Om unitemissioner - En studie av företrädesemissioner på svenska MTF:er
(2024) JURM02 20241Department of Law
Faculty of Law
- Abstract
- A company may choose to carry out capital increases for various reasons. For companies in a growth phase, capital increases are often necessary to finance investments and growth plans.
Companies whose securities are listed for trading on a public marketplace generally carry out capital increases in the form of preferential rights issues of shares. In recent years, it has become increasingly popular among listed companies to not only issue new shares but also subscription warrants in these issues. Warrants are a financial instrument that gives the holder the right, but not the obligation, to subscribe for new shares in the issuing company in the future against payment. The shares and warrants are issued together as one financial... (More) - A company may choose to carry out capital increases for various reasons. For companies in a growth phase, capital increases are often necessary to finance investments and growth plans.
Companies whose securities are listed for trading on a public marketplace generally carry out capital increases in the form of preferential rights issues of shares. In recent years, it has become increasingly popular among listed companies to not only issue new shares but also subscription warrants in these issues. Warrants are a financial instrument that gives the holder the right, but not the obligation, to subscribe for new shares in the issuing company in the future against payment. The shares and warrants are issued together as one financial instrument called a unit. Thus, anyone subscribing to shares in the issue automatically receives a certain number of warrants.
This paper examines the regulations for the issuance of warrants followed by the subscription of new shares, and whether it is fit for purpose from the legislator's perspective. Furthermore, potential risks with the law are explored. To give the reader an understanding of warrants as a financial instrument and the impact of the regulations on the securities market, the development of the law and the securities market are presented in detail.
The thesis concludes that the legislator intended to create a regulatory framework giving companies great freedom to carry out capital increases, which has been successful. However, the development of the securities market and the interpretation of the law by listed companies have granted companies a freedom potentially risking to harm the market at large.
Guidance is primarily drawn from preparatory work and doctrine, as well as an empirical study of rights issues.
In conclusion, two alternatives for changes in the regulation of the stock market are proposed, which would reduce the risks associated with the issuance of warrants without compromising the purpose of the regulations. (Less) - Abstract (Swedish)
- Ett bolag kan av olika anledningar välja att genomföra en kapitalökning och tillföras nya pengar. För bolag i en tillväxtfas är kapitalökningar ofta nödvändigt för investeringar och tillväxtplaner.
Bolag vars värdepapper är upptagna till handel på en offentlig marknadsplats genomför i regel kapitalökningar via företrädesemissioner av aktier. Under de senaste åren har det blivit allt mer populärt bland noterade bolag att inte bara emittera nya aktier utan samtidigt också teckningsoptioner i dessa emissioner. Teckningsoptioner är finansiella instrument som ger innehavaren rätten, men inte skyldigheten, att i framtiden teckna nya aktier i det emitterande bolaget mot betalning. Aktierna och teckningsoptionerna emitteras ofta som en enhet,... (More) - Ett bolag kan av olika anledningar välja att genomföra en kapitalökning och tillföras nya pengar. För bolag i en tillväxtfas är kapitalökningar ofta nödvändigt för investeringar och tillväxtplaner.
Bolag vars värdepapper är upptagna till handel på en offentlig marknadsplats genomför i regel kapitalökningar via företrädesemissioner av aktier. Under de senaste åren har det blivit allt mer populärt bland noterade bolag att inte bara emittera nya aktier utan samtidigt också teckningsoptioner i dessa emissioner. Teckningsoptioner är finansiella instrument som ger innehavaren rätten, men inte skyldigheten, att i framtiden teckna nya aktier i det emitterande bolaget mot betalning. Aktierna och teckningsoptionerna emitteras ofta som en enhet, kallad en unit. Den som tecknar aktier i emissionen får därmed automatiskt ett visst antal teckningsoptioner i förhållande till antalet tecknade aktier.
Denna uppsats undersöker regelverket för emission av teckningsoptioner och efterföljande teckning av nya aktier, samt dess ändamålsenlighet från lagstiftarens perspektiv. Dessutom utforskar jag eventuella risker med regelverket. För att ge läsaren en djupare förståelse för teckningsoptioner och regelverkets påverkan på värdepappersmarknaden, redogör jag detaljerat för både regelverkets och värdepappersmarknadens utveckling.
I uppsatsen konstaterar jag att lagstiftaren tänkt att skapa ett regelverk som ger bolagen stor frihet att genomföra kapitalanskaffningar, vilket har varit framgångsrikt. Dock har värdepappersmarknadens utveckling och noterade bolags tolkning av regelverket lett till att bolagens frihet kan riskera att skada marknaden i stort. Ledning hämtas framför allt från förarbeten och doktrin, samt en empirisk undersökning av företrädesemissioner.
Avslutningsvis föreslås två alternativ till förändringar i aktiemarknadens reglering som skulle minska riskerna vid emission av teckningsoptioner utan att inskränka regelverkets syfte att ge stor frihet till bolag som reser kapital. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9151768
- author
- Nielsen, Alexander Landorph LU
- supervisor
- organization
- alternative title
- About unit rights issues
- course
- JURM02 20241
- year
- 2024
- type
- H3 - Professional qualifications (4 Years - )
- subject
- keywords
- associationsrätt, bankrätt, civilrätt, finansrätt, företagsekonomi, förmögenhetsrätt, aktiemarknadsrätt, nyemissioner, teckningsoptioner, units, unit, aktiemarknad, börsrätt, MTF, företrädesemission.
- language
- Swedish
- id
- 9151768
- date added to LUP
- 2024-06-05 10:08:35
- date last changed
- 2024-06-05 10:08:35
@misc{9151768,
abstract = {{A company may choose to carry out capital increases for various reasons. For companies in a growth phase, capital increases are often necessary to finance investments and growth plans.
Companies whose securities are listed for trading on a public marketplace generally carry out capital increases in the form of preferential rights issues of shares. In recent years, it has become increasingly popular among listed companies to not only issue new shares but also subscription warrants in these issues. Warrants are a financial instrument that gives the holder the right, but not the obligation, to subscribe for new shares in the issuing company in the future against payment. The shares and warrants are issued together as one financial instrument called a unit. Thus, anyone subscribing to shares in the issue automatically receives a certain number of warrants.
This paper examines the regulations for the issuance of warrants followed by the subscription of new shares, and whether it is fit for purpose from the legislator's perspective. Furthermore, potential risks with the law are explored. To give the reader an understanding of warrants as a financial instrument and the impact of the regulations on the securities market, the development of the law and the securities market are presented in detail.
The thesis concludes that the legislator intended to create a regulatory framework giving companies great freedom to carry out capital increases, which has been successful. However, the development of the securities market and the interpretation of the law by listed companies have granted companies a freedom potentially risking to harm the market at large.
Guidance is primarily drawn from preparatory work and doctrine, as well as an empirical study of rights issues.
In conclusion, two alternatives for changes in the regulation of the stock market are proposed, which would reduce the risks associated with the issuance of warrants without compromising the purpose of the regulations.}},
author = {{Nielsen, Alexander Landorph}},
language = {{swe}},
note = {{Student Paper}},
title = {{Om unitemissioner - En studie av företrädesemissioner på svenska MTF:er}},
year = {{2024}},
}