For share settlement presumably both parties
to the settlement need to exchange cash against shares
simultaneously
Yes exactly right. The problem I have is that until this actually happens whether on time or late there can be no guarentee that it ever will happen.
If for example the seller doesn't have any shares the buyer will never get a right to vote. Why should he?
Of course there would be grounds for legal action between between buyer and seller but all the courts can do is compensate the injured party.
I dont think the situation is quite different if or when the buyer defaults. The seller still has the shares and the right to vote which is surely what you would expect.
At its simplest what I am saying is that the contract changes nothing until settlement and thats the only way to be fair to both buyer and seller.
I am still not certain you are agreeing with this.
It depends who is causing the extra delay and why.
No it doesn't. Settlement and the exchange of rights that goes with it is either done or not done. Who is responsible when it is not done on time is a matter for the courts or mutual agreement
