Rights distribution

Detail	Value
Type	rights_distribution
Category	basis
Ledger treatment	Basis allocation

#What we detect

Sold rights: a UnitSplit record whose 1:1 ratio cannot explain a multiplier increase, with positive issuer cash and a note naming warrants or rights. A record labelled RightsDistribution is recognised and not booked, because its delivery has never been observed.

#Evidence required

• A standing record matching both multipliers and the activation time.
• A 1:1 unit ratio, a multiplier increase, and positive issuer cash.
• An issuer note naming warrants or rights.

#When evidence is missing or conflicts

• Without the note: an unclassified unit split, "factor 1:1 does not reconcile".
• A RightsDistribution label: recognised, and not booked.
• Exercised or lapsed rights: not booked.

#How it is booked

Basis allocation, as for a spin-off: (M_new − M_old) ÷ M_new of the position's value as principal. Issuer proceeds are recorded when published, and never booked as income.

#In practice

KRAQx: 18,606 warrants sold at $0.5553 less a $100 subscription fee, reinvested at $0.1356647/share. Three versions; v2 cancelled v1 for the fee miscalculation, and only v3 matches the chain.

#In the API

• v2: type: "rights_distribution", treatment: "basis_allocation", with validation, the lifecycle and the evidence on GET /v2/actions/{id}.
• v1: shown as unclassified_adjustment, with the treatment stated in reasons and headline.