company law. contrasting information. capitalisation
TRANSCRIPT
CONTRASTING INFORMATION.
And OTHER IMPORTANT “ILEC” TOPICS:CAPITALISATION.
A—----
CONTRASTING INFORMATION SCHEMES.
In contrast to As
opposed to-Unlike
B---------, BODY.
In contrast to
As opposed to-Unlike
--------A, B---------, BODY.
A,-----------B, --------Body, BODY.
CONTRASTING INFORMATION SCHEMES.
In contrast to
As opposed toUnlike
WhichWho
where
In contrast to
As opposed toUnlike
B, WhichWho
whereBody, B BODY.
CAPITALISATION
.
ISSUE SHAR
ES
OFFER NEW
SHARES TO
EXISTING SHAREHO
LDERS
CAPITALISATION
Pre-empttion rights
Waive
p.e.r. by special resolution.
SHAREHOLDERS
COMPANY
LOAN CAPITAL:DEBENTURES.
DEB
ENTU
RES
FIXED CHARGE.
DEB
ENTU
RES
FLOATING CHARGE.
OR:
EN ARGENTINA: ley 23.576 OBLIGACIONES NEGOCIABLES y Art. 325 ley 19.550
Sociedades por acciones, cooperativas y asociaciones civiles pueden contraer empréstitos mediante la emisión de obligaciones negociables (art. 1).
Garantía FLOTANTE, ESPECIAL O COMUN. (art. 3) GARANTIA COMUN O ESPECIAL: su privilegio se
limita a uno o varios inmuebles. GARANTÍA FLOTANTE: no se limita a inmuebles.
DEBENTURES/ LOANS.
LEY 19.550 ART. 186 y s.s. Art. 186: CONTRATO DE SUSCRIPCION de
CAPITAL:
NORMAS EN LA LEY DE SOCIEDADES 19.550
INTEGRACION MINIMA DEL 25 % EN EFECTIVO PUEDE
HABER AUMENTOS DE CAPITAL SOCIAL HASTA EL QUINTUPLO.
Art. 188
Art. 187
SUSCRIPCION PREFERENTE. Art. 194 (= PRE-EM.RIGHTS)
An issue of new shares
for cash.To existing
shareholders.
Shares are issued
proportionally
Good way of raising new cash
from shareholders
Rights issue must be made BEFORE
making a new issue to the public.
From the LISTENING: A RIGHTS ISSUE.
When a shareholder takes up the pre-emption rights,
He can maintain his existing percentage holding in the company.
Sometimes Shareholders waive their rights and sell them to others.
Other times, Shareholders VOTE TO CANCEL their pre-emption rights.
The price of the share is much lower than the market price of the shares. Discounts up to 20 or 30 per cent.
LEGAL AND ECONOMIC REASONS FOR THE PRE-EMPTION RIGHTS.