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God sed och riktade emissioner

Nilsson, Jakob LU (2018) LAGF03 20181
Department of Law
Faculty of Law
Abstract
Companies that cannot finance their business through revenue alone may need to raise new capital. As a rule of thumb, the company does so by issuing new shares, warrants or convertibles. The main rule is that existing owners should have preferential rights to subscribe for the number of securities issued in proportion to the owner's existing holdings. Such issues are called preferential issues.

However, some companies may be interested in deviating from preferential rights when issuing new securities. Such causes could be that the company has an interest in a strategically important owner, or that a preferential issue would take too long to implement. Such issues are called directed issues. The essay investigates the conditions for... (More)
Companies that cannot finance their business through revenue alone may need to raise new capital. As a rule of thumb, the company does so by issuing new shares, warrants or convertibles. The main rule is that existing owners should have preferential rights to subscribe for the number of securities issued in proportion to the owner's existing holdings. Such issues are called preferential issues.

However, some companies may be interested in deviating from preferential rights when issuing new securities. Such causes could be that the company has an interest in a strategically important owner, or that a preferential issue would take too long to implement. Such issues are called directed issues. The essay investigates the conditions for companies to deviate from preferential rights.

The company's capital acquisition is governed by the Companies Act. Companies listed on different types of regulated marketplaces are called stock market companies. Such companies need to follow good practice in the securities market. Good practice is defined by Aktiemarknadsnämnden.

The conclusion is that good practice rarely differs from the Companies Act. The legal situation, however, could be defined as a bit unclear. Many conclusions can be drawn from the Companies Act and the statements of Aktiemarknadsnämnden, but as some legal developments have taken place recently, there is no research on the subject.

The essay contains a legal systematic discussion of how statements from the Aktiemarknadnämnden relate to each other. The conclusion that can be drawn is that the Aktiemarknadsnämnden has to some extent liberalized its view on directed issues and that directed issues are generally acceptable if justified by the company's best interests. (Less)
Abstract (Swedish)
Aktiebolag som inte kan finansiera sin verksamhet enbart genom intäkter kan behöva ta in nytt kapital. Som huvudregel sker det genom att aktiebolaget emitterar nya aktier, teckningsoptioner eller konvertibler. Utgångspunkten är att befintliga ägare ska ha företrädesrätt till att teckna det antal av de emitterade värdepapperna som står i proportion till ägarens befintliga innehav. Sådana emissioner kallas företrädesemissioner.

Vissa bolag kan dock ha intresse av att avvika från företrädesrätten när de emitterar nya värdepapper. Det kan vara som så att man vill ha in en strategiskt viktig ägare, eller att en företrädesemission skulle ta för lång tid att genomföra. Sådana emissioner kallas riktade emissioner. Uppsatsen utreder... (More)
Aktiebolag som inte kan finansiera sin verksamhet enbart genom intäkter kan behöva ta in nytt kapital. Som huvudregel sker det genom att aktiebolaget emitterar nya aktier, teckningsoptioner eller konvertibler. Utgångspunkten är att befintliga ägare ska ha företrädesrätt till att teckna det antal av de emitterade värdepapperna som står i proportion till ägarens befintliga innehav. Sådana emissioner kallas företrädesemissioner.

Vissa bolag kan dock ha intresse av att avvika från företrädesrätten när de emitterar nya värdepapper. Det kan vara som så att man vill ha in en strategiskt viktig ägare, eller att en företrädesemission skulle ta för lång tid att genomföra. Sådana emissioner kallas riktade emissioner. Uppsatsen utreder förutsättningarna för aktiebolag att få avvika från företrädesrätten.

Aktiebolagens kapitalanskaffning regleras av Aktiebolagslagen. Aktiebolag som är noterade på olika typer av reglerade marknadsplatser kallas för aktiemarknadsbolag. Sådana bolag behöver även följa god sed på värdepappersmarknaden. Vad som är god sed bedöms av Aktiemarknadsnämnden.

Uppsatsen kommer fram till att god sed sällan skiljer sig från aktiebolagslagen. Rättsläget är dock att bedöma som en aning oklart. Många slutsatser kan dras av aktiebolagslagen och Aktiemarknadsnämndens uttalanden, men då viss rättsutveckling har skett nyligen saknas forskning på ämnet.

Uppsatsen innehåller en rättssystematisk diskussion om hur uttalanden från Aktiemarknadsnämnden förhåller sig till varandra. Slutsatsen som kan dras är att Aktiemarknadsnämnden i viss mån har liberaliserat sin syn på riktade emissioner, och att riktade emissioner som huvudregel är godtagbara om kan motiveras av bolagets bästa. (Less)
Please use this url to cite or link to this publication:
author
Nilsson, Jakob LU
supervisor
organization
course
LAGF03 20181
year
type
M2 - Bachelor Degree
subject
keywords
Associationsrätt, Aktiemarknadsrätt
language
Swedish
id
8941051
date added to LUP
2018-07-04 18:29:56
date last changed
2018-07-04 18:29:56
@misc{8941051,
  abstract     = {Companies that cannot finance their business through revenue alone may need to raise new capital. As a rule of thumb, the company does so by issuing new shares, warrants or convertibles. The main rule is that existing owners should have preferential rights to subscribe for the number of securities issued in proportion to the owner's existing holdings. Such issues are called preferential issues.

However, some companies may be interested in deviating from preferential rights when issuing new securities. Such causes could be that the company has an interest in a strategically important owner, or that a preferential issue would take too long to implement. Such issues are called directed issues. The essay investigates the conditions for companies to deviate from preferential rights.

The company's capital acquisition is governed by the Companies Act. Companies listed on different types of regulated marketplaces are called stock market companies. Such companies need to follow good practice in the securities market. Good practice is defined by Aktiemarknadsnämnden.

The conclusion is that good practice rarely differs from the Companies Act. The legal situation, however, could be defined as a bit unclear. Many conclusions can be drawn from the Companies Act and the statements of Aktiemarknadsnämnden, but as some legal developments have taken place recently, there is no research on the subject.

The essay contains a legal systematic discussion of how statements from the Aktiemarknadnämnden relate to each other. The conclusion that can be drawn is that the Aktiemarknadsnämnden has to some extent liberalized its view on directed issues and that directed issues are generally acceptable if justified by the company's best interests.},
  author       = {Nilsson, Jakob},
  keyword      = {Associationsrätt,Aktiemarknadsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {God sed och riktade emissioner},
  year         = {2018},
}