Barclays rights issue: what are shareholders' options? If they simply want to take up the rights, shareholders can do so at a cost of £1.85 per share. For example, investors holding 400 Barclays shares will be entitled to 100 new shares. At £1.85 per share, it would cost £185 to convert 100 "rights" into 100 ordinary shares, giving a new holding of 500 ordinary shares. Rights can be sold like any other share. The value of the rights will depend on the current market share price and is roughly the difference between the take-up price (£1.85) and the share price. For example, if Barclays shares are trading at £3 per share, the rights will have a market value of around £1.15 each. Also known as a "cashless take-up," it allows investors to sell enough rights to cover the cost of taking up the remainder. Hargreaves Lansdown, the stockbroker, said that if Barclays shares were trading at £3, then 100 rights would be worth £1.15 each (£3 less £1.85). Shareholders could therefore sell 65 rights to generate £74.75. After a broker commission charge of, say, £10, this would leave £64.75 - enough to take up the remaining 35 rights without investing any further cash. An investor's entitlement to rights will expire or lapse once the rights issue closes at midnight on October 2. If the Barclays ordinary share price is below the offer price of £1.85, the rights will expire worthless. But if the share price is above £1.85, then investors may receive a cash payment for each right. This would be roughly equal to the Barclays share price less the rights offer price. Investors should check with their brokers for individual deadlines, but the official deadlines are 3pm on September 25 for those planning to sell rights or to take up the tail-swallowing option. Shareholders wanting to take up some but not all of their rights have until 3pm on September 30, while the final deadline for receipt of payment under the deal is 11.59pm on October 2.