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Emissionsgarantier - En analys i ljuset av rättspraxis och kapitalmarknadsrättsliga regleringar

Krappe, Erik LU (2019) HARH01 20191
Department of Business Law
Abstract (Swedish)
Vid inledandet av en nyemissionsprocess ligger det i bolagets intresse att analysera marknadens intresse för deltagande i emissionen. Det kan ligga i bolagets intresse att vända sig till en alternativ finansiär för att säkerställa att kommande nyemission blir fulltecknad, detta görs genom ett teckningslöfte från finansiären som innebär att finansiären åtar sig, mot vederlag, teckna de aktier som blir över i nyemissionen. Detta specifika teckningslöfte benämns som emissionsgaranti och används för att säkerställa kommande nyemission.
Emissionsgarantins rättsliga grunder prövades i NJA 2016 s. 107 var vid HD slog fast att en garant inte kan bli tvingad till att teckna aktierna i enlighet med garantin. HD poängterade att om en... (More)
Vid inledandet av en nyemissionsprocess ligger det i bolagets intresse att analysera marknadens intresse för deltagande i emissionen. Det kan ligga i bolagets intresse att vända sig till en alternativ finansiär för att säkerställa att kommande nyemission blir fulltecknad, detta görs genom ett teckningslöfte från finansiären som innebär att finansiären åtar sig, mot vederlag, teckna de aktier som blir över i nyemissionen. Detta specifika teckningslöfte benämns som emissionsgaranti och används för att säkerställa kommande nyemission.
Emissionsgarantins rättsliga grunder prövades i NJA 2016 s. 107 var vid HD slog fast att en garant inte kan bli tvingad till att teckna aktierna i enlighet med garantin. HD poängterade att om en emissionsgaranti är skriftlig och att garanten haft tillgång till adekvat information om nyemissionens villkor och förutsättningar, är avtalet (emissionsgarantin) rättsligt bindande i den meningen att avtalsbrott kan grunda skadeståndsansvar. Då emissionsgarantin inte direkt regleras i ABL blir 2016 års prejudikat vägledande för den rättsliga regleringen beträffande emissionsgarantier.
Emissionsgarantin regleras även från ett kapitalmarknadsrättsligt perspektiv, då genom de institutioner och aktörer som reglerar svenska aktiehandel. De marknadsrättsliga reglerna kräver att emissionsgarantin förhåller sig till god sed på aktiemarknaden. Uppsatsen syftar även till att utreda vad god sed på aktiemarknaden innebär i fråga om emissionsgarantier.
Sammantaget ser ingen av aktörerna eller institutionerna något problem med användandet av emissionsgarantier, såvida de vederlag som utgår förhåller sig marknadsmässigt och att bolaget inte schablonmässigt fastställt att de aktier som utgör ersättning tecknas till samma belopp som aktierna i företrädesemissionen. (Less)
Abstract
When initiating a new issue process, it is in the company's interest to analyze the market's interest in participating in the issue. The company can turn to an alternative financier to ensure that the new share issue will be fully subscribed. This is done through a subscription promise from the financier, which means that the financier agrees to purchase whatever shares remain after the public had its chance to invest, for this guarantee the financier is compensated. This specific subscription promise is called a standby underwriting.
The legal bases of the underwriting were tested in the Swedish Supreme Court case NJA 2016 p. 107 in which the court stated that the underwriter cannot be forced to subscribe for the shares in accordance... (More)
When initiating a new issue process, it is in the company's interest to analyze the market's interest in participating in the issue. The company can turn to an alternative financier to ensure that the new share issue will be fully subscribed. This is done through a subscription promise from the financier, which means that the financier agrees to purchase whatever shares remain after the public had its chance to invest, for this guarantee the financier is compensated. This specific subscription promise is called a standby underwriting.
The legal bases of the underwriting were tested in the Swedish Supreme Court case NJA 2016 p. 107 in which the court stated that the underwriter cannot be forced to subscribe for the shares in accordance with the guarantee. However, the court stated that if an underwriting is in writing and if the financier has access to adequate information on the terms and conditions of the new issue, the underwriting is legally binding in the sense that breach of contract can result in damages fees. Since the underwriting is not directly regulated in Swedish law, the 2016 precedent has become the guiding principle for the legal regulation regarding underwritings.
The underwriting is also regulated from a stock market law perspective, the regulations institutions are those involved in Swedish stock trading. The institutions require that the underwriting corresponds to good practise in the stock market. The thesis will investigate how standby underwritings correlates with good practise in the stock market.
The conclusion is that the institutions do not see any problem with the use of standby underwritings as long as the compensation for the underwriter is set to a market standard. If the underwriter is compensated with shares, the company can’t decide to set a standard price that correlates with the shares in the new issue. (Less)
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author
Krappe, Erik LU
supervisor
organization
course
HARH01 20191
year
type
M2 - Bachelor Degree
subject
keywords
Emissionsgarantier, Teckningsutfästelser, Emission, Nyemission, Aktier, NJA 2016 s.107, NJA 1918 s.394, Emittentbolag, Teckningslikvid, Standby-underwriting.
language
Swedish
id
8981377
date added to LUP
2019-06-12 07:54:01
date last changed
2019-06-12 07:54:01
@misc{8981377,
  abstract     = {When initiating a new issue process, it is in the company's interest to analyze the market's interest in participating in the issue. The company can turn to an alternative financier to ensure that the new share issue will be fully subscribed. This is done through a subscription promise from the financier, which means that the financier agrees to purchase whatever shares remain after the public had its chance to invest, for this guarantee the financier is compensated. This specific subscription promise is called a standby underwriting. 
The legal bases of the underwriting were tested in the Swedish Supreme Court case NJA 2016 p. 107 in which the court stated that the underwriter cannot be forced to subscribe for the shares in accordance with the guarantee. However, the court stated that if an underwriting is in writing and if the financier has access to adequate information on the terms and conditions of the new issue, the underwriting is legally binding in the sense that breach of contract can result in damages fees. Since the underwriting is not directly regulated in Swedish law, the 2016 precedent has become the guiding principle for the legal regulation regarding underwritings. 
The underwriting is also regulated from a stock market law perspective, the regulations institutions are those involved in Swedish stock trading. The institutions require that the underwriting corresponds to good practise in the stock market. The thesis will investigate how standby underwritings correlates with good practise in the stock market. 
The conclusion is that the institutions do not see any problem with the use of standby underwritings as long as the compensation for the underwriter is set to a market standard. If the underwriter is compensated with shares, the company can’t decide to set a standard price that correlates with the shares in the new issue.},
  author       = {Krappe, Erik},
  keyword      = {Emissionsgarantier,Teckningsutfästelser,Emission,Nyemission,Aktier,NJA 2016 s.107,NJA 1918 s.394,Emittentbolag,Teckningslikvid,Standby-underwriting.},
  language     = {swe},
  note         = {Student Paper},
  title        = {Emissionsgarantier - En analys i ljuset av rättspraxis och kapitalmarknadsrättsliga regleringar},
  year         = {2019},
}