Varstvo imetnikov zamenljivih obveznic in obveznic z delniško…
Povzetek: Zakon o gospodarskih družbah (ZGD-1) delničarjem v postopku izdaje zamenljivih obveznic in obveznic z delniško nakupno opcijo zagotavlja razmeroma kakovostno varstvo, kajti mešane obveznice te vrste je dovoljeno izdati le na podlagi soglasja skupščine, poleg tega pa imajo delničarji prednostno pravico do nakupa obveznic novih emisij. Zakonska ureditev varstva vlagateljev v te finančne instrumente, razen ureditve pogojnega povečanja osnovnega kapitala kot mehanizma za zagotovitev izvršljivosti zamenjalnega oziroma opcijskega upravičenja, pa je izrazito nedodelana. Zadržanost zakonodajalca do celovite(jše)ga urejanja te materije je sicer deloma upravičena. Pravno razmerje med družbo in imetnikom obveznic ima namreč najprej obligacijskopravno naravo, korporacijskopravno pridobi šele z uresničitvijo zamenjave obveznice za delnico oziroma z uresničitvijo opcije. Vprašanja zaščite imetnikov pred neželenimi "stranskimi učinki" korporacijskih ukrepov družbe izdajateljice obveznic so zato v prvi vrsti domena obligacijskega prava in dispozicije (pogodbenih) strank. V prispevku so analizirani instrumenti varovanja imetnikov mešanih obveznic te vrste.
Title: Protection of Holders of Convertible Bonds and Bonds with Stock Purchase Warrant
Abstract: The Companies Act (ZGD-1) provides shareholders with a relatively high-quality protection in the procedure of issuance of convertible bonds and bonds with stock purchase warrant, as this type of hybrid bonds may only be issued on the basis of a general assembly resolution. In addition, shareholders have a pre-emptive right to purchase bonds of new issues. On the other hand, the legal regulation of protection of investors in these financial instruments is, except for regulation of conditional share capital increase as an instrument of ensuring the executability of conversion and option right, markedly rudimentary. The restraint of the legislator in relation to a more complete regulation of this area is to a certain extent excusable. The legal relation between a company and bondholders primarily has a character of the law of obligations. It gets a character of corporate only at the point of exchanging a bond for a share and of execution of stock purchase warrant, respectively. Hence, the question of protection of bondholders from unwanted "side effects" of company''s corporate operations is above all a matter of law of obligations and the arrangement of (contracting) parties. The analysis of protection instruments for holders of hybrid bonds is the subject of the present article.
Keywords: convertible bonds, bonds with stock purchase warrant, hybrid bonds, pre-emptive right of shareholders
