Santander Rights Issue - Can someone translate

As an existing shareholder, you're being offered the opportunity to buy more shares. Because new shares are being issued, your shareholding would be diluted (i.e. shares are appearing out of thin air, so your slice of the overall pie shrinks)... so you're offered them at a lower price to offset the capital shrinkage you'd otherwise suffer.

Option 1 - Take up of their Rights.

= Buy all of your allotted shares (you're allowed one share for every four you hold, at the lower price).

Option 2 - Partial take up of their Rights.

= Buy up some of the shares, but not all of your allocation.

Option 3 - Sell their Rights.

= Sell the "rights" to the lower-priced shares onto the market. People who don't own Santander shares can then take advantage of the lower price. This is basically a way of avoiding some of the dilution you would receive without increasing your shareholding.

Option 4 - Cashless take up of their Rights

= You would sell enough of your rights to buy the rest of the shares on offer with the profit. Result: you increase your shareholding without stumping up extra cash.

Santander Rights Issue - Can someone translate
Las derechas comparten para cada parte ordinaria de Banco Santander llevada a cabo la fecha del Ex-derecho del 13 de noviembre de 2008.
Cada partes de las 4 derechas dan derecho sostenedores para suscribir para 1 nueva parte ordinaria de Banco Santander en un precio de EUR4.50 por la nueva parte ordinaria.
Los sostenedores tienen las opciones siguientes:
Opci!n 1 - Tome de las sus derechas.
Opci!n 2 - Parcial tome de las sus derechas.
Opci!n 3 - Venda las sus derechas.
Opci!n 4 - Cashless toma de las sus derechas

That better?

I thought the whole point was uk holders were having them sold automatically, does that mean only at the last possible moment?