No, individuals who are not existing shareholders as of the record date cannot directly apply for a rights issue. However, they can participate by purchasing Rights Entitlements (REs) from existing shareholders who have renounced their rights. By acquiring REs, they can then subscribe to the rights issue within the specified timeframe.

Rights Issue: A rights issue is an offering of new shares to existing shareholders of a company. Existing shareholders are given the option to purchase additional shares at a discounted price, proportional to their existing holdings.

Record Date: The record date is a crucial date determined by the company for identifying eligible shareholders for the rights issue.

Rights Entitlements (REs): Rights entitlements represent the right to subscribe to the newly issued shares in the rights issue. Existing shareholders who don't wish to subscribe themselves can renounce (sell) their rights entitlements.

Renunciation: Renunciation allows existing shareholders to transfer their rights entitlements to other investors.

Non-Shareholders Applying: Individuals who were not shareholders on the record date cannot directly apply for the rights issue, as they don't have the initial entitlement.

Purchasing REs: To participate in the rights issue, non-shareholders must purchase REs from existing shareholders who have renounced their rights.

Applying for Shares: Once they have purchased REs, they can then use those REs to apply for the rights shares during the subscription period.