Povzetek: Zamenljive obveznice in obveznice z delniško nakupno opcijo so mešane obveznice, katerih specifična značilnost je v tem, da imetnikom poleg običajnih pravic, značilnih za vsako obveznico (vračilo glavnice in plačilo pogodbenih obresti), dajejo upravičenje do pridobitve delnic družbe, ki je obveznice izdala. Ne glede na to posebno upravičenje zakon njihovega pridobivanja in (ponovnega) odsvajanja s strani družbe izdajateljice obveznic ne ureja. V zvezi s tem se zato zastavlja predvsem vprašanje, ali in v kakšnem obsegu pridejo pri takšnih transakcijah v poštev kodificirana pravila o lastnih delnicah. Družba lahko "lastne" obveznice pridobiva derivativno, vendar pravic iz obveznic ne more izvrševati. Še zlasti ne sme uresničiti zamenjalnega oziroma opcijskega upravičenja, ker bi to pomenilo nedovoljen vpis lastnih delnic. "Lastne" obveznice lahko družba v svoji posesti obdrži poljubno dolgo, kajti roki, predpisani za odsvojitev lastnih delnic, tukaj ne veljajo. Pri odsvajanju "lastnih" obveznic imajo obstoječi delničarji prednostno pravico do njihovega nakupa ob smiselni uporabi določb o prednostni pravici delničarjev pri odsvojitvi lastnih delnic.
Ključne besede: zamenljive obveznice, obveznice z delniško nakupno opcijo, mešane obveznice, lastne delnice, prednostna pravica delničarjev
Title: Acquisition and Disposal of »Own« Convertible Bonds and Bonds with Stock Purchase Warrant
Abstract: Convertible bonds and bonds with stock purchase warrant are hybrid bonds with a specific characteristic - their holders are, in addition to the repayment of principal and the payment of interest (rights, typical of any bonds), entitled to acquire shares of the company, which has issued the bonds. Irrespective of this special right, the law does not regulate the acquisition and disposal of these bonds on the part of the company that issues the bonds. In this connection, the question of whether and to what extent can such transactions be subject to codified rules on own shares, is raised. The company may acquire "own" bonds in a derivative way, but it may not, however, execute any rights on the basis of those bonds. Above all, it may not realize the conversional and optional right, as this would represent an unpermitted subscription of its own shares. "Own" bonds may remain in the company's possession for a random period of time, taking into account that legal time limits, concerning the disposal of own shares, do not apply here. When disposing of "own" bonds the existing shareholders have the pre-emptive right to purchase such bonds under a reasonable application of legal provisions on shareholders' preferential right by disposal of own shares.
Key words: convertible bonds, bonds with stock purchase warrant, hybrid bonds, own shares, preferential right of shareholders
