TFL Vsebine / Revija SIR*IUS

Valuation for the squeeze-out purpose under the Slovene Companies Act (ZGD-1)

Ocenjevanje za namen iztisnitve je v Sloveniji določeno z zakonodajo (ZGD-1B), ki pa ne opredeljuje dovolj natančno te tematike. Zato je treba pogledati teorijo in prakso v ZDA, ki imajo na tem področju največ izkušenj. Tamkajšnja praksa ni enoznačna, saj je najpomembnejše pravilo v sodnih postopkih sodna praksa oziroma, kako se odločajo sodniki. Zato tudi ocenjevalci zastopajo različne poglede. Čeprav je dosedanja teorija ocenjevanja v Sloveniji zagovarjala, da pri oceni poštene vrednosti ne smemo uporabiti nobenih diskontov, menim, da to ni pravilno, saj so bila ta mnenja izdelana le na podlagi delnega poznavanja ameriške teorije in prakse. Zato ocenjujem, da bi bilo strokovno ustrezno uporabiti odbitek za pomanjkanje tržljivosti in tudi premijo za kontrolo, ne bi pa smeli uporabiti diskonta za pomanjkanje tržnosti in diskonta za manjšinskega lastnika.

In Slovenia, valuation for the squeeze-out purpose is defined by the Companies Act (ZGD-1) which does not determine valuation procedures in sufficient detail. Therefore, we should look at the US theory and practice as this country is the most experienced in squeeze-outs. However, their practice, based on case law, is not uniform and, consequently, views of valuation professionals are different, too. Although professional view on squeeze-outs in Slovenia has so far advocated fair value appraisal with no discounts, the author disagrees, as this is not common practice in the USA. According to the US theory and practice it would be "fair" to apply a discount for lack of liquidity and a control premium. On the other hand, a discount for lack of marketability and a discount for minority ownership should not be applied.