20.500.12556/DKUM-93606 Obveznica z delniško nakupno opcijo magistrsko delo Bond with stock purchase warrant V magistrskem delu je predstavljen institut obveznice z delniško nakupno opcijo, uvrščene med mešane oz. hibridne vrednostne papirje. Obveznica je dolžniški vrednostni papir, s katerim se izdajatelj zavezuje, da bo upravičencu iz obveznice določenega dne izplačal v obveznici navedeni znesek oziroma znesek anuitetnega kupona. Posebni institut obveznice z delniško nakupno opcijo imetniku poleg pravic, ki jih daje obveznica, daje še upravičenje, da v določenem časovnem obdobju za določeno ali določljivo ceno kupi določeno število delnic. Osrednji del naloge se osredotoči na predstavitev ureditve obveznice z delniško nakupno opcijo v slovenski zakonodaji oziroma v ZGD-1. V slovenski pravni sistem je zakonodajalec po zgledu nemške ureditve vnesel tri finančne instrumente. Delniški družbi je tako na podlagi 371. člena ZGD-1 omogočena izdaja zamenljivih obveznic, obveznic z delniško nakupno opcijo in dividendnih obveznic. Navedeni člen je po vsebini, zgradbi ter ubeseditvi enak nemškemu, § 221dAktG. Naloga natančno prikaže razmejitve med pogosto skupaj obravnavanima institutoma zamenljive obveznice (nem. Wandelschuldverschreibung) in obveznice z delniško nakupno opcijo (nem. Optionsanleihe). Upravičenja, ki izhajajo iz obveznic, dajejo imetnikom takšnih obveznic določeno prednost. Za imetnike delnic pa takšno upravičenje predstavlja možnost poslabšanja njihovega članskega položaja. Magistrska naloga nazorno prikaže, kako je urejena zaščita delničarjev pred posegi v njihov članski položaj. Zakon namreč za izdajo tovrstnih obveznic predpisuje dve dodatni zahtevi, in sicer obveznost sprejetja sklepa skupščine in prednostno pravico delničarjev do nakupa tovrstnih obveznic. V nadaljevanju magistrsko delo natančno analizira in razvrsti možne oblike posegov v varstvo imetnikov hibridnih obveznic. Sklep skupščine je v postopku pogojnega povečanja osnovnega kapitala obvezen. Skupščina mora v primeru pogojnega povečanja osnovnega kapitala zaradi zadovoljitve pravic imetnikov mešanih obveznic sprejeti dva sklepa, in sicer sklep o pogojnem povečanju osnovnega kapitala ter sklep o izdaji obveznic. Prvi se nanaša na razmerje med družbo in imetniki hibridnih obveznic (zunanje razmerje), drugi pa se nanaša na skupščino in poslovodstvo (notranje razmerje). V kolikor je sklep o pogojnem povečanju osnovnega kapitala neveljaven, je neveljaven tudi vpis izdaje delnic. The master's thesis focuses on presenting the concept of a bond with stock purchase warrant classified as a mixed or hybrid security. A bond is a debt security whereby the issuer undertakes to pay to the beneficiary of the bond, on a specified date, the amount specified in the bond or the amount of the annuity coupon. The special institution of a bond with stock purchase warrant gives the holder, in addition to the rights conferred by the bond, the right to buy a certain number of shares for a fixed or determinable price within a certain period of time. The main part of the thesis focuses on the presentation of the regulation of a bond with stock purchase warrant in Slovenian legislation, i.e. in the ZGD-1. The above-mentioned Act introduced three financial instruments into our legal system, following the example of the German regulation. Thus, the shareholder company is entitled to a financial instrument pursuant to Art. Article 371 of the ZGD-1 allows the issuance of convertible bonds, bonds with share purchase option and dividend bonds. This article of the German Commercial Companies Code is identical in content, structure and wording to the German article, § 221dAktG. The assignment illustrates in detail the distinctions between the "often treated together" institutes of convertible bonds (ger. Wandelschuldverschreibung) and bond with stock purchase warrant (ger. Optionsanleihe). The rights attached to the bonds give the holders of such bonds a certain advantage. For holders of shares, however, such entitlements have the potential to worsen their membership position. The Master's thesis illustrates how the protection of these shareholders against interference with their membership position is regulated. The law imposes two additional requirements for the issuance of such bonds, namely the obligation to adopt a resolution of the general meeting and the acquisition by the shareholders of a pre-emptive right to purchase such bonds. On the other hand the master thesis analyses and classifies in detail the possible forms of intervention for the protection of hybrid bondholders. The decision of the General Meeting is mandatory in the process of conditional share capital increase. In the case of a conditional share capital increase to satisfy the holders of mixed bonds, the General Meeting must adopt two resolutions, namely the resolution on the conditional share capital increase and the resolution on the issue of bonds, pursuant to Article 371(1) of the Companies Act.The first relates to the relationship between the company and the hybrid bondholders (external relationship) and the second relates to the general meeting and the management (internal relationship). If the resolution on the conditional share capital increase is invalid, the subscription of the share issue is also invalid. dolžniški kapital lastni kapital povečanje osnovnega kapitala pogojno povečanje osnovnega kapitala pogojni kapital obveznica opcija conditional increase of share capital conditional capital share capital increase equity debt bond option true true false B. Žnidarčič Slovenski jezik Angleški jezik Magistrsko delo/naloga 2025-07-05 09:23:32 2025-09-04 13:44:19 2025-09-05 03:27:05 0000-00-00 00:00:00 2025 0 Maribor 0 Maribor 1 spletni vir (1 datoteka PDF (VI, 63 str.)) 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 347.72(043.3) 247730691 MAG_Znidarcic_Blaz_2025.pdf MAG_Znidarcic_Blaz_2025.pdf 1 0518BFC952BBCAE1034CFB3AEE6C34C8 31e443463d3540c185024c832f92165074e8cefc1e2d7cb64c7921067ece68a2 07087718-5974-11f0-8a8e-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=193289 Pravna fakulteta 0 0 0