TFL Vsebine / Revija Pravnik

5

Zagotovitev delnic imetnikom zamenljivih obveznic in obveznic z delniško nakupno opcijo je eden od zakonsko dopustnih namenov pogojnega povečanja osnovnega kapitala. Če se pri tem delnice imetnikom obveznic izročajo za stvarne vložke, je transakcijo treba izpeljati v skladu s posebnimi pravili: - sklep skupščine o pogojnem povečanju mora, poleg ostalih sestavin, obsegati navedbe o predmetu in vlagatelju vložka ter številu in eventualno nominalnem znesku za vložek zagotovljenih delnic; - predlogu za registracijo sklepa skupščine je treba priložiti pogodbe, sklenjene za pridobitev stvarnih vložkov, in revizorjevo poročilo o preveritvi vrednosti stvarnih vložkov. Tem zakonskim zahtevam je mogoče zadostiti, če je bila emisija obveznic do trenutka sklepanja skupščine o pogojnem povečanju osnovnega kapitala že izvršena. V nasprotnem primeru – torej, če se obveznice izdajo šele v obdobju po sprejetju skupščinskega sklepa – to po naravi stvari ni mogoče. Zato je, če naj se v takem položaju imetnikom obveznic omogoči izdaja delnic za stvarne vložke, nujna alternativna rešitev, in sicer analogna uporaba zakonskih določb o stvarnih vložkih pri odobrenem kapitalu.

Issue of shares to the holders of convertible bonds and bonds with stock purchase warrant is one of the legally permitted purposes of a conditional increase of share capital. If shares are to be delivered to the bondholders in exchange for in-kind contributions in this case, the transaction must be carried out in accordance with special rules: – the general meeting resolution on conditional increase must, in addition to other components, also determine the object of the contribution and the person delivering it, as well as the number and eventually nominal value of shares, secured in exchange for the contribution; – the request for the registration of the general meeting resolution must be accompanied by contracts, concluded for the acquisition of in-kind contributions, and an auditor’s report on the control of their value. The aforementioned legal requirements can be met, if the bonds are issued prior to passing the general meeting resolution on conditional share capital increase. In the opposite case – i.e., if bonds are issued only after the resolution has been passed – that is obviously not feasible. It is therefore in such a situation necessary to find an alternative solution, should the issue of shares in exchange for in-kind contributions be rendered possible. That solution is an analogous application of legal provisions on in-kind contributions to the authorized capital.

Issuance of Shares to the Holders of Hybrid Bonds in Exchange for In-Kind Contributions in Case of a Conditional Share Capital Increase