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LUND UNIVERSITY LIBRARIES

Riktade emissioner - En nödvändighet för börsbolagens nutida kapitalanskaffning?

Lähdekorpi, Pekka LU (2013) JURM02 20131
Department of Law
Abstract (Swedish)
Då konkurrensen mellan börsbolagen ökat och det generella finansklimatet hårdnat är det i dagsläget nästintill en daglig företeelse att svenska börsbolag genomför olika typer av emissioner. Börsbolagens ökade kapitalbeho¬v har även lett till en klar ökning vad gäller bolagens användning av riktade emissioner och samtidigt åskådliggjort vissa bolags- och aktiemarknads-rättsliga problem som uppstår i samband med nämnda emissionsförfarande. Eftersom befintliga aktieägare ofta exkluderas från att delta vid en riktad emission uppdagas frågeställningar om aktieägarnas likabehandling och möjligheter att påverka emissionsbesluten. Det kan argumenteras för att de riktade emissionerna hamnat i skuggan av företrädesemissionerna under de relativt... (More)
Då konkurrensen mellan börsbolagen ökat och det generella finansklimatet hårdnat är det i dagsläget nästintill en daglig företeelse att svenska börsbolag genomför olika typer av emissioner. Börsbolagens ökade kapitalbeho¬v har även lett till en klar ökning vad gäller bolagens användning av riktade emissioner och samtidigt åskådliggjort vissa bolags- och aktiemarknads-rättsliga problem som uppstår i samband med nämnda emissionsförfarande. Eftersom befintliga aktieägare ofta exkluderas från att delta vid en riktad emission uppdagas frågeställningar om aktieägarnas likabehandling och möjligheter att påverka emissionsbesluten. Det kan argumenteras för att de riktade emissionerna hamnat i skuggan av företrädesemissionerna under de relativt långa perioderna av högkonjunktur varpå de utredda frågeställningarna aktualiserades betydligt mer sällan. Detta bör jämföras med dagens aktiemarknad där emissionsformen ökar för varje år vilket i sin tur medför att utredningsområdet är högst aktuellt.

Utredningen fokuseras kring gällande bolags- och aktiemarknadsrätt där framförallt de gränser som sätts för de riktade emissionerna genom berörda regelverk analyseras. För att påvisa ökningen som skett i användandet av de riktade emissionerna utreds också det nuvarande emissionsläget på aktie-marknaden där svenska börsbolags riktade emissioner utvärderas mot bakgrund av gällande bolags- och aktiemarknadsrätt. Mot bakgrund av att börsbolagen frekvent genomför riktade emissioner analyseras det även huruvida det på senare tid i ljuset av börsbolagens stadigt ökade kapitalbehov skett en lindring av de bolags- och aktiemarknadsrättsliga gränserna i praktiken. Nämnda frågeställning är aktuell då börsbolagen ständigt söker utveckla sina emissionserbjudanden så mycket som möjligt i syfte att göra det förmånligare för utomstående intressenter att investera stora summor i bolagen. Den tänkbara lindring som i praktiken skett av dessa gränser måste ses i ljuset av dagens aktiemarknad där det råder ständig brist på nytt riskkapital vilket har gjort att de riktade emissionerna också framstår som ett attraktivt alternativ för bolagen i sin kapitalanskaffning.

Utredningen påvisar att även om svensk rätt tillåter genomförandet riktade emissioner har både lagstiftare och AMN tidigare ställt sig restriktiva till en alltför stor ökning av deras användande. Det påvisas dock att framförallt AMN visat sig anpassningsbara i ärendet då det aktiemarknadsrättsliga regelverket kring de riktade emissionerna behövt anpassas i takt med att aktiemarknaden utvecklats och bolagens kapitalbehov ökat. Bolagen saknar dock fortfarande tydliga riktlinjer vad gäller utförandet av en riktad emission. Riktlinjerna måste komma från antingen lagstiftare eller en av denne utsedd aktör varför det är min åsikt att reglementet för de riktade emissionerna bör tas upp för departementsbehandling. (Less)
Abstract
The increased competition between listed companies on the Swedish stock market (“Stock market” below) in connection with a hardening of the financial climate has made various types of stock issues almost a daily occurrence on the Stock market. The companies’ steadily increasing capital requirements has also led to a significant upturn in the use of targeted stock issues. This development exemplifies certain issues regarding corporate and securities law. As a majority of existing shareholders usually is excluded from participating in a targeted stock issue the subject raises questions concerning shareholders’ equality and their ability to influence the issuance decisions. It can be argued that the rights issues overshadowed the targeted... (More)
The increased competition between listed companies on the Swedish stock market (“Stock market” below) in connection with a hardening of the financial climate has made various types of stock issues almost a daily occurrence on the Stock market. The companies’ steadily increasing capital requirements has also led to a significant upturn in the use of targeted stock issues. This development exemplifies certain issues regarding corporate and securities law. As a majority of existing shareholders usually is excluded from participating in a targeted stock issue the subject raises questions concerning shareholders’ equality and their ability to influence the issuance decisions. It can be argued that the rights issues overshadowed the targeted stock issues during the relatively long periods of economic stability, whereas in comparison with today’s tough Stock market the use of targeted stock issues is steadily increasing. This progress makes the investigation highly topical.

The investigation focuses on the relevant Swedish regulations regarding corporate and securities law where especially the reasons justifying a targeted stock issue’s compliance with the regulations are analysed. To demonstrate the increase in the use of targeted stock issues I have also examined the current use of targeted stock issues on the Stock market. Certain targeted stock issues are evaluated in the light of the corporate and securities law presented.

Given that the listed companies nowadays frequently carry out targeted stock issues it is also essential to analyse whether the regulatory requirements have been upheld to the same extent compared to the times when the use of targeted stock issues was scarce. This particular matter is interesting, as the listed companies over the past decade have sought to develop their share offers as much as possible in order to make them favourable for external investors. It is therefore important to analyse whether the share issues are still within the limits of the law. My study shows that as the use of targeted stock issues will continue increase so will probably the companies’ demands for lower requirements on how to carry out a targeted stock issue. The question is of specific interest for many of the listed companies as there is a general shortage of new venture capital on the Sock market. This shortage is also one of the main reasons why the targeted stock issues nowadays appear to be a generous alternative for the companies; a targeted stock issue gives the issuing companies an opportunity to attract external financially strong investors by solely marketing themselves on for instance foreign markets.

My study shows that although the regulations regarding relevant corporate and securities law permits the use of targeted stock issues, both the legislative power and AMN have historically taken a restrictive standpoint to an excessive increase in their use. However, the investigation demonstrates that especially AMN has proven to be adaptable in cases concerning potential conflicts between a targeted stock issue and its regulatory requirements. AMN has step by step revised their former policy in line with the current development on the Stock market. However, it is my opinion that the listed companies are still lacking clear guidance of what is acceptable regarding the companies’ strategy in their use of targeted stock issues. These guidelines have to come from either the legislator or another respectable actor on the stock market (for instance Sw; Kollegiet för svensk bolagsstyrning). Hence it is my recommendation that the procedures surrounding the use of targeted stock issues should at least be taken up for discussion and processing in the relevant department within the Swedish government. (Less)
Please use this url to cite or link to this publication:
author
Lähdekorpi, Pekka LU
supervisor
organization
alternative title
Targeted stock issues - A necessity for listed companies in light of their current capital requirements
course
JURM02 20131
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, bolagsrätt, aktiemarknadsrätt, emissioner, företrädesemission, riktad emission, likhetsprincip, generalklausul, god sed på aktiemarknaden
language
Swedish
id
3562868
date added to LUP
2013-04-02 08:11:28
date last changed
2013-04-02 08:11:28
@misc{3562868,
  abstract     = {The increased competition between listed companies on the Swedish stock market (“Stock market” below) in connection with a hardening of the financial climate has made various types of stock issues almost a daily occurrence on the Stock market. The companies’ steadily increasing capital requirements has also led to a significant upturn in the use of targeted stock issues. This development exemplifies certain issues regarding corporate and securities law. As a majority of existing shareholders usually is excluded from participating in a targeted stock issue the subject raises questions concerning shareholders’ equality and their ability to influence the issuance decisions. It can be argued that the rights issues overshadowed the targeted stock issues during the relatively long periods of economic stability, whereas in comparison with today’s tough Stock market the use of targeted stock issues is steadily increasing. This progress makes the investigation highly topical. 

The investigation focuses on the relevant Swedish regulations regarding corporate and securities law where especially the reasons justifying a targeted stock issue’s compliance with the regulations are analysed. To demonstrate the increase in the use of targeted stock issues I have also examined the current use of targeted stock issues on the Stock market. Certain targeted stock issues are evaluated in the light of the corporate and securities law presented. 

Given that the listed companies nowadays frequently carry out targeted stock issues it is also essential to analyse whether the regulatory requirements have been upheld to the same extent compared to the times when the use of targeted stock issues was scarce. This particular matter is interesting, as the listed companies over the past decade have sought to develop their share offers as much as possible in order to make them favourable for external investors. It is therefore important to analyse whether the share issues are still within the limits of the law. My study shows that as the use of targeted stock issues will continue increase so will probably the companies’ demands for lower requirements on how to carry out a targeted stock issue. The question is of specific interest for many of the listed companies as there is a general shortage of new venture capital on the Sock market. This shortage is also one of the main reasons why the targeted stock issues nowadays appear to be a generous alternative for the companies; a targeted stock issue gives the issuing companies an opportunity to attract external financially strong investors by solely marketing themselves on for instance foreign markets.

My study shows that although the regulations regarding relevant corporate and securities law permits the use of targeted stock issues, both the legislative power and AMN have historically taken a restrictive standpoint to an excessive increase in their use. However, the investigation demonstrates that especially AMN has proven to be adaptable in cases concerning potential conflicts between a targeted stock issue and its regulatory requirements. AMN has step by step revised their former policy in line with the current development on the Stock market. However, it is my opinion that the listed companies are still lacking clear guidance of what is acceptable regarding the companies’ strategy in their use of targeted stock issues. These guidelines have to come from either the legislator or another respectable actor on the stock market (for instance Sw; Kollegiet för svensk bolagsstyrning). Hence it is my recommendation that the procedures surrounding the use of targeted stock issues should at least be taken up for discussion and processing in the relevant department within the Swedish government.},
  author       = {Lähdekorpi, Pekka},
  keyword      = {associationsrätt,bolagsrätt,aktiemarknadsrätt,emissioner,företrädesemission,riktad emission,likhetsprincip,generalklausul,god sed på aktiemarknaden},
  language     = {swe},
  note         = {Student Paper},
  title        = {Riktade emissioner - En nödvändighet för börsbolagens nutida kapitalanskaffning?},
  year         = {2013},
}