Defined in section 1.1 of National Instrument 62-104 – Take-over Bids and Issuer Bids (NI 62-104) as a security of an issuer that carries a residual right to participate in the earnings of the issuer and, on liquidation or winding up of the issuer, in its assets.

For more information, see: Practice Note, Take-over Bids: Overview and Practice Note, Roadmap to Multilateral Instrument 61-101.