The Corporate actions tab of an issued asset, and the “Corporate actions” group of its “Actions” menu, enter the terms of an approved corporate action and run it against the holders. Deciding the event, its economics and who approves it happens in your institution's own process, outside the Console, before you open this screen. When the organisation has turned on approval for “Corporate actions”, a second person decides the plan of an action type that needs approval before it runs, unless the organisation has no other organisation owner, as Approve a corporate action describes.
The Console groups thirteen event types under Actions as “Corporate actions”, listed as seventeen entries: a stock split appears once per direction, and a cash dividend, a bond coupon and a distribution each also appear paid in tokens. An asset lists “Cash dividend” and “Stock dividend” on share capital, and “Distribution” and “Distribution paid in tokens” on any other capital, never both pairs.
- Cash dividend
- Stock dividend
- Bond coupon
- Bond coupon paid in tokens
- Distribution
- Distribution paid in tokens
- Bonus issue
- Rights issue
- Capital decrease
- Stock split
- Reverse split
- Spin-off
- Maturity redemption
- Partial redemption
- Conversion
- Buyback
- Coordinated distribution
Three checks decide what the menu lists.
The first check is what the asset carries: its attached features and its instrument capital. The asset type plays no part. A cash dividend needs dividend-yield attached. A bond coupon needs fixed-treasury-yield. A maturity redemption, a partial redemption, and a bond coupon paid in tokens need maturity-redemption. A conversion needs the conversion feature, so a SAFE or a warrant offers it. A bonus issue and a rights issue need share capital. A capital decrease, a stock split, a spin-off, a buyback, and a stock dividend or distribution paid in tokens need share capital or unit capital. Shares carry share capital. Fund units and real-estate fractions carry unit capital. A SAFE, a warrant, a bond, or a deposit carries neither. An asset with the Booked movements feature lists no event that changes its supply or pays in tokens, because its units move only through a booked movement. It still lists a cash dividend or distribution when it has dividend yield. An event the asset cannot run is not listed.
The second check is your role. An event that passes the first check but needs a role you do not hold is not listed. When no event is left for your role, the menu shows no “Corporate actions” group and the Corporate actions tab says which roles start a corporate action. Check the role list in Before you start.
The third check applies only to the seven types that change token supply.
- Bonus issue
- Rights issue
- Capital decrease
- Stock split, in either direction
- Spin-off
- Partial redemption
- Buyback
These seven are blocked while the asset is halted, showing “Resume token operations before starting this action.” A halt does not block a cash dividend, a distribution or a bond coupon paid in cash, a maturity redemption, a conversion, or a coordinated distribution. Their in-kind entries, “Stock dividend”, “Bond coupon paid in tokens” and “Distribution paid in tokens”, change supply, so a halt blocks them too.
Each type takes one of three shapes, and the shape decides what you see.
A bond coupon, a maturity redemption, and a conversion are program links: each records the event against a feature the asset already runs, its program, described in Yield and maturity and Token conversion. Each opens a sheet titled with the action and the asset name, such as “Maturity redemption · Northwind Bond”. The sheet gives one line on what recording does and one button named for the action: “Record coupon”, “Record redemption” or “Record conversion”. A bond coupon sheet also lists the coupon terms before the button: “Yield rate”, “Denomination asset”, and “Start date” and “End date” in UTC. The button asks for your PIN once. When the record succeeds, the sheet reads Done and links to the yield tab, the maturity tab, or the conversion tab, the program that already serves the event.
Recording a maturity redemption also matures the bond on chain, so the record reads Matured, redemption open once that transaction confirms. It is refused before the maturity date and once the bond has already matured, and the redemption treasury must already hold the full payout. Before the maturity date the sheet shows “Not matured yet” with the maturity date in your language and time zone, and the button stays disabled. Holders then redeem their own tokens. Nothing is paid to them automatically. The record shows the redeemed amount and the outstanding amount, and the maturity tab shows the same two amounts. The record completes when every holder has redeemed and nothing is outstanding. A record that reads “Matured, redemption open” cannot be cancelled. No preview, confirm, or cancel appears, because a holder claims against that program whenever they choose.
A cash dividend and a distribution are declarations, which Cash dividend and distribution covers from the terms to the payment. Record stores the terms and already declares the dividend on chain. Preview opens once the record date has passed on chain, then computes the holder allocations, and the review screen's main button commits the reviewed snapshot. The two carry identical terms and differ only in the vehicle they run on.
A coordinated distribution is a declaration that pays every share class of a multi-class instrument from one pool, at one record date. It is listed only on the share class that carries both the distribution-waterfall and dividend-yield features, and Coordinated distribution covers it from the terms to each class's money and the holders a class did not pay.
The seven types that change supply are staged batch runs. They share one lifecycle: Terms, Review, the PIN that records the plan, an approval where your organisation requires one, Progress, then Done. Nothing is stored until the PIN.
The seven types that change supply and the three payments in tokens run in the Console's in-frame wizard, at the asset's own address: /. The sidebar and top bar stay in place, the page carries the action and the asset name as its title and a breadcrumb back to the asset's “Corporate actions” tab, and a step rail lists Terms, Review and Progress with the step you are on marked. Each step is a page, so the address bar and the rail always agree, and the browser's back button moves between them. Review opened from its address, after a reload, or with the back and forward buttons reads the holders again from the terms the wizard restored, and opens on Review. When those terms cannot be reviewed, or the holders cannot be read, it opens Terms with a notice that Review could not be reopened, and the address changes to match. Progress opened before the PIN opens Terms the same way. Choosing another action leaves this wizard for that one. Leaving with terms entered asks you to confirm first, and leaves no record. The Corporate actions tab's rows and the asset's “Actions” menu open the same wizard.
After the PIN, Cancel followed by the action name is available before execution starts and “Stop execution” while it runs. A stock split, a reverse split, a bonus issue, a rights issue, a spin-off, a capital decrease, a partial redemption, a buyback, and a payment in tokens add a second person's approval between the first PIN and the run when the organisation has turned on approval for “Corporate actions”.
“Stock dividend”, “Bond coupon paid in tokens” and “Distribution paid in tokens” pay holders in new units of the asset instead of cash. A stock dividend is the in-kind form of a cash dividend on an equity. Each is a staged batch run with the same Terms, Review and PIN steps. It asks for a numerator, a denominator and an optional record date, and mints the floored ratio amount to every holder. It takes the asset's in-flight slot, the one run that changes supply an asset can have open at a time. The terms read as one sentence, such as “For every 20 shares held, holders receive 1 new share”. A stock dividend or a distribution paid in tokens needs no attached feature, only share or unit capital. A bond coupon paid in tokens needs the maturity-redemption feature. A payment in tokens waits for a second person's approval when the organisation has turned on approval for “Corporate actions”, the same way a bonus issue and a spin-off do, because all three mint units that cannot be taken back. Leave the record date empty to count holders at the moment you open Review.
The Console shows the main button only after Review has rendered. Review is titled with the action and the asset name, such as “Stock split · Northwind Coffee Shares”. It shows each holder's balance before, after and the change, so you can compare the computed allocation with the approval before it reaches holders.
The main button of Review applies the reviewed allocation. It is named for the action, such as “Split shares”, “Burn shares”, “Pay stock dividend” or “Pay dividend”, and opens the PIN dialog directly. When the action needs an approval first, the button reads Send for approval. For cash dividends and distributions, recording has already made an on-chain declaration. The button commits the dividend snapshot, and holders claim payment afterwards. Once a supply change applies to a holder, that change stands. Stop execution stops further execution from being dispatched. Transactions already submitted can still settle, so check the reconciled holder results afterwards. The stop sheet states this in its first line, before the per-state counts.
The “Corporate actions” tab shows the “Start a corporate action” card, a table with the columns “Action”, “Approval” and “What it does”, and a “Start” button on each row.
The “Approval” column reads “Not needed” or “Needs approval”.
Funding, approval and roles by event type
Entitlement basis and funding differ by event type. Recording a cash dividend adds an estimated liability, based on the total supply, to the dividend feature's outstanding total, due against the balance each holder carries at the record date. No cash is set aside. The Console checks the treasury when you record it: the treasury must already hold the total payable, or the sheet reads “The dividend exceeds the amount this treasury can move.” and does not record. Preview checks the funding again. The Dividend yield page of the token's “Features” tab also shows the need to an account with the governance role: from the moment you record a cash dividend, “Committed next” includes its estimated amount, and “Available funding” shows what the treasury can pay. A bond coupon has no entitlement snapshot: a holder claims accrued yield whenever they choose, against the treasury balance at that moment, so the treasury needs the funds when holders claim. A distribution follows the cash dividend pattern, and a maturity redemption and a conversion follow the bond coupon pattern.
The approval for “Corporate actions” in General starts off. The Approval column of the “Start a corporate action” card shows the rule of each action type, “Needs approval” or “Not needed”. The column does not read your organisation's setting: it reads “Needs approval” for a stock split even while the “Corporate actions” approval is off. A bond coupon paid in cash, a maturity redemption and a conversion never need a second signature.
An event your role does not cover is not listed, so an event you expected may be missing for that reason. Check the role list in Before you start. A run you cannot advance shows a note that names the role its next step needs, with a link to the asset's Permissions tab where you can see who holds it. Preview, Confirm and Cancel are hidden from an account without that role. Until a run is approved, its holder figures are read live, and that read needs the same role, so its Review shows a note that the figures need that role in place of the figures and holder table. Once the run is approved, its Review shows the figures stored with the approval to anyone who can open it.
A bonus issue, a forward stock split, and a rights issue mint new units on the asset itself. When the asset's minting is closed, they stay listed and are blocked with “Minting is closed for this asset.” A reverse split, a capital decrease, and a spin-off do not depend on that, and the role message above comes first when both apply.
Steps
Choose the event
Open Actions and choose the event from its group. The Console lists the entries the asset can run, in the order of the list at the top of this page. The group lists entries only after the asset's features have loaded. Until then a disabled row says it is checking which corporate actions apply. If the features could not be loaded, the menu shows a disabled “Corporate actions” row that reads “Corporate actions could not be loaded. Reload the page to try again.” An event missing from the list means the asset lacks the feature or the capital it needs. The token features catalogue describes the features behind the events: dividend yield for a cash dividend or distribution, fixed treasury yield for a coupon, maturity redemption, conversion, and the distribution waterfall with dividend yield for a coordinated distribution. The Console checks this before your role, so a different role does not bring a missing event back: attach the feature from the asset's Features tab, or issue the asset from a template that declares the capital.
An entry that appears but sits disabled says why on the entry itself. Each visible locked entry names an emergency halt or another action already in flight, together with the required remedy. Where the reason is a run already in flight, the entry links straight to that run's progress.
The asset's “Corporate actions” tab offers the same events in its Start a corporate action card. The card lists each action the asset offers with “What it does”, whether it needs approval, and a “Start” button, and a blocked action shows its reason in the row. Besides a halt, which reads “Resume token operations before starting this action.”, and a run in flight, a row can read “Minting is closed for this asset.”, or, on a share class whose payouts go through a distribution waterfall, say to raise a coordinated distribution from the controlling class instead. On a matured bond, “Partial redemption” is blocked whether or not it pays cash, because holders redeem a matured bond themselves. A run in flight shows once above the table, not on each row.
A halted asset, a run already in flight, and a role you lack show as plain blocking messages where they stop you. The sheet shows no row of readiness badges. Whether the platform holds balances for a past record date is reported when the holders are read, so it surfaces on Terms when you select Review holders → and on Preview for a declaration.
The “Actions” menu opens with the “Corporate actions” group, which opens a submenu of the events the asset can run, followed by the asset's other controls.
Enter terms and record the event
Complete every field the sheet shows with the approved terms. Which fields appear depends on the event's shape, not one generic form.
While you fill a cash dividend, a distribution or a coordinated distribution, and while a bond coupon, maturity redemption or conversion sheet is open, the Console asks the platform whether it would record the event now. A refusal appears in the sheet as a finding with its fix, for example that your role cannot start this one or that the token cannot run it. The button stays disabled, so you learn the refusal before the PIN. The check stores nothing and signs nothing. The record can still be refused if the asset changes between the check and the PIN.
Enter amounts in the display units named by the field. A dividend's amount per share uses the denomination asset's decimals. Supply allocations use the issued token's units. The Console converts display amounts to base units. Do not convert the amount yourself. Doing so applies the decimals twice, so on a token with 6 decimals the amount comes out a million times too large.
A cash dividend or distribution asks for an amount per share, a country code, whether it is regular or special, and three dates: ex-date, record date and payment date. Cash dividend and distribution covers each field, the date rules, the amount format and withholding.
A ratio event asks for a numerator and a denominator. The ratio events are the bonus issue, the stock split, the spin-off and the rights issue. A rights issue asks for a Rights issue action: “Mint rights now”, “Through an existing sale”, “Tradable rights token”, or “Close a rights issue” to end a tradable issue after its subscription period. “Through an existing sale” asks only for the sale, with no ratio: every holder is added to that sale's whitelist and nothing is minted. “Tradable rights token” mints rights into the “Rights token” you choose: an empty token from your organisation with the hold feature attached, which a venue needs before it can list the token. The rights issue does not create that token. Issue it first in the standard asset flow, which the field links to as “Issue a rights token in the standard asset flow”. The field disables a token that is the share token, already holds units, uses different decimals from the share, lacks the hold feature, or on which you lack the Supply management role. A spin-off also requires a child token, chosen from the organisation's empty tokens that carry share or unit capital and are not a class of another instrument. The child field lists every candidate and disables each one it cannot use, with the reason: the child already holds a supply, it carries neither share nor unit capital, it is a class share of another instrument, or you lack the Supply management role on it, because the spin-off mints into the child. The last reads “You need the Supply management role on this child to mint into it.” A bonus issue, a stock split in either direction, a rights issue on “Mint rights now”, and a spin-off also offer an optional record date. When a bonus issue or split names one, the preview counts the holders at that date and the Snapshot cell shows it. Leave it empty to count holders at the moment you preview. A set date can be previewed once it is reached. After the first minute, the token needs historical balances, and preview then counts the holders as they were at that date. A transfer after that date does not change them. Terms show the result live with a rounding note. The note says “whole” when the output token has 0 decimals, or when the action rounds to whole shares or whole rights. Otherwise it says the result is exact, or rounded down to the token's decimal places.
A stock split asks for its direction under Split direction, “Split” or “Reverse split”, and the ratio has to point the same way. A split needs more new shares than old shares, and a reverse split fewer. A ratio that points the other way is refused on the “New shares” field with “A split needs more new shares than old shares.” or “A reverse split needs fewer new shares than old shares.”. A ratio that leaves the count unchanged, such as 1 old share to 1 new share, is refused in either direction with “The ratio must change the number of shares.”. Review stays closed until the ratio matches. Under “Percentage”, a split needs more than 100% and a reverse split less, so 100% is refused as well.
A reverse split also asks how to round under Fractions. “Round down” drops the part of each result below the token's smallest unit. “Whole shares” rounds each result down to a whole share, so a holder who would end with less than one share ends with none. “At least one share” rounds the same way, but a holder who would end with less than one share gets exactly one. If that holder held less than one share before the split, the platform mints the difference.
With “Whole shares” or “At least one share”, select Pay cash for fractions to pay each holder for the part of the holding that does not convert to a whole share. Choose the “Denomination asset”, and under “Price per token” enter the amount paid for one whole share before the split. The active smart-wallet treasury pays each holder in the same transaction as that holder's burn. A holder rounded up to one share is not paid. No other ratio event pays for a fraction.
Every ratio field can also be entered as a percentage. Above the ratio sentence, Enter the ratio as switches between “Ratio” and “Percentage”. Under “Ratio”, the percentage the ratio gives shows below the sentence. Under “Percentage”, enter the figure the issuer announced, such as 10.59, with at most four decimal places. The line below shows the exact ratio it becomes, here “Ratio: 1,059 for every 10,000.” The percentage is a share of each holder's current holding: 10.59% gives 10.59 rights or new shares per 100 shares held, and a 1-for-18 reverse split leaves each holding at about 5.5556% of its size. The platform stores and runs the whole-number ratio, never a rounded percentage. When a ratio such as 1 for 18 has no exact four-decimal percentage, the percentage shows rounded and the exact ratio is kept unless you change the percentage. Review, the approval heading, the history and the rights terms card show the percentage next to the ratio, marked with ≈ when it is rounded.
A capital decrease, a partial redemption, and a buyback open a holder-book editor. The three send the same announced holder list and share one editor. It seeds itself from the current holder book, so you select the holders the approval covers, prefill them pro rata from one declared total, then edit or exclude individual rows. Export the rows to CSV, edit them outside the Console, and import them back when the approval is easier to reconcile in a spreadsheet. The editor does not open Review until the allocated amounts balance against the declared total.
A buyback also asks Who. “Named holders” is the editor above. “All holders” calls every holder at one price and replaces the editor with a summary of four rows: “Holders”, which shows the count now and then 0, “Units burned”, “Cash paid”, which appears once you choose the cash asset, and “Call protection”, which says whether a call is open yet. The price per unit is the field you fill in, not a row. The summary uses the current balances, and the list of holders is fixed when you open Review. An all-holders buyback always pays cash, so choose the cash asset and enter a price.
On an asset with the dividend-yield feature, Compute call price works the price out from the call date, the issue date, the issue price, the Target Return and the add-on, shows the dividends already paid, and “Use this price” copies the result into the price field. Computing needs the Governance role on the asset, and the panel says so when you lack it.
A capital decrease, a partial redemption and a buyback burn units from each selected holder's wallet, and the holder does not sign. While approval for Corporate actions is on, each of them waits for a second person, whether or not it pays cash. Check that the approval covers every row before you run it.
The amount and price fields on these sheets read 1.5k, 2m and 3b as 1,500, 2,000,000 and 3,000,000,000 exactly, and the total and each price show the token symbol inside the field. Under Total to burn, a line shows the holders' combined balance with a “Max” button. Under a price or total, a line shows its fiat equivalent at the token's price, for example “≈ $3,000.00”, or says that no price is set for the token. Percentages, basis points and ratios keep their own inputs.
A partial redemption can also pay cash for the burned units. Select Add a cash payment above the editor, choose the “Denomination asset” from the indexed tokens, and enter the “Price per token” paid for one whole redeemed token. The redeemed token cannot pay its own redemption. The “Paying treasury” is the active smart account, which pays every holder and must hold enough of the denomination asset before the run. Review then shows the payment as a “Cash payment” card with the price per token, the total paid out, and “Paid from”. Without an active smart-account custody account the Console cannot add a cash payment, so choose one first. Leave the box clear for a burn with no cash.
A bond coupon, a maturity redemption, and a conversion need no extra fields. Selecting the button both records the event and finishes it, then sends you to the program that serves it. The dialog is titled with the action and the asset, such as “Bond coupon · Gulf Bond”, before and after the record. On a bond that has already matured, Record redemption is blocked with “This bond has already matured. Holders redeem their own tokens.”
A supply change or a payment in tokens can let each holder choose whether to take part. Below the terms, turn on Let holders choose before a deadline. The “Let holders choose whether to take part” form asks for “Holders can choose until”, a date and time in the future that it repeats in UTC, and at least two options. Each option has a “Name” and a “Result”, “Gets the allocation” or “Gets nothing”, and exactly one option gets the allocation. Mark one option “Default”: holders who do nothing get it. Turning it on fills a deadline 24 hours ahead and two options, “Take part”, which gets the allocation and is the default, and “Decline”, which gets nothing. A buyback or partial redemption that pays cash, a rights issue through an existing sale and the close of a rights issue cannot carry an election, and the platform refuses one on a reverse split that pays cash for fractions.
The PIN records the action, and the sheet waits for the deadline. After it, and after the second person's approval when your organisation requires one, one more PIN runs it. Holders choose on their holding page, in the Console or the Investor portal: the sheet says “Choose by” the deadline and what each option gives them, and Save choice records the choice, which they can change until the deadline. “Save choice” stays unavailable until they select an option other than the one already saved.
For a supply change or a payment in tokens, the Terms step shows the result live as you type, with no PIN. Select Review holders → to read the holders. The button shows “Reading holders…” while the platform computes the plan, and nothing is stored. A refusal of the read shows on Review with the platform's message and its error reference. Retry appears only when the platform says the same read can pass on another try. A refusal that another try cannot change, such as a share whose reference price cannot follow the split, shows no Retry, and the action bar says “The platform refused this review. The message above says what to change.” Select “← Change terms” to change them. Leaving the wizard discards the terms and leaves no record behind, because nothing is stored until the PIN.
For a cash dividend or a distribution paid in cash, select Create dividend draft or “Create distribution draft” to record it. Recording also declares the dividend on chain. Preview and cancel then become available, as Cash dividend and distribution describes.
Review, then run it
A supply change or a payment in tokens opens Review after Review holders →. On a capital decrease, a partial redemption or a buyback of named holders, the button counts them, such as “Review 12 holders →”. Review leads with a summary strip: “Holders receiving”, the holders whose allocation is above zero, the supply before and after, and the snapshot. A reverse split, a capital decrease, and a redemption or buyback that pays no cash only burn, so the count reads “Holders giving up shares”. The snapshot reads “Live register” when the holders are counted now, and the record date and time in UTC, such as “26 Oct 2026, 00:00 UTC”, when you set a record date. A stock split of a share with a price feed also shows “Recorded share price” before and after, because the split moves the share's price by the inverse of its ratio. A run that needs approval adds an “Approval” cell that reads “Needs a second person”. The record page where the second person decides, and the record page you reopen, show the same cells. A holder who rounds down to zero shows in the “Gets nothing” cell, which appears only above zero. A stock split leaves such a holder's holding as it is, so Review counts it in the supply before and after and not in “Gets nothing”. A spin-off shows the child token's supply before and after, in the child's units.
While holders can still choose, the strip and the table already apply the choices made so far. A holder who declined counts in neither and shows no change, and the same figures stand once the deadline passes.
Below the strip, the holder table lists only the holders whose allocation is above zero, 25 per page, so its rows always match that count. Before, After and Change are right-aligned, and on a narrow screen, or when a Cash column is shown, Before and After share one cell under the holder. A rights issue reads the share symbol held and the rights symbol received, counted in rights. Search and View appear above 10 rows, and Export downloads every row, not only the page on screen. A holder tagged “rounded down” or “left out” has a Why entry in the row menu. It opens one sentence that says what happened to that holder. A rights issue through an existing sale is titled “Review the rights issue through an existing sale”: its table lists every holder it adds to the sale with the holding of each and no Change column, the strip counts “Holders added to the sale” and shows no total, and once approved the main button reads “Allot rights”.
A “Close a rights issue” review adds a Rights issue close card above the holder table. It shows “Rights issued”, “Rights exercised”, “Rights lapsed”, “Rights burned at close” and “New shares to issue”, then the rights burned per holder.
When holders who exercised in full have applied for extra shares, the card ends with an Excess applications table. You see it before you send the close, the second person who approves it sees it on the approval page, and the settled record keeps it. Excess shares come only from lapsed rights, are shared in proportion to what each holder applied for and are rounded down to whole shares. The table lists each applicant with “Applied for”, “Allocated”, “Paid”, “Refund” and “Status”. “Status” reads “To settle” until the close lands and “Settled” after. Cash for shares that are not allocated is refunded in the tokenised deposit. Below the table, “Excess demand”, “Lapsed pool used” and “Total refund” add the columns up. “New shares to issue” counts the allocated excess shares as well as the exercised rights. A close with no excess applications shows no table.
The page is titled “Bonus issue · Capped Tech Shares”, with the “Terms”, “Review” and “Progress” steps.
The summary strip shows “Holders receiving”, the supply before and after, and the “Snapshot” reading “Live register”. The table lists each holder's “Before”, “After” and “Change”, with “Export” above it, and “Issue bonus shares” sends the plan.
A holder who rounds to zero needs no acknowledgement. The acknowledgements that stay are the ones with a real risk, such as a treasury that is short of the cash the plan pays out. A tick box for each shows above the main button, and the button stays disabled with a one-sentence reason until you tick each one.
Select the main button. The PIN dialog opens once, and closing it sends nothing. The platform then creates the record, stores the plan, and starts the run, or sends the plan for approval when the action needs one. A run moves to Progress and then Done. If a holder balance changed while Review was open, the platform does not run the old plan. Review shows the new figures with “Holdings changed since you opened this review. Check the new figures.”, clears every ticked box, returns the table to page 1, and waits for a fresh click on the main button.
For a cash dividend, a distribution paid in cash and a coordinated distribution, the sheet keeps its record, preview and confirm steps. The preview computes each holder's allocation without changing balances, and names any holder whose entitlement floors to zero, any holder the operator leaves out, and any funding shortfall. While approval for Corporate actions is off, a shortfall asks for an acknowledgement and does not block you. While it is on, the second person cannot approve a plan with a shortfall, so fund the treasury and preview again. Cash dividend and distribution and Coordinated distribution cover the preview of each.
A stopped bonus issue, stock split, rights issue, capital decrease, partial redemption, or buyback that still has holders left offers Continue this action, on its record page and in its History row menu. It opens the wizard with the stopped run's terms copied, and you can change them. Terms opens prefilled, and Review then shows “N holders left; M already applied” in a line under the summary. Continue is blocked, with the reason shown, while another run holds the in-flight slot, while the asset is halted, while minting is closed for a minting event, and once an earlier Continue already created a follow-up of that run, which reads “This run was already continued.” A spin-off cannot be continued, because the child token must be empty. If a batch from the stopped run is still settling, the read of the holders is rejected until it is reconciled.
Select the main button of the review screen, named for the action, only when the result matches the approval. For a cash dividend or distribution, it sends the previewed totals and the Merkle root, a fingerprint of every holder's entitlement. An action that changes supply runs its reviewed allocation without those dividend-only fields. If holder balances, rights exercises or the rights that holders still hold moved after the preview, the platform refuses the confirmation and the sheet reads “The holder book moved after the preview”. The action stays open and keeps the asset's in-flight slot until you cancel it. Before execution nothing was applied: select Cancel and the action name, such as “Cancel buyback” or “Cancel rights issue” for a close, then start a new action with a fresh Review. A rights-issue close refused after its new shares were minted shows “Stop execution” instead, so select it. The Console cannot raise a follow-up of a close, and the platform refuses a new close of the same rights issue, so raise the next close through the Platform API as a follow-up of the stopped one with the followsUpOn field, as Corporate actions describes. That close burns the rights as they stand and mints no share again.
When the action needs approval, the record reads “Waiting for approval” and holds the asset's in-flight slot. A cash dividend, a distribution paid in cash and a coordinated distribution are approved on the record after their preview. Approve a corporate action covers the decision, “Preview again”, an expired approval and the “Assistant brief”. After the approval, reopen the run from the In flight card. Review opens with “Approved by” and the approver's name and asks again for each acknowledgement the plan needs. The main button then reads the action's verb, such as “Burn shares”, and the PIN runs it.
While holders can still choose, the record page of an action with a holder election shows one alert: Holders can choose until the deadline, and how many of the eligible holders have chosen. The main button is disabled and reads “Review after” the deadline. A cancelled or stopped action shows neither the alert nor that button, even before the deadline, because holders have nothing left to choose. On an action with a holder election, “Preview again” is refused once a holder has chosen or the deadline has passed, with “The election is locked because a holder has chosen or the deadline has passed. Use the stored preview.”, so cancel the action and start it again. After the deadline the review table shows an Option column with each holder's option and a marker on the default, and one line sums the outcome: how many holders take part and the units they take, how many do not, and how many were defaulted.
An approved action that carries a holder election reopens on Review as well. The main button stays disabled while holders can still choose and while the final allocation is being read. A failed read of the election or the allocation shows the platform's message, its error reference and, when another try can pass, Retry. Once the allocation is final, Review shows it as the one set of holder figures, and one PIN runs it.
The record page then stays open through execution. It shows live progress from the record: per-state counts, the transactions that have confirmed, and a count of settled batches. If no batch settles for a while it says so. Acceptance of the request is not settlement, so the page keeps showing progress until the record reaches a terminal status, and only after it has observed the change from non-terminal to terminal does it show the outcome. Reopening an already settled record keeps its details visible.
The chosen event takes one of three paths: review then one PIN, record then preview and confirm, or a single record that completes it.
Units a contract holds for its owners
Some holders of the asset are contracts that hold units for other people: a trading venue's or a custody gateway's escrow, a token sale, an XvP settlement and an airdrop. For an action that changes every holder's units by a ratio, such as a stock split, a bonus issue or an in-kind dividend, the platform counts these units per owner, as if each owner held them directly, from the indexed balances at the record date. The contract receives the sum of its owners' amounts, and confirming the action writes the action's step to the contract, so its own records follow:
- Escrow. Each free balance and each lock moves to the new basis the next time it is used. An escrow is sized from its records one by one, so the action's rounding gives each record what the escrow holds for it.
- Token sale. A live sale keeps running. Purchases so far, the remaining inventory, the price and the per-buyer limits move by the action's ratio.
- XvP settlement. A settlement that is still open is cancelled, and its deposits are refunded on the new basis. A settlement whose secret is already revealed settles its re-based flows.
- Airdrop. Each claim pays its committed amount scaled by every action since the airdrop was set up. An airdrop counts as one holder, so a claim rounds down to the action's unit and is never lifted to one share.
- Custody gateway. A queued withdrawal moves to the new basis the next time it is touched. One the action rounds to zero ends as returned, with no receipts left to pay out.
Freeze until the step lands
The contract's records are re-sized after its units move, so the contract must not let anyone move the asset in between. Creating the action therefore freezes every contract that holds the asset at that moment. From the record date until the action's step lands, an escrow refuses deposits, withdrawals, reclaims, new locks and payouts from a lock (it takes an unlock only of a whole lock, which then moves to free balance once the step lands), a token sale refuses purchases, claims and refunds, an XvP settlement refuses new deposits, settles, cancels, withdrawals and refunds, an airdrop refuses claims, and a custody gateway refuses new requests, claims and ordinary returns. The venue's order cancels, a gateway return caused by the action, and the action's own mint, burn and step still go through. Once the step lands, the settlement cancels a still-open settlement and refunds its participants on the new basis. Each of these refusals names the asset and the action.
The freeze needs a record date that is still ahead when the action is created. An action without one, or with one that has passed, is refused with “The custodial contracts holding this token are not frozen for this corporate action”. So is a confirm when a contract started holding the asset after the action was created: abort the action and create it again.
A stock split first cancels the orders resting on every venue market that trades the asset and waits for their locked balances to return to free escrow balance, as the venue instrument page describes. Confirm then mints or burns each contract's units and writes each contract's step, and writing the step lifts that contract's freeze in the same call, so a contract is never unfrozen before its records follow its units. If a run stops between the units and the steps, the contracts stay frozen and withdrawals stay refused until you confirm again. The run then finishes and each contract owes what it holds. Abort clears the freeze only while no unit chunk or step has been sent. After that, abort is refused and the action has to be confirmed again to finish. A contract that held the asset when the action was created but had none left by the record date is unfrozen when the action completes or aborts. If a contract holding the asset keeps no step log, creating or confirming the action is refused: move the asset out of it or upgrade it first.
The record shows each contract the action wrote to under custodialSteps in the API.
Release frozen custody
An action that froze custodial contracts does not end the moment it stops. This applies to a stock split, a bonus issue, a non-tradable rights issue, and a cash dividend, distribution or bond coupon paid in kind. Whether it was cancelled, a checker rejected it, its approval lapsed or its run finished, its status reads “Releasing custody” until the chain shows that no contract still carries the freeze and no freeze it sent can still land. While it does, a new split, bonus issue, rights issue, spin-off, capital decrease, buyback, partial redemption or payout in kind on the token is refused with an error that names the releasing action. Minting, burning and cash payouts stay open. The platform never lifts a freeze without a signed request, and a checker does not need the supply management role, so someone with that role finishes the job.
Anyone with the token's supply management role, the same role that wrote the freeze, sees Release frozen custody on the action's record page and in the Actions inbox. After a rejection, a lapsed approval or a cancellation, the inbox shows it next to the “Rejected, release custody next”, “Expired, release custody next” or “Cancelled, release custody next” outcome. The release asks for their wallet verification. On a cancelled, rejected or lapsed action it lifts the freeze on every contract the action marked, including one that drained before the record date, and the action reads “Cancelled” once the chain shows no freeze left. A run that stopped part way because a transaction of its holder batch failed is such an action too: the release first updates the records of each custodian whose units already moved, and lifts the freeze of the others. A custodian whose units never arrived keeps its records as they were. On a finished run it sends again any custodian step that has not landed and lifts the freeze on each contract that took no step, and the action reads “Settled” once the chain shows no freeze left. While any part of a release (a custodian step, a catch-up or a freeze lift) waits in the transaction queue or for a custody approval, “Release frozen custody” is greyed out and a line under it says the release is waiting, so no second release goes out. When the platform cannot read the transaction queue, the button stays available and a line beside it says so. Releasing again is safe, because a request that already waits is not sent twice. If the release fails you can release again, and the new release is sent even when the queue refused the earlier one. The record page reads the action again every few seconds while it is releasing, and the Actions inbox and the Corporate actions tab show the new status on their next read. An action whose freeze never landed on chain, and whose freeze request failed or is no longer queued, ends at once and shows no release. An action cancelled while its creation is still placing the freeze reads “Releasing custody” until that freeze is placed and released. If a freeze lands after the action was cancelled, the action reads “Releasing custody” again and offers the release.
Troubleshooting
The event is not listed
The asset lacks the feature or the capital the event needs. Attach the feature from the asset's Features tab, or check the instrument capital its template declares, before changing permissions.
The event is listed but cannot be selected
The entry can be disabled by a permission, emergency halt, or another action in flight. Follow the reason shown on the entry. If the Corporate actions tab reads “You need the” followed by a role, such as “Governance”, and “role on this asset to start a corporate action.”, your account holds none of the roles the asset's actions need. Check the role list in Before you start. If you see “Resume token operations before starting this action.”, that only appears for the seven types that change supply and the three payments in tokens, and only while the asset is halted. Fix: request the required role, or confirm whether the approved intervention permits resuming operations. Cash dividend, distribution, bond coupon, maturity redemption, and conversion never show the halt message. An emergency halt does not block them.
No preview or confirm button appears after recording
Signal: the sheet closes right after you record, and no “Preview allocations”, “Confirm”, or “Cancel” button ever showed. Cause: this is expected for a bond coupon, a maturity redemption, and a conversion. Each completes the moment you record it, since each is a holder-initiated claim against a program the asset already exposes, not a Console-driven batch. Fix: nothing further to do in this workflow. Confirm the record landed by checking the History card on the “Corporate actions” tab.
The treasury is short of the cash to pay out
Signal: the “Cash payment” card on Review shows “Short by”, or the preview of a cash dividend shows a funding shortfall. Cause: the treasury does not hold enough of the denomination asset to cover the computed payment. Fix: transfer enough of the denomination asset to the paying treasury, then open Review again, or select Preview allocations again for a cash dividend. Do not run the action against a shortfall. Each new read of the plan takes the current treasury balance, so a stale shortfall does not carry forward once you have topped up.
Review says holdings changed
Signal: Review shows “Holdings changed since you opened this review. Check the new figures.” Cause: a holder balance moved between the moment Review read the holders and the moment you entered the PIN, so the platform did not run the old plan. Fix: read the new figures against the approval, tick each acknowledgement again, and select the main button once more. Nothing was sent to holders.
Confirmation reports snapshot drift
Signal: the sheet shows “The holder book moved after the preview”. Cause: holder balances, rights exercises or the rights that holders still hold moved after the preview, or a funded coordinated distribution no longer matches its approved split, so the stored allocation no longer applies. The platform refused the confirmation and left the action open. Fix: when the action has not started executing, nothing was applied. Select Cancel and the action name, then start a new action, whose Review reads the current balances. When the sheet offers “Stop execution”, part of the action already ran, such as the new shares of a rights-issue close or the funding of a coordinated distribution. Stop it and check the applied holders. For a rights-issue close, raise the next close through the Platform API as a follow-up of the stopped one. Confirming the same action again is refused while the change stands.
Confirmation asks for a new preview
Signal: the sheet shows This action needs a new preview. Cause: the action has no preview it can confirm, for example because a new preview of a coordinated distribution has not finished. Fix: preview it again, then confirm.
A run stops after some holders
Signal: the run in the In flight card still shows holders waiting, such as “10 updated, 0 left out, 2 waiting”, and its status stays “Executing” for longer than expected. Cause: processing stopped partway, or a stop landed mid-run. This applies to the seven types that change supply. Fix: reopen the row, which stays resumable until it completes or is cancelled, and compare the updated, left-out, and waiting counts against the approval before you decide to retry or stop. Open the left-out holder list for the per-holder detail: each row carries the planned amount, the holder state, and the transaction that was attempted. The list carries no reason code per holder. When a batch stopped before reaching some holders, the record names them under “Holders not updated” with the reason the transaction queue gave. A follow-up run under the original terms retries only the holders that did not apply. Stopping leaves already-applied holders exactly as they are. It does not roll them back.
A run has stopped settling batches
Signal: the sheet reports that no batch has settled for a while. Cause: execution has gone quiet. Fix: inspect the pending transaction hashes and platform health while keeping the run record available. The notice alone does not establish whether execution is progressing. Request acceptance does not mean settlement. A stalled notice does not mean the run completed. Do not start an overlapping action on this asset while one is in flight. The menu blocks overlapping runs.
The run waits for approval
The record reads Waiting for approval until a second person decides. Approve a corporate action covers a decision that was not sent and an approval that expired.
Review does not open on a holder-book event
Signal: on a capital decrease, a partial redemption, or a buyback, the holder-book editor is filled in but “Review N holders →” stays disabled. Cause: the allocated amounts do not balance against the declared total. The editor holds Review back until they do. Fix: prefill pro rata from the declared total, or adjust the rows until the difference the editor shows reaches zero. Excluding a row removes its amount from the allocation, so an exclusion changes the balance too.
Recording a cash dividend is refused as payout-ineligible
Signal: recording a cash dividend, or a distribution paid in cash, is refused with the 409 error DALP-14021,
CORPORATE_, and nothing is declared. Cause: the payout token would refuse the transfer from
the treasury to some of the parties that would be paid, so their claims would fail. The check covers holders with a
positive payout, the treasury and the venue fee accounts only when they also hold the dividend token on the record
date, and the fee recipient when the payout token charges a transfer fee. A holder fails when it is not verified in
the payout token's identity registry or when the payout token's compliance refuses the payout. The refusal counts the
failing parties in ineligibleCount. The eligibility read lists at most the 250 largest holders, so the count can
exceed the parties it lists. Fix: read the dividend's denomination eligibility to see which parties fail and why, make
those holders or the fee recipient eligible to receive the payout token, fund the treasury's fee-token balance and
allowance when the payout token charges an external fee, or choose another payout token, then record the dividend
again. The payout eligibility
check describes each rule.
Frequently asked questions
Is a reverse split a different workflow from a stock split?
No. A reverse split is a stock split recorded with the ratio direction set to reverse instead of forward. Both use the same numerator and denominator fields, and the Console refuses a ratio that points against the chosen direction: a split needs more new shares than old shares, a reverse split fewer. The Console lists the two separately in the event menu so the direction you intend is unambiguous before you record it, but every later step treats them the same way.
Can I record a stock split or buyback while another one is already running on this asset?
No. Bonus issue, rights issue, capital decrease, stock split in either direction, spin-off, partial redemption, buyback, a stock dividend, and a bond coupon or distribution paid in tokens share one in-flight slot per asset. Until one of them completes or is cancelled, including while it waits for approval, the others are disabled in the menu and say so, with a link to the run that holds the slot. The same block stops primitive mint and burn on that token. Maturity redemption, conversion, and a dividend, bond coupon or distribution paid in cash never hit this limit.
Does the platform withhold tax on a cash dividend or distribution?
No. Withholding is applied off-platform, so declare the net amount. The country code on the declaration selects no withholding rate. Cash dividend and distribution covers the declaration.
Can I edit an event's terms after I record it?
No. The Console has no control to edit a stored record. If the terms are wrong before you confirm, cancel the record and create it again with the correct terms. If some holders already applied under the wrong terms, stopping the run stops the remaining ones, but a fresh record does not automatically repair the applied changes. Review the applied holders and correct them with a separately approved action.