Authorised shares
The maximum number of shares a company may place in addition to those already issued, should it decide to.
How to read the number
A headroom written into the articles in advance: while it lasts, a new issue needs only a corporate resolution, with no separate amendment of the articles.
When the metric lies
A large authorised headroom places nothing by itself, but it removes one obstacle to dilution — and frequently precedes it.
Also known as: authorised shares