In most jurisdictions, an existing shareholder has the right to purchase additional shares of a new issue to obtain equity before others have the right to acquire shares of the new issue. n. the right of a shareholder in a capital company to have the first opportunity to acquire a new issue of shares of that company in relation to the amount of shares held by the shareholder. (See: Company by Shares) A shareholder`s right to retain a proportionate share of a company`s ownership by acquiring a proportionate stake in any new share issues.