Equity capital i debt capital: terminologia związana

z finansowaniem działalności spółki

dr Łucja Biel

Zakład Badań nad Przekładem i Komunikacją Międzykulturową

Instytut Anglistyki

Uniwersytet Gdański

anglb@univ.gda.pl

Źródła

Companies Act 2006 http://www.opsi.gov.uk/acts/acts2006/pdf/ukpga_20060046_en.pdf

General Corporation Law of the State of Delaware Title 8

http://delcode.delaware.gov/title8/c001/index.shtml#P-1_0

Kodeks spółek handlowych

Finansowanie działalności spółki

Equity fundingEquity funding Equity securities Share capital Shares (UK) / stocks (US) Shareholders (UK)/stockholders

(US) members of the company, have interest in the company

represent ownership, evidence the right to participate in earnings and the distribution of corporate assets

enables control over the company

higher risk

Debt fundingDebt funding Debt securities Loan capital Debenture (UK) / bonds (US) debentureholders/ bondholders,

bank lenders creditors of the company, have a claim against the company

represent debt no control over management of

the company have a claim against the property

of the company that must be met before the claims of shareholders

lower risk

Equity funding: share capitalEquity: ownership interest in the companyShare (UK) / stock (US)

• UK: stock is a term used to describe a member’s holding expressed in monetary terms, such as £100 worth of stock as an alternative to one hundred shares of £1 each (Gubby 2004: 222)Stock is basically a number of shares put in a bundle. The main difference between shares and stock is that a share cannot be split into fractions, whereas the stock of the company can be split into as many portions as required. In practice stock is now extremely rare. (Abbott & Pendlebury 1993: 255).

• UK: debenture stock, loan stock• US: shares of stock udział (sp. z o.o.), udział kapitałowy, udziały w kapitale zakładowym akcja (S.A.)

procentowy udział w kapitale zakładowym STAKE akcje reprezentujące x% kapitału zakładowego posiadać x% udziałów/akcji w spółce

Share capital kapitał zakładowy Sp. z o.o./S.A.

Share capital The share capital known as the nominal or authorized share capital

is the total amount of share capital that could by issued to investors. All companies with shares used to be incorporated with a nominal or authorised capital,

the total amount of which had to be stated in the memorandum. This figure had very little practical significance. It merely fixed a ceiling upon the amount of capital the company could raise by the issue of shares without further formalities. Companies typically plucked large figures out of the air for authorised capital, since the only significance was to set this notional cap on issues, a cap which could in any event be increased by ordinary resolution of the shareholders. (Sealy & Worthington 2008: 373)

The amount that has already been issued issued share capital How capital is subdivided: the value given to each share is known as its ‘par’ or

‘nominal’ value (used interchangeably) (wartość nominalna) Shares may be fully paid, unpaid or partly paid Called up share capital (paid-up capital): the sum that shareholders have already

paid in return for shares.

Subscribers/Memorandum

Each subscriber to the memorandum must take at least one share in the company

The number of shares taken must be shown against the subscriber’s nameSubscribe = sign

We, the subscribers to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares specified opposite our respective names

Source: Biel 2008

Classes of shares: KSH

Akcje na okaziciela: z których uprawnienia do wykonywania praw przysługują każdemu posiadaczowi akcjiAkcje imienne: z których uprawnienia przysługują osobie wskazanej

w dokumencie akcji

Classes of shares: UKOrdinary shares: basic or residual category. When the class or classes of shares are preference shares,

then the ordinary shares are commonly called ‘equity’ shares.Preference shares: entitled to have dividends paid in priority to any dividend on the ordinary shares.

Preference shares commonly also have a right to priority over the ordinary shareholders when capital is returned to the members in a winding up. It is quite usual for preference shareholders to have no voting rights at shareholders’ meetings or alternatively to have a vote only if the preference dividend is in arrear.

Deferred shares: rare except as part of tax-saving schemes, sometimes called ‘founders’ shares’ – reflect the founders’ offer to defer their own entitlements to those of other investors from whom additional capital is sought. Enjoy rights to distributable profit or to return of capital ranking after the claims of the preference and ordinary shareholders.

Redeemable shares: created on terms that they shall be or may be bought back by the company at a future day.

Non-voting shares: to limit the control of the company to the holders of the remaining shares, usu a family-controlled company

Shares with limited voting rights or enhanced voting rights, e.g. giving one shareholder a right of vetoEmployees’ shares – issued under employees’ share scheme.

Source: Sealy & Worthington 2008: 427.

Preference shares/preferred stock

Types of preferences/KSH uprzywilejowanie dotyczące prawa do dywidendy uprzywilejowanie dotyczące sposobu uczestnictwa w podziale

majątku w przypadku likwidacji spółki uprzywilejowanie dotyczące prawa głosu

Types of preferences/UK Dividends: dividends paid in priority to any dividend on the ordinary

shares Rights on liquidation: a right to priority over the ordinary shareholders

when capital is returned to the members in a winding up. Voting: usually no voting rights

Allotment of shares

Allotment of shares - przydział akcji Allottee

Issue of shares (UK) / Issuance of stock (US/Delaware)

Redemption v repurchase of shares

Difference between a repurchase and a redemption: in the former, the buyer and seller need to agree to the terms of repurchase; with the latter, the shares will have been issued as redeemable shares, so that the terms will be already known. The repurchased shares are either cancelled or held by the company as so ‘treasury shares’ until cancelled or other permitted disposal. (Sealy & Worthington 2008: 399)

Redemption of shares – umorzenie akcji Repurchase of shares – wykup akcji Cancellation of shares – unieważnienie akcji

KSH 359. Akcje mogą być umorzone w przypadku, gdy statut tak stanowi. Akcja może być umorzona albo za zgodą akcjonariusza w drodze jej nabycia przez spółkę (umorzenie dobrowolne), albo bez zgody akcjonariusza (umorzenie przymusowe).

Wkład niepieniężny: aport

wkłady na pokrycie objętych udziałów/akcji wkłady na kapitał zakładowy, wkład wniesiony do spółki wycena wkładu

Non-cash consideration for shares (CA 2006) Allotment of shares for non-cash consideration Valuation of non-cash consideration; valuer’s report

Share premium

It i usual to issue shares at a price above their nominal value, ie. at a premium.The issue of shares at a premium

Premium on shares allotted

Share certificate (UK)stock certificate (US)

The certificate states that the person named is the holder of the shares and specifies the amount paid-up on them. Evidence of title.

Share warrant

Warranty subskrypcyjne mogą być emitowane przez spółki akcyjne wyłącznie na własne akcje przyszłej emisji. Z pewnym uproszczeniem można je określić jako tzw. pozakodeksowe prawo poboru (czyli prawo pierwszeństwa nabycia akcji po określonej z góry cenie).Źródło: http://www.gpw.pl/gpw.asp?cel=edukacyjne&k=75&i=/edukacja/papiery_wart/warranty&sky=1

KSH Translegis, Beck, Zakamycze: subscription warrant

Alteration of capital

Increase, i.e. an increase in nominal capital (podwyższenie kapitału zakładowego)

Reduction of the capital (obniżenie kapitału zakładowego)

Consolidation – the merging of a number of shares into one share of the nominal value of the aggregate, i.e. ten 5 pence shares are consolidated into one 50 pence share

Subdivision – reverse of consolidation

Source: Abbott & Pendlebury 1993: 254-255.

DividendsDividends are payments made out of profits to the members of a company. Dividends paid to preference shareholders will be at a fixed rate, whereas dividends paid to ordinary shareholders will vary with the prosperity of the company. (Abbott & Pendlebury 1993: 260).

The company may by ordinary resolution declare dividends Distribution – any distribution of a company’s assets to its members Pay a dividend in proportion to the amount paid up on each share Entitlement/right to dividends

Prawo do dywidendy, uprawniony do dywidendy Dzień dywidendy, termin wypłaty dywidendy Dywidenda uprzywilejowana Uczestniczyć w dywidendzie

Right of pre-emption (UK)Preemptive right (US)

A company may not allot equity shares unless it has made an offer to the existing shareholders to subscribe on the same or more favourable terms for such shares in proportion to their present holding.

A pre-emption right is a right of first refusal given to the shareholders of a company to subscribe for any new shares that the company issues in proportion to their existing shareholdings. (Sealy & Worthington 2008: 377)

Prawo poboru

Debt funding: loan capital

Short-term debt: accounts payable, notes payable, credit

(deferred payment for goods and services) Long-term debt:

debenture (UK) / bonds (US)

What is a debenture? s. 738 CA 2006 Meaning of “debenture”. In the Companies Acts “debenture”

includes debenture stock, bonds and any other securities of a company, whether or not constituting a charge on the assets of the company.

Levy v Abercorris Slate and Slab Co (1887) „a debenture means a document which either creates a debt or acknowledges it” acknowledgement of indebtedness

„It is established that the term debenture is capable in law of having a very wide meaning – simply a document evidencing a debt of any kind. But both in commercial usage and in the layman’s understanding, it is commonly understood that the expression refers to a document evidencing some secured obligation, and so the Listing Rules require that any issue of unsecured debentures be denominated ‘unsecured’, and indeed it is more common for the word to be avoided together in this situation and a term such as ‘loan stock’ or ‘loan notes’ used instead.” (Sealy & Worthington 2008: 460)

Strictly speaking, a debenture is a document by which a company acknowledges its indebtedness under a loan, although the term is also used to describe the loan itself (Abbott & Pendlebury 1993: 268).

What is a debenture? Debentureholder, bondholder – creditor of the company (e.g.

obligatariusz) Register of debentureholders – Rejestr zastawników i posiadaczy

obligacji

Debenture (UK) secured loan, if not secured unsecured debenture, naked debenture, unsecured loan stock Convertible debentures (zamienne na akcje),

In BrEn debenture denotes any security issued by a company other than its shares, including what in AmE are commonly called bonds. (Garner 1995)

UK – bond 1. performance bond (gwarancja dobrego wykonania) 2. Long-term security, usually without fixed interest (variable rate security)

US – debenture bond (an obligation of the issuing company, hence, unsecured credit)

Types of bonds (US)

Source: West’s Business Law 2009: 789

Debenture v debenture stock

Where a company borrows money from a single source, e.g. a bank, there will be a single debenture.

Debentures may also be issued in a series, each loan being separate but ranking equally with respect to repayment. There may be an issue of debenture stock similar to an issue of shares. (Gubby 2004)

A debenture may be an individual debenture evidencing a large sum lent by one person, or the company may create one loan fund known as ‘debenture stock’. This is issued to create a class of debentureholders each of whom is given a debenture stock certificate evidencing the proportion of the total to which he is entitled. (Abbott & Pendlebury 1993: 268)

Secured debt: security interests

Types of security Mortgage Charge

Fixed charge Floating charge

Pledge Lien

Charges A mortgage is security for the payment of a debt or other

obligation that passes 'property' but no right to possession to the person to whom the mortgage is given. Mortgagor (dłużnik)Mortgagee (wierzyciel)

A charge is security for the payment of a debt or other obligation that does not pass 'property' or any right to possession to the person to whom the charge is given. Chargor (zastawca) –debtorChargee (zastawnik) - creditor

Fixed vs. floating charge

Fixed (specific) Over an identified asset(s) which

will not normally change during the company’s normal business and over which the company is limited in the way it can deal with the asset. It prevents the company selling the assets charged without the consent of the debentureholders.

On freehold or leasehold land or fixed plant and machinery, although a fixed charge may be granted over other assets, eg book debts or uncalled capital.

Floating Over a class of assets, which

will generally change during the company’s normal business and over which the company is not limited in how it may deal with those assets.

A charge on some or all of the present and future assets of the company (Abbott & Pendlebury 1993: 269)

Zabezpieczenie na konkretnym składniku majątku

Zabezpieczenie na całym majątku lub na grupie aktywów

US: floating lien

Crystallisation of the floating charge (krystalizacja)

A charge will crystallise (cease to float) on an event of default, e.g.:- The appointment of an administrative receiver

by the chargeholder- The appointment of an administrator- The commencement of liquidation- The cessation of business

Requirement to register charges

Statutory obligation to register particulars of charges the registrar

Certificate of registration Company’s own register of charges

Pledge „Ten sposób zabezpieczenia wykonania zobowiązania wiąże się z posiadaniem określonego

przedmiotu przez wierzyciela. Warunkiem skutecznego ustanowienia zastawu typu pledge jest przeniesienie na wierzyciela posiadania danego przedmiotu, jednak przeniesienie posiadania może nastąpić nie tylko poprzez wydanie określonego przedmiotu, ale także poprzez wydanie dokumentów lub innych środków umożliwiających dysponowanie przedmiotem zabezpieczenia (np. kluczy do domu). Konsekwencją takiego ujęcia instytucji pledge jest to, że przedmiotem zabezpieczenia w tym przypadku mogą być tylko te przedmioty, które mogą być fizycznie posiadane (physically capable of possession). Przedmiotem pledge nie mogą być prawa udziałowe w spółkach kapitałowych, ale mogą być dokumenty, które prawa takie inkorporują. W takim jednak przypadku zabezpieczenie nie obciąża tych praw, a jedynie dokumenty jako rzeczy ruchome.”

„Charakterystyczną cechą zastawu typu plegde jest to, że dłużnik pozostaje właścicielem obciążonego przedmiotu. Jeżeli chodzi o tryb zaspokojenia wierzyciela, to w sytuacji, gdy dłużnik nie wykona swojego zobowiązania, wierzycielowi przysługuje uprawnienie do sprzedaży obciążonego przedmiotu i zaspokojenia się z uzyskanej sumy pieniężnej.”

Source: Uliasz 2007 http://usfiles.us.szc.pl/pliki/plik_1188290302.doc.

Lien Table A, Articles of Association: the company shall have a first and paramount lien on every

share (not being a fully paid share) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share.

The company may sell in such manner as the directors determine any shares on which the company has a lien if a sum in respect of which the lien exists is presently payable and is not paid within fourteen clear days after notice has been given to the holder of the share or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the shares may be sold.

Zastaw na prawach udziałowych (lien on shares) jest prawem przysługującym spółce na zabezpieczenie roszczeń, które przysługują jej w stosunku do wspólnika przede wszystkim z tytułu niezapłaconych kwot wynikających z obowiązku pokrycia wartości nominalnej udziału (lub kwoty wynikającej z pokrycia nadwyżki pomiędzy wartością nominalną akcji, a wartością emisyjną, tzw. premium). Prawo to przysługuje private companies na zabezpieczenie wszystkich roszczeń, jakie może ona mieć w stosunku do wspólnika, natomiast jeżeli chodzi o roszczenia spółek publicznych, które mogą być zabezpieczone za pomocą lien, to muszą one wynikać wyłącznie z tytułu niezapłaconych kwot wynikających z publicznego wezwania do zapisywania się na akcje (tzw. calls lub instalment). (Uliasz 2007)

ZastawZastawnik: wierzyciel, którego wierzytelność została zabezpieczonaZastawca: dłużnik, na którego rzeczy został ustanowiony zastaw Zastaw zwykły na rzeczy lub na prawie Zastaw rejestrowy istotną cechą tego zastawu jest możliwość pozostawania przedmiotu zastawu

u zastawcy, który może korzystać z rzeczy obciążonej oraz obowiązek zgłoszenia zastawu do rejestru prowadzonego przez sądy rejonowe.Zastawem rejestrowym można obciążyć:

- rzeczy oznaczone co do tożsamości, - rzeczy oznaczone co do gatunku, jeżeli w umowie zastawniczej określona zostanie ich ilość oraz sposób

wyodrębnienia od innych rzeczy tego samego gatunku, - zbiór rzeczy ruchomych lub praw, stanowiący całość gospodarczą, choćby jego skład był zmienny, - wierzytelności, - prawa na dobrach niematerialnych, - prawa z papierów wartościowych.

Rejestr zastawców Ustanowienie zastawu na udziale, przyjęcie udziału w zastaw, ustanowić zastaw na akcjach własnych spółki

To guarantee support or to secure (WHAT?)

whether by personal obligation or covenant or by mortgaging or charging all or any part of the undertaking property and assets (present and future) and uncalled capital of the Company or by any one or more or all of such methods or by any other method the performance of any obligations or commitments of, and the repayment or payment of the principal amounts of, and premiums, interest, dividends, and other moneys payable on or in respect of, any debentures, debenture stock, loan stock, shares or other securities, liabilities or obligations of any person firm or company, including ...

Exercise: The objects for which the company is established are:

To guarantee support or to secure

whether by personal obligation or covenant or by mortgaging or charging all or any part of the undertaking property and assets (present and future) and uncalled capital of the Company or by any one or more or all of such methods or by any other method

the performance of any obligations or commitments of, and the repayment or payment of the principal amounts of, and premiums, interest, dividends, and other moneys payable on or in respect of,

any debentures, debenture stock, loan stock, shares or other securities, liabilities or obligations of any person firm or company,

including ...

The objects for which the company is established are: