In a rights issue, any shares taken up by underwriters. Where a rights issue is underwritten, the underwriters will seek subscribers in the market for any shares not taken up by shareholders (such shares are also known as the rump). Any such shares for which subscribers cannot be found will be subscribed for by the underwriters and are referred to as the stick.

For further details, see Practice notes, Rights issues: overview and Practice note, Underwriting agreement: rights issue: guide to key provisions and negotiation: Underwriting obligations.