November 7th 2017 Trading in subscription rights
October 25th - November 9th 2017 Subscription period
My understanding would be that the trading in subscription rights is happening now until Nov 7th, simultaneously the opportunity to exercise subscription rights is happening and will continue 2 days after the time of trading subscription rights.
If we really can't participate, then we can sell them apparently. If that is actually not legal, then what happens with our rights showing up in our accounts?
The answer may be in this paragraph from the Oct. 10th email, which I can't really make sense of yet:
"If not all ordinary shares are subscribed for by the exercise of subscription rights (primary preferential right), the Board of Directors is to decide on the allotment of ordinary shares subscribed for without the exercise of subscription rights up to the maximum amount of the Rights Issue. Where, firstly, new ordinary shares that have not been subscribed for with primary preferential rights shall be allotted to the shareholders who on the record date 19 October 2017 are recorded as a shareholder in the share register kept by Euroclear Sweden AB, who have subscribed for and been allotted ordinary shares by exercising subscription rights and who, in addition, have notified their interest to subscribe for new ordinary shares without subscription rights (secondary preferential right). If new ordinary shares are still available after for allotment to those who have exercised the secondary preferential rights, the ordinary shares shall be allocated between the subscribers in relation to the total number of shares held by them in the Company on the record date, and where this is not possible, by drawing of lots. Secondly, if all ordinary shares have not been allocated according to the above, allotment of ordinary shares shall be made to those who have otherwise subscribed for and been allotted ordinary shares by exercising subscription rights and who, in addition, have notified their interest to subscribe for new ordinary shares without subscription rights and, in case of oversubscription, pro rata in proportion to the number of subscription rights used for subscription of ordinary shares, and if this is not possible, by drawing lots. Finally, allotment of the remaining ordinary shares shall be made to the guarantors of the issue, if any, in their capacity as guarantor and in accordance with their respective subscription and guarantee undertaking."
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