Aktieägarskydd i samband med riktade emissioner
(2022) LAGF03 20222Faculty of Law
Department of Law
- Abstract (Swedish)
- En av de stora fördelarna med att vara ett aktiemarknadsbolag är möjligheten att kunna vända sig till allmänheten och genomföra en kontantemission av aktier. Utgångspunkten vid en sådan emission är att bolagets befintliga aktieägare har företrädesrätt till att teckna nya aktierna i förhållande till det antal aktier de äger, en s.k. företrädesemission.
Det finns ett undantag till utgångspunkten om företrädesemission, genom vilket en emission kan riktas till en specifik krets av investerare, som får en möjlighet att teckna samtliga aktier. Dessa kallas riktade emissioner, och medan dessa kan vara ett tids- och kostnadseffektivt sätt genomföra en nyemission, så riskerar samtidigt också befintliga aktieägare att lida skada genom värde- och... (More) - En av de stora fördelarna med att vara ett aktiemarknadsbolag är möjligheten att kunna vända sig till allmänheten och genomföra en kontantemission av aktier. Utgångspunkten vid en sådan emission är att bolagets befintliga aktieägare har företrädesrätt till att teckna nya aktierna i förhållande till det antal aktier de äger, en s.k. företrädesemission.
Det finns ett undantag till utgångspunkten om företrädesemission, genom vilket en emission kan riktas till en specifik krets av investerare, som får en möjlighet att teckna samtliga aktier. Dessa kallas riktade emissioner, och medan dessa kan vara ett tids- och kostnadseffektivt sätt genomföra en nyemission, så riskerar samtidigt också befintliga aktieägare att lida skada genom värde- och inflytandemässig utspädning. Det finns således olika motstående intressen som ska tillgodoses inom ramen för områdets reglering. Framställningen kartlägger förutsättningarna under vilka en riktad emission kan anses förenlig med såväl aktiebolagsrätten som den aktiemarknadsrättsliga självregleringen. Uppsatsen undersöker också huruvida den nu gällande regleringen tillräckligt tillgodoser dess syfte och ändamål. Detta görs särskilt mot bakgrund av den utveckling som skett på den svenska aktiemarknaden på senare tid, särskilt på de mindre listorna.
Framställningen visar att de krav som idag ställs på genomförande av riktade emissioner inte tillräckligt säkerställer ett effektivt aktieägarskydd, och att lagstiftningen till synes inte hängt med utvecklingen på aktiemarknaden. Svenska aktiemarknadsbolag har utnyttjat detta för att enklare kunna resa nytt kapital, vilket skett på aktieägarnas bekostnad. En slutsats är således att regleringen av riktade emissioner behöver anpassas efter hur aktiemarknaden och det svenska aktieägandet ser ut idag.
Avslutningsvis diskuteras en lösning på problemet. Härigenom föreslås att det mest ändamålsenliga torde vara att frånta styrelsens möjligheten att besluta om riktad emission på bemyndigande enligt 13 kap. 35 §. (Less) - Abstract
- One of the great advantages of being a publicly listed company is being able to carry out a public cash issue of shares. The main rule for such an issue is that the company's existing shareholders have pre-emption rights to the new shares in relation to the number of shares they own, a so-called rights issue.
There is an exception to the main rule of rights issue, through which an issue can be directed to a specific group of investors. This is called a directed issue, and while this is often a more time- and cost-effective way to carry out a share issue, existing shareholders also risk suffering damage through dilution. Thus, there are various conflicting interests that must be satisfied within the framework of the regulations. The... (More) - One of the great advantages of being a publicly listed company is being able to carry out a public cash issue of shares. The main rule for such an issue is that the company's existing shareholders have pre-emption rights to the new shares in relation to the number of shares they own, a so-called rights issue.
There is an exception to the main rule of rights issue, through which an issue can be directed to a specific group of investors. This is called a directed issue, and while this is often a more time- and cost-effective way to carry out a share issue, existing shareholders also risk suffering damage through dilution. Thus, there are various conflicting interests that must be satisfied within the framework of the regulations. The thesis maps out the conditions under which a directed issue can be considered compatible with both the Swedish Companies Act (2005:551) and the self-regulation of the Swedish securities markets. The thesis also examines whether the current regulation sufficiently fulfills its purpose with the recent years’ development of the Swedish stock market in mind, specifically on the smaller markets.
The thesis shows that the current requirements on the completion of directed issues do not sufficiently ensure effective shareholder protection. The legislation does not seem to have kept up with developments of the stock market. Listed Swedish companies have taken advantage of this in order to raise capital more easily, which happened at the expense of the shareholders. A conclusion is thus that the regulation of targeted issues needs to be adapted to what the stock market and share ownership look like in Sweden today.
Lastly, a solution to the problem is discussed. A proposal is put forward that the most advantageous way would be to deprive the board of the possibility to decide on a directed issue on authorization from the general meeting of the shareholders according to Chapter 13, Section 35 of the Swedish Companies Act. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9104435
- author
- Nielsen, Alexander Landorph LU
- supervisor
- organization
- course
- LAGF03 20222
- year
- 2022
- type
- M2 - Bachelor Degree
- subject
- keywords
- Associationsrätt, aktiemarknadsrätt, emissioner
- language
- Swedish
- id
- 9104435
- date added to LUP
- 2023-02-03 16:31:13
- date last changed
- 2023-02-03 16:31:13
@misc{9104435,
abstract = {{One of the great advantages of being a publicly listed company is being able to carry out a public cash issue of shares. The main rule for such an issue is that the company's existing shareholders have pre-emption rights to the new shares in relation to the number of shares they own, a so-called rights issue.
There is an exception to the main rule of rights issue, through which an issue can be directed to a specific group of investors. This is called a directed issue, and while this is often a more time- and cost-effective way to carry out a share issue, existing shareholders also risk suffering damage through dilution. Thus, there are various conflicting interests that must be satisfied within the framework of the regulations. The thesis maps out the conditions under which a directed issue can be considered compatible with both the Swedish Companies Act (2005:551) and the self-regulation of the Swedish securities markets. The thesis also examines whether the current regulation sufficiently fulfills its purpose with the recent years’ development of the Swedish stock market in mind, specifically on the smaller markets.
The thesis shows that the current requirements on the completion of directed issues do not sufficiently ensure effective shareholder protection. The legislation does not seem to have kept up with developments of the stock market. Listed Swedish companies have taken advantage of this in order to raise capital more easily, which happened at the expense of the shareholders. A conclusion is thus that the regulation of targeted issues needs to be adapted to what the stock market and share ownership look like in Sweden today.
Lastly, a solution to the problem is discussed. A proposal is put forward that the most advantageous way would be to deprive the board of the possibility to decide on a directed issue on authorization from the general meeting of the shareholders according to Chapter 13, Section 35 of the Swedish Companies Act.}},
author = {{Nielsen, Alexander Landorph}},
language = {{swe}},
note = {{Student Paper}},
title = {{Aktieägarskydd i samband med riktade emissioner}},
year = {{2022}},
}