Heres what the text states: two business days before the record date, the shares start trading ex rights and the rights begin to trade as a separate entity.so during the cum rights period, if you purchase common shares in the company you have also purchased rights in the company as long as you hold your shares long enough to be recognized as a common shareholder on the record date.on the first ex rights date, those purchasing common shares would not be eligible to receive rights. at the same time, the rights start to trade as though they are a separate security from the common shares and will trade separately as a security on the stock exchange.
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