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Title:Zamenljive obveznice in obveznice z delniško nakupno opcijo ter pogojno povečanje osnovnega kapitala : doktorska disertacija
Authors:Vončina, Janez (Author)
Prelič, Saša (Mentor) More about this mentor... New window
Files:.pdf DR_Voncina_Janez_2018.pdf (1,95 MB)
 
Language:Slovenian
Work type:Doctoral dissertation (mb31)
Typology:2.08 - Doctoral Dissertation
Organization:PF - Faculty of Law
Abstract:Zamenljive obveznice in obveznice z delniško nakupno opcijo so obveznice, ki predstavljajo instrumente t.i. mezaninskega kapitala, kajti združujejo tako elemente lastniškega kot dolžniškega kapitala. Čeprav se te obveznice načeloma uvrščajo med instrumente dolžniškega financiranja delniške družbe, jih obeležuje pomembna dodatna kvaliteta: njihovi imetniki lahko pod določenimi pogoji pridobijo delnice družbe. Upravičenju do pridobitve delnic, ki je inkorporirano v zamenljive obveznice oziroma v obveznice z delniško nakupno opcijo, je imanentno tveganje razvodenitve kapitalske udeležbe obstoječih delničarjev, zato je treba njihove interese primerno zavarovati. Slovenski pravni red po zgledu na primerjalne korporacijske ureditve varstvo vzpostavlja na dveh nivojih. Zaostruje pogoje za izdajo teh obveznic, saj sme poslovodstvo emisijo izvršiti le, če s tem soglaša skupščina delničarjev, ter delničarjem zagotavlja prednostno pravico do nakupa obveznic ob njihovi izdaji. Soglasje k izdaji obveznic skupščina poda bodisi z obvezujočim bodisi s pooblastitvenim sklepom. Proceduralne zahteve so v obeh primerih enake. Prednostna pravica delničarjev do nakupa obveznic se lahko tudi izključi, če so za to izpolnjene zahtevane formalne in materialne predpostavke. Pri izvedbi emisije na podlagi pooblastitvenega sklepa sme skupščina za izključitev prednostne pravice pooblastiti poslovodstvo, kar je nujno za ohranitev potrebne fleksibilnosti pri pridobivanju hibridnega kapitala. Varovanje delničarjev s prednostno pravico se zagotavlja ne le v postopku izdaje obveznic, temveč tudi v primeru njihove odsvojitve s strani družbe - izdajateljice, ki je obveznice poprej derivativno pridobila. Upravičenje imetnikov obveznic, da pridobijo delnice družbe, za slednjo pomeni obveznost, da delnice efektivno zagotovi. Najprimernejši mehanizem za ta namen je pogojno povečanje osnovnega kapitala, to pa zaradi tega, ker funkcionalno uravnoteži interese vseh deležnikov - družbe, imetnikov obveznic in obstoječih delničarjev. Temeljna predpostavka za izdajo delnic iz naslova pogojnega povečanja osnovnega kapitala je vpis sklepa skupščine (o takšnem povečanju osnovnega kapitala) v sodni register. Če je sklep skupščine neveljaven, je neveljaven tudi vpis izdaje delnic, zato je treba s tožbo v pravdnem postopku - če naj bo ta sposobna za meritorno obravnavo - uveljavljati dva zahtevka - ničnostni oziroma izpodbojni zahtevek zoper sklep skupščine in zahtevek na ugotovitev ničnosti vpisa izdaje delnic. Ob emisiji delnic je poslovodstvo vezano na dve omejitvi: - izdati jih je mogoče le za namen, ki je opredeljen v sklepu skupščine o pogojnem povečanju osnovnega kapitala; - izdaja je dopustna šele po plačilu celotnega emisijskega zneska. Ključna razlika med njima se pokaže v primeru njihovih kršitev. Če namreč poslovodstvo delnice izda za drugačen namen, kot ga je določila skupščina, so delnice nične, medtem ko so delnice, izdane pred njihovim polnim plačilom, veljavne.
Keywords:zamenljive obveznice, obveznice z delniško nakupno opcijo, pogojno povečanje osnovnega kapitala, osnovni kapital, pogojni kapital, doktorske disertacije, convertible bonds, bonds with stock purchase warrant, conditional increase of share capital, share capital, conditional capital, dissertation theses
Year of publishing:2018
Year of performance:2018
Place of performance:[Maribor
Publisher:J. Vončina]
Number of pages:XIII, 294 str.
Source:[Maribor
UDC:336.763.3:347.728.2(043.3)
COBISS_ID:5551915 Link is opened in a new window
NUK URN:URN:SI:UM:DK:PSHFMAXM
Views:995
Downloads:158
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Categories:PF
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Secondary language

Language:English
Title:Convertible bonds, bonds with stock purchase warrant and conditional increase of share capital
Abstract:Convertible bonds and bonds with stock purchase warrant are bonds, which represent instruments of so called mezzanine capital, for they combine elements of equity as well as debt capital. Although these bonds are fundamentally classified as instruments of joint stock company's debt financing, they are marked with an important additional quality: their holders may on certain conditions obtain company's shares. The right to obtain shares, incorporated in convertible bonds and bonds with stock purchase warrant, on the other hand brings about a risk for the existing shareholders, namely a risk of dilution of their shares. It is therefore necessary to protect their legitimate interests. Following the example of comparative legal regulations Slovenian legal system establishes a two-level safeguard: (i) it sharpens the conditions for issue of these bonds, because the management may carry out the issue only under a consent of general assembly; (ii) it secures to the shareholders a right to a preferential purchase of bonds in the issue procedure. A consent of the general assembly may be granted by a binding or by an authorizing resolution. The procedural framework is the same in both cases. The shareholders' preferential right may also be excluded, if special formal and substantial requirements are met. When bonds are issued on the basis of an authorizing resolution, the general assembly may authorize the management for an exclusion of the preferential right. This is essential, if necessary flexibility by acquiring hybrid capital is to be maintained. Safeguarding of shareholders by a preferential right is guaranteed not only in the issue procedure, but also in a situation when the bonds are being disposed of by the issuing company, which has precedingly obtained the bonds in a derivative way. The right of bondholders to acquire company's shares is reflected in the company's obligation to effectively secure a delivery of shares. The most appropriate mechanism for this purpose is conditional increase of share capital, as it functionally balances the interests of all relevant participants, namely those of the company, the bondholders and the existing shareholders. A fundamental condition for issue of shares is a registration of general assembly resolution on conditional increase of share capital in the judicial registry. Should that resolution be invalid, so shall also be invalid the registration of issue of shares. That is why it is necessary that a lawsuit in a litigation procedure - if a lawsuit is to be dealt with substantially - comprises two claims - the claim on ascertainment of nullity/invalidation of the general assembly resolution as well as the claim on ascertainment of nullity of registration of shares issue. By issue of shares the management is bound by two restrictions: - shares are allowed to be issued solely for a purpose, defined in the general assembly resolution; - the issue is permissible only after the shares have been fully paid. A key difference between the two is manifested in case they are violated. If management issues shares for a different purpose then the one, determined by a general assembly, the shares shall be null and void, whereas the shares shall be valid, if issued prior to their full payment.


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