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LUND UNIVERSITY LIBRARIES

Svenska börsbolags kapitalanskaffning - Om synen på riktade emissioner

Carlquist, Gustav LU (2013) LAGF03 20132
Faculty of Law
Department of Law
Abstract (Swedish)
Länge har de riktade emissionerna hamnat i skuggan av företrädesemissionerna. Min utredning visar på att såväl lagstiftaren som AMN under en lång period har ställt sig restriktiva till en ökning av riktade emissioner. Genom samhällets utveckling och vid olika konjunkturcykler har det skett en stadig ökning av användandet av nyemissioner. Bolagen är i allt större behov av att anskaffa kapital och när behovet inte kan tillgodoses genom en företrädesemission måste man vända sig utåt och rikta en emission.

När ett bolag riktar en emission uppkommer frågor om dess förenlighet med aktieägarskyddet i ABL och huruvida förfarandet överensstämmer med god sed på aktiemarknaden. Utredningen fokuserar på såväl den bolagsrättsliga som den... (More)
Länge har de riktade emissionerna hamnat i skuggan av företrädesemissionerna. Min utredning visar på att såväl lagstiftaren som AMN under en lång period har ställt sig restriktiva till en ökning av riktade emissioner. Genom samhällets utveckling och vid olika konjunkturcykler har det skett en stadig ökning av användandet av nyemissioner. Bolagen är i allt större behov av att anskaffa kapital och när behovet inte kan tillgodoses genom en företrädesemission måste man vända sig utåt och rikta en emission.

När ett bolag riktar en emission uppkommer frågor om dess förenlighet med aktieägarskyddet i ABL och huruvida förfarandet överensstämmer med god sed på aktiemarknaden. Utredningen fokuserar på såväl den bolagsrättsliga som den aktiemarknadsrättsliga regleringen av riktade emissioner. Vid sidan av regleringen tar jag upp verkliga fall då börsbolag har genomfört en riktad emission för att belysa de situationer då förfarandet kan bli aktuellt.

Eftersom det har skett en ökning av riktade emissioner analyseras också huruvida synen på dem har ändrats och om näringslivets krav på ökade möjligheter att rikta en emission har tillgodosetts. En ökning kan även förklaras med att det på dagens aktiemarknad råder en brist på riskkapital. Detta ökar bolagens benägenhet att söka anskaffa kapital genom en riktad emission där de kan konkurrera om kapitalet genom exempelvis emissionsrabatter.

På senare tid har det i viss mån skett en uppluckring i det restriktiva förhållningsättet till riktade emissioner. AMN har utvecklat det aktiemarknadsrättsliga regelverket genom sina uttalanden men ändå kvarstår det vissa oklarheter för bolagen om tillämpligheten. Mot bakgrund av detta anser jag att det är nödvändigt att det i framtiden utformas förtydligande riktlinjer av allmängiltig karaktär. Det är av vikt att riktlinjerna skapar ett större spelutrymme för de svenska bolagen för att dessa ska kunna konkurrera om riskkapital med bolag från andra länder. (Less)
Abstract
The targeted stock issue has for a long time been in the shadow of the preferential rights issue. My essay shows that both the legislator and the AMN during a long period have taken a restrictive stand against the increased use of targeted stock issues. However, as the society develops and through different economic cycles there has been an actual increase in the usage of targeted stock issues. When the companies’ capital requirements increases and a preferential rights issue can’t satisfy their needs they must turn to a targeted stock issue.

As a company conduct a targeted stock issue questions arises concerning its accordance with the protection of shareholders statutory regulated in the Swedish Companies Act and the regulations on... (More)
The targeted stock issue has for a long time been in the shadow of the preferential rights issue. My essay shows that both the legislator and the AMN during a long period have taken a restrictive stand against the increased use of targeted stock issues. However, as the society develops and through different economic cycles there has been an actual increase in the usage of targeted stock issues. When the companies’ capital requirements increases and a preferential rights issue can’t satisfy their needs they must turn to a targeted stock issue.

As a company conduct a targeted stock issue questions arises concerning its accordance with the protection of shareholders statutory regulated in the Swedish Companies Act and the regulations on the stock market. The investigation focuses on the reasons for justifying a targeted stock issue in relation to relevant corporate and securities law. At the same time I enlighten a few cases, when different companies have used a targeted stock issue, in order to evaluate the situations when the procedure can be an alternative.

Since there has been an increase in the usage of targeted stock issues I’ve analysed if the approach has developed and in which degree the demands from the industry and commerce has been satisfied. An increase can also be explained with the lack of venture capital on today’s stock market. The lack of venture capital increases the tendency for companies to seek funds through a targeted stock issue. Using a targeted stock issue the company can compete for funds by offering a discount on the subscription price.

The recent years there has been a loosening in the restrictive stand against the targeted stock issue. AMN has developed the regulation of securities through their statements, however there is still some vagueness of the application for the companies. With this background it is my definite opinion that we, in the future, must draft clear guidelines of the regulatory system. I think that the guidelines must offer the Swedish companies a wider margin, when they can target a stock issue, in order to compete with companies from outside of Sweden. (Less)
Please use this url to cite or link to this publication:
author
Carlquist, Gustav LU
supervisor
organization
course
LAGF03 20132
year
type
M2 - Bachelor Degree
subject
keywords
Associationsrätt, finansrätt, företagsekonomi, aktiemarknadsrätt, bolagsrätt
language
Swedish
id
4222930
date added to LUP
2014-01-28 17:42:02
date last changed
2015-01-10 03:57:51
@misc{4222930,
  abstract     = {The targeted stock issue has for a long time been in the shadow of the preferential rights issue. My essay shows that both the legislator and the AMN during a long period have taken a restrictive stand against the increased use of targeted stock issues. However, as the society develops and through different economic cycles there has been an actual increase in the usage of targeted stock issues. When the companies’ capital requirements increases and a preferential rights issue can’t satisfy their needs they must turn to a targeted stock issue.

As a company conduct a targeted stock issue questions arises concerning its accordance with the protection of shareholders statutory regulated in the Swedish Companies Act and the regulations on the stock market. The investigation focuses on the reasons for justifying a targeted stock issue in relation to relevant corporate and securities law. At the same time I enlighten a few cases, when different companies have used a targeted stock issue, in order to evaluate the situations when the procedure can be an alternative.

Since there has been an increase in the usage of targeted stock issues I’ve analysed if the approach has developed and in which degree the demands from the industry and commerce has been satisfied. An increase can also be explained with the lack of venture capital on today’s stock market. The lack of venture capital increases the tendency for companies to seek funds through a targeted stock issue. Using a targeted stock issue the company can compete for funds by offering a discount on the subscription price.

The recent years there has been a loosening in the restrictive stand against the targeted stock issue. AMN has developed the regulation of securities through their statements, however there is still some vagueness of the application for the companies. With this background it is my definite opinion that we, in the future, must draft clear guidelines of the regulatory system. I think that the guidelines must offer the Swedish companies a wider margin, when they can target a stock issue, in order to compete with companies from outside of Sweden.},
  author       = {Carlquist, Gustav},
  keyword      = {Associationsrätt,finansrätt,företagsekonomi,aktiemarknadsrätt,bolagsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Svenska börsbolags kapitalanskaffning - Om synen på riktade emissioner},
  year         = {2013},
}