ERSM20150 - Employment-related Securities and Options

Warrants

Warrants and other instruments entitling their holders to subscribe for securities (whether or not in existence or identifiable) are included in the definition of securities (see ITEPA03/S420 (1)(c)).

However, ITEPA03/S420 (5) provides that options (rights to acquire shares) are not securities. Warrants that are simple options are therefore not included. However, some warrants have additional rights, such as voting or dividend rights, and such warrants are within the definition of security.