A common share that an issuer can call away from a shareholder at a premium to the then prevailing market price or as per a schedule of prices announced at the time the common share is issued.

It is a type of equity security (share) that gives the issuer (the company issuing the share) the right, without the obligation, to redeem or “call” the share at a pre-specified price prior to a specified date (i.e., during a set call period).

This common share is embedded with a call option (embedded call option) that allows the issuer to buy it back from the holders as per the terms specified in the issue (including call price, callability period, etc). The issuer can exercise the embedded option during a set period of time, after which the right lapses.