Principles of corporate finance law:
Saved in:
| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2008
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| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | LIII, 576 S. |
| ISBN: | 9780199230518 9780199230501 |
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Record in the Search Index
| _version_ | 1820135988779810816 |
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CONTENTS LIST OF ABBREVIATIONS XXII TABLE OF CASES XXV TABLE OF
LEGISLATION XLI NOTE ON THE LMPLEMENTATION OF THE COMPANIES ACT2006 LI
I. OVERVIEW 1. THE REGULATORY FRAMEWORK 3 SCOPE OF THE BOOK 3 TYPES OF
COMPANY LIMITED BY SHARES 4 THE REGULATORY FRAMEWORK FOR CORPORATE
FINANCE 7 LEGISLATION 8 INTERNAL CONSTITUTIONAL INSTRUMENTS 9 CASE LAW
10 CODES AND GUIDELINES 11 2. USE AND ABUSE OF THE CORPORATE FORM AS A
VEHICLE FOR RAISING FINANCE AND MANAGING FINANCIAL RISK 13 ISSUES
CONSIDERED IN THIS CHAPTER 13 DISTINCTIVE FEATURES OF THE COMPANY
LIMITED BY SHARES 14 SEPARATE LEGAL PERSONALITY 14 LIFTING THE VEIL OF
INCORPORATION 16 LIMITED LIABILITY 18 PROMOTION OF ENTREPRENEURIAL
ACTIVITY 20 PASSIVE INVESTMENT 20 PORTFOLIO DIVERSIFICATION 21 COST OF
CAPITAL 22 TRANSFERABILITY OF SHARES 24 TORT LIABILITIES 24 THE
CORPORATE GROUP 25 THE DEFINITION OF THE CORPORATE GROUP FOR ACCOUNTING
PURPOSES 27 THE DEFINITION OF THE CORPORATE GROUP FOR OTHER PURPOSES 30
COMPANY LAW AND THE CORPORATE GROUP: A GENERAL OVERVIEW 31 THE CORPORATE
GROUP AND LIABILITY FOR THE DEBTS OF INSOLVENT SUBSIDIARIES 33
ALTERNATIVES TO LIFTING THE VEIL: AGENCY 37 ALTERNATIVES TO LIFTING THE
VEIL: CONTRACTUAL GUARANTEES 37 ALTERNATIVES TO LIFTING THE VEIL: TORT
CLAIMS AGAINST OTHER COMPANIES 38 X CONTENTS ALTERNATIVES TO LIFTING THE
VEIL: INSOLVENCY ACT 1986 39 IS THE LAW ON CORPORATE GROUPS DEFICIENT?
42 3. CAPITAL STRUCTURE*FUNDAMENTAL LEGAL, ACCOUNTING, AND FINANCING
CONSIDERATIONS 49 SCOPE OF THIS CHAPTER 49 SHARE CAPITAL TERMINOLOGY 49
ACCOUNTING FOR AN ALLOTMENT OF SHARES 51 CHARACTERISTICS OF ORDINARY
SHARES 53 DIVIDENDS 53 CAPITAL GAINS AND RISK 53 VOTING RIGHTS 54 DEBT
FINANCE TERMINOLOGY 54 CHARACTERISTICS OF SIMPLE DEBT 56 INTEREST 56
CAPITAL GAIN AND RISK 56 CONTROL 57 HYBRID SECURITIES IN OUTLINE 57
VALUATION OF SECURITIES 59 SHARES 59 NET ASSET VALUE 60 DIVIDEND
VALUATION 60 FREE CASHFLO W VALUATION 6 0 DEBT SECURITIES 60 COST OF
CAPITAL 61 CAPITAL STRUCTURE 62 SOURCES OF CORPORATE FINANCE IN THE UK
66 SECURITIES MARKETS 68 EFFICIENT CAPITAL MARKETS 75 MEASURING AND
ASSESSING FINANCIAL PERFORMANCE*COMPANY ACCOUNTS 77 STATUTORY FINANCIAL
DISCLOSURE FRAMEWORK FOR UK COMPANIES 78 ADDITIONAL FINANCIAL DISCLOSURE
FRAMEWORK UNDER FSA DISCLOSURE AND TRANSPARENCY RULES 81 ADDITIONAL
FINANCIAL DISCLOSURE FRAMEWORK FOR OTHER PUBLICLY TRADED COMPANIES 82
II. LEGAL CAPITAL 4. FORMATION OF SHARE CAPITAL 85 SCOPE OF THIS PART 85
MINIMUM PRICE OF INDIVIDUAL SHARES: PAR VALUES 85 MINIMUM CAPITAL 89
CONTENTS DENOMINATION OF MINIMUM CAPITAL IS ANY VALUABLE PURPOSE SERVED
BY MINIMUM CAPITAL REQUIREMENTS? ALLOTTED, ISSUED, AND EQUITY SHARE
CAPITAL ALLOTTED SHARE CAPITAL AUTHORITY TO ALLOT SHARES REGISTRATION OF
ALLOTMENT AND RETURN OF ALLOTMENTS ISSUED SHARE CAPITAL AND ISSUED
SHARES EQUITY SHARE CAPITAL PAYMENT FOR SHARES INTRODUCTION PAID UP
SHARE CAPITAL CALLED UP SHARE CAPITAL CASH CONSIDERATION FOR SHARES
SHARES MUST NOT BE ISSUED AT A DISCOUNT THE NO-DISCOUNT RULE AND
CONVERTIBLE SECURITIES THE NO-DISCOUNT RULE AND UNDERWRITING COMMISSIONS
REGULATION OF NON-CASH CONSIDERATION FOR SHARES PUBLIC COMPANIES MUST
NOT ACCEPT AN UNDERTAKING TO DO WORK OR PERFORM SERVICES AS
CONSIDERATION FOR SHARES PUBLIC COMPANIES MUST NOT ACCEPT UNDERTAKINGS
TO BE PERFORMED IN THE FUTURE AS CONSIDERATION FOR THEIR SHARES
VALUATION OF NON-CASH CONSIDERATION FOR SHARES IN A PUBLIC COMPANY
TAKEOVER EXEMPTION MERGERS EXEMPTION RELAXATION OF THE INDEPENDENT
VALUATION REQUIREMENT BY THE 2006 AMENDING DIRECTIVE LIABILITY OF
SUBSEQUENT HOLDERS RELIEF FROM LIABILITY CRIMINAL LIABILITY FOR BREACH
OF RULES RELATING TO PAYMENT FOR SHARES SHARE PREMIUMS DETERMINING THE
ISSUE PRICE TREATMENT OF SHARE PREMIUMS PERMISSIBLE USES FOR SHARE
PREMIUMS BONUS ISSUES EXPENSES AND COMMISSIONS ON AN ISSUE OF SHARES
SHARE PREMIUMS AND NON-CASH CONSIDERATION GROUP RECONSTRUCTION RELIEF
MERGER RELIEF IMPORTANCE OF GROUP RECONSTRUCTION AND MERGER RELIEF OTHER
RELIEFS OTHER CAPITAL CONTRIBUTIONS STOCK 93 94 97 97 98 98 99 100 101
101 101 102 102 103 104 105 106 107 108 109 111 112 112 113 113 115 116
116 116 117 117 118 118 119 120 122 123 123 123 XII CONTENTS 5. SHARE
ALLOTMENTS 125 SCOPE OF THIS CHAPTER 125 POLICY ARGUMENTS AND RESPONSES
127 WEALTH TRANSFERS 127 PROTECTION AGAINST DILUTION 129 DISTORTION OF
MARKET FOR CORPORATE CONTROL OR OTHER UNCONSTITUTIONAL BEHAVIOUR BY
DIRECTORS 129 ABUSE OF MAJORITY SHAREHOLDER POWER 129 POLICY RESPONSES
130 SHAREHOLDER EMPOWERMENT UNDER THE COMPANIES ACT 2006 131 PRIVATE
COMPANY WITH A SINGLE CLASS OF SHARES 131 AUTHORIZATION BY COMPANY 132
STATUTORY PRE-EMPTION RIGHTS UNDER THE COMPANIES ACT 2006 134
PRE-EMPTION RIGHTS IN RELATION TO 'ALLOTMENTS' OF'EQUITY 135
SECURITIES': DEFINITIONS THE OPERATION OF THE STATUTORY PRE-EMPTION
RIGHTS PROCEDURE 135 CONSEQUENCES OF NON-COMPLIANCE 138 WHEN PRE-EMPTION
RIGHTS DO NOT APPLY 138 DISAPPLICATION OF PRE-EMPTION RIGHTS: ALL
COMPANIES 140 DISAPPLICATIONS FOR THE PURPOSES OF MAKING A RIGHTS ISSUE
OR OPEN OFFER 141 FRACTIONS 141 OVERSEAS SHAREHOLDERS 141 OPEN OFFERS
144 DISAPPLICATIONS FOR NON PRE-EMPTIVE OFFERS 144 DISAPPLICATION OR
EXCLUSION OF PRE-EMPTION RIGHTS: PRIVATE COMPANIES 146 OTHER FORMALITIES
IN RELATION TO SHARE ALLOTMENTS 146 6. SHARES 147 THE LEGAL NATURE OF A
SHARE 147 INCIDENTS OF SHARES: DIVIDENDS AND CAPITAL 148 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
ORDINARY SHARES 148 DEFAULT CAPITAL RIGHTS OF ORDINARY SHARES 149
DEFAULT DIVIDEND RIGHTS OF ORDINARY SHARES 149 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
PREFERENCE SHARES 151 DEFAULT CAPITAL RIGHTS OF PREFERENCE SHARES 152
SPENSFORMULA 153 DEFAULT DIVIDEND RIGHTS OF PREFERENCE SHARES 153
ENFRANCHISEMENT WHEN PREFERENTIAL DIVIDENDS ARE IN ARREARS 154 PAYMENT
OF ACCUMULATED UNPAID PREFERENTIAL DIVIDENDS 155 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
REDEEMABLE SHARES 156 INCIDENTS OF SHARES: TRANSFERABILITY 157 CONTENTS
XIII INCIDENTS OF SHARES: VOTING RIGHTS 158 THE JURIDICAL NATURE OF THE
RELATIONSHIP BETWEEN A COMPANY AND ITS REGISTERED SHAREHOLDERS 158
VARIATION OF RIGHTS ATTACHING TO SHARES 162 PROVISION FOR ENTRENCHMENT
162 A CLASS OF SHARES 163 A CLASS OF SHARES * SOME CLEAR CASES 163
GOLDEN SHARES 16 4 RIGHTS CONDITIONAL ON HOLDING A SPECIFIED PERCENTAGE
SHAREHOLDING 165 SHARES WITH DIFFERENT PAR VALUES 165 SHARES ON WHICH
DIFFERENT AMOUNTS HAVE BEEN PAID UP 165 WHEN CLASS DISTINCTIONS MATTER
166 VARIATION OF CLASS RIGHTS 166 WHAT IS A RIGHT ATTACHED TO A CLASS OF
SHARES FOR THIS PURPOSE? 167 WHATISA 'VARIATION OF A RIGHT ATTACHED TO A
CLASS OF SHARES? 168 VARIATION OF RIGHTS BY ENHANCEMENT 171 THE
PROCEDURE FOR VARIATION OF CLASS RIGHTS 172 VOTING TO ALTER CLASS RIGHTS
* A FETTEREDPO WER? 173 STATUTORY PROTECTION OFMINORITIES IN A CLASS Y7A
CLASS RIGHTS AND REDUCTION OF CAPITAL 174 CLASS RIGHTS AND REDEMPTION OF
SHARES/SHARE BUY-BACKS 177 7. MAINTENANCE AND REDUCTION OF CAPITAL 179
PROTECTION OF CREDITORS' INTERESTS: INTRODUCTION 179 QUESTIONING THE
VALUE OF THE LEGAL CAPITAL DOCTRINE 180 THE DEVELOPMENT OF THE
MAINTENANCE OF CAPITAL REGIME IN THE UK 184 APPLICATION OF THE COMMON
LAW RULE PROHIBITING THE RETURN OF CAPITAL TO SHAREHOLDERS 185 AN
UNLAWFUL RETURN OF CAPITAL IS ULTRA VIRES 187 GRATUITOUS DISPOSITIONS TO
THIRD PARTIES AND DIRECTORS' DUTIES 189 REDUCTION OF CAPITAL UNDER THE
STATUTORY PROCEDURES 190 WHY REDUCE CAPITAL? 191 FORMS OF REDUCTION OF
CAPITAL SANCTIONED BY THE COMPANIES ACT 2006 192 LIMITATION ON USE OF
SOLVENCY STATEMENT REDUCTION OF CAPITAL PROCEDURE 192 THE COURT APPROVAL
PROCEDURE 192 SPECIAL RESOLUTION OF THE SHAREHOLDERS 192 THE OVERSIGHT
OF THE COURT IN RESPECT OF CREDITORS' INTERESTS 193 THE OVERSIGHT OF THE
COURT IN RESPECT OF SHAREHOLDERS' INTERESTS 194 GENERAL POWERS OF THE
COURT 195 REGISTRATION 196 WHERE ALLOTTED CAPITAL IS REDUCED BELOW THE
AUTHORIZED MINIMUM 196 EFFECT OF A COURT-APPROVED REDUCTION OF CAPITAL
196 REDUCTION OF CAPITAL UNDER THE SOLVENCY STATEMENT PROCEDURE: PRIVATE
COMPANIES ONLY 197 SPECIAL RESOLUTION OF THE SHAREHOLDERS AND CLASS
CONSENTS 197 XIV CONTENTS SOLVENCY STATEMENT 197 CONTENTS OF SOLVENCY
STATEMENT 198 SANCTIONS IN RESPECT OF FALSE SOLVENCY STATEMENTS 199
REGISTRATION REQUIREMENTS RELATING TO THE SOLVENCY STATEMENT PROCEDURE
199 EFFECT OF A REDUCTION OF CAPITAL UNDER THE SOLVENCY STATEMENT
PROCEDURE 200 EXCEPTIONAL REDUCTION OF CAPITAL PROCEDURES 200 REDUCTION
OF CAPITAL FOLLOWING REDENOMINATION OF SHARES 200 REDUCTION OF CAPITAL
PURSUANT TO AN ORDER OF THE COURT 201 REDUCTION OF CAPITAL IN RESPECT OF
FORFEITED OR ACQUIRED SHARES 201 8. SHARE BUY-BACKS AND REDEEMABLE
SHARES 203 INTRODUCTION 203 ARGUMENTS FOR AND AGAINST ALLOWING COMPANIES
SHARE BUY-BACK/REDEEMABLE SHARE ISSUANCE POWERS 203 TO ATTRACT EXTERNAL
INVESTORS 203 TO FACILITATE EXIT 204 TO STRUCTURE A TEMPORARY LOSS OF
CONTROL 204 TO RETURN VALUE TO SHAREHOLDERS 204 TO GIVE INFORMATION
SIGNALS 205 TO ACHIEVE A TARGET CAPITAL STRUCTURE 205 TO EXPAND THE
RANGE OF FINANCING OPTIONS 206 TO BUY BACK REDEEMABLE SHARES AT A
DISCOUNTED PRICE 206 TO FACILITATE THE ORGANIZATION OF EMPLOYEE SHARE
SCHEMES 206 TO ACHIEVE AN INFORMAL REDUCTION OF CAPITAL 206 TO DEFEND
AGAINST A TAKEOVER OR DEAL WITH DISSIDENT SHAREHOLDERS 207 TO STABILIZE
THE SHARE PRICE 208 CONSIDERATION BY REVIEW BODIES 208 THE EUROPEAN
DIMENSION 210 GENERAL STATUTORY RULE IN THE COMPANIES ACT 2006 AGAINST A
COMPANY ACQUIRING ITS OWN SHARES 212 SHARE BUY-BACKS*AUTHORIZATIONS
REQUIRED BY THE COMPANIES ACT 2006 213 MARKET PURCHASE 214 ORDINARY OR
SPECIAL RESOLUTION? 214 OFF-MARKET PURCHASE 215 OTHER STATUTORY
RESTRICTIONS ON THE TERMS AND MANNER OF BUY-BACKS 217 ACCOUNTING FOR A
SHARE BUY-BACK 218 TREASURY SHARES 220 BUY-BACK OF OWN SHARES OUT OF
CAPITAL: PRIVATE COMPANIES ONLY 221 STATUTORY MODIFICATION OF
CONTRACTUAL MATTERS RELATING TO SHARE BUY-BACKS 224 FSA REGULATORY
REQUIREMENTS RELATING TO SHARE BUY-BACKS 224 TAKEOVER CODE IMPLICATIONS
OF SHARE BUY-BACKS 226 CONTENTS XV THE AUTHORIZATIONS REQUIRED FOR AN
ISSUE OF REDEEMABLE SHARES 226 OTHER REQUIREMENTS OF THE COMPANIES ACT
2006 RELATING TO REDEMPTION OF REDEEMABLE SHARES 227 CLASS RIGHTS ISSUES
RELATING TO SHARE BUY-BACKS AND REDEEMABLE SHARES 228 SHARE BUY-BACKS
AND REDEEMABLE SHARES AND PROTECTION OF MINORITIES 228 9. DISTRIBUTIONS
TO SHAREHOLDERS 231 INVESTOR EXPECTATIONS 231 DIVIDEND POLICY * 232
DIVIDEND POLICY AND MARKET VALUE 232 DIVIDEND POLICY, INFORMATION
ASYMMETRIES, AND SIGNALLING 233 DIVIDEND POLICY AND AGENCY COSTS 234
DIVIDEND POLICY AND MANAGERIAL-SHAREHOLDER AGREEMENT LEVELS 236
REGULATION OF DIVIDEND POLICY DECISIONS 237 AN OVERVIEW OF THE
REGULATORY RESPONSE TO AGENCY PROBLEMS RELATING TO SHAREHOLDERS 237 AN
INTRODUCTION TO THE REGULATORY RESPONSE TO AGENCY PROBLEMS IN RELATION
TO CREDITORS 241 STATUTORY REGULATION OF DISTRIBUTIONS 242 WHAT IS A
'DISTRIBUTION'? 243 PROFITS AVAILABLE FOR DISTRIBUTION 245 ADDITIONAL
REQUIREMENT FOR PUBLIC COMPANIES 246 RELEVANT ACCOUNTS 247 CHOICE OF
ACCOUNTING REGULATORY FRAMEWORK 247 ACCOUNTING PROFITS AND PROFITS
AVAILABLE FOR DISTRIBUTION 248 GENERALLY ACCEPTED PRINCIPLES WITH
RESPECT TO THE DETERMINATION OF REALIZED PROFITS OR LOSSES 249 TECH 7/03
250 TECH 2/07 251 DIVIDEND PAYMENT PROCEDURE 251 UNLAWFUL DISTRIBUTIONS
252 WHEN IS A DISTRIBUTION UNLAWFUL? 252 OTHER RESTRICTIONS ON DIVIDENDS
254 LIABILITY CONSEQUENCES OF UNLAWFUL DIVIDENDS 254 DIRECTORS'LIABILITY
255 SHAREHOLDER LIABILITY 256 DIRECTORS' CLAIMS AGAINST RECIPIENT
SHAREHOLDERS 258 OTHER ISSUES 259 SCRIP DIVIDENDS 259 DIVIDEND
REINVESTMENT PLANS 259 INTRA-GROUP DISTRIBUTIONS 260 INTRA-GROUP
DIVIDENDS AND PRINCIPLES OF REALIZATION 260 INTRA-GROUP DIVIDENDS AND
DIVIDEND BLOCKS 260 INTRA-GROUP TRANSFERS OF ASSETS AT AN UNDERVALUE 261
REFORM 262 XVI CONTENTS 10. FINANCIAL ASSISTANCE 267 PROHIBITION ON THE
GIVING OF FINANCIAL ASSISTANCE*SOME PRELIMINARY ISSUES 267 WHAT IS
'FINANCIAL ASSISTANCE' LAW? 267 LEGISLATIVE HISTORY 267 WHO IS PROTECTED
BY THE BAN? 269 WHY IS THE GIVING OF FINANCIAL ASSISTANCE BANNED? 269
OBJECTIONS TO LEVERAGED TAKEOVERS/BUYOUTS 269 MARKET MANIPULATION 270
UNCONSTITUTIONAL CONDUCT BY MANAGEMENT 271 MAINTENANCE OF CAPITAL AND
'DETRIMENT' 271 IS THE BAN ON THE GIVING OF FINANCIAL ASSISTANCE
JUSTIFIED? 272 TECHNICAL PROBLEMS 272 POLICY CONCERNS 273 OUTLINE OF THE
LEGAL FRAMEWORK 275 'DEFINITION' OF FINANCIAL ASSISTANCE 276 'FINANCIAL
ASSISTANCE' IS NOT A TECHNICAL TERM 276 RECENT CASES APPLYING THE TEST
OF COMMERCIAL SUBSTANCE AND REALITY TIL FORMS OF FINANCIAL ASSISTANCE
THAT ARE PROHIBITED 279 FINANCIAL ASSISTANCE GIVEN BY WAY OF GIFT 2T)
FINANCIAL ASSISTANCE GIVEN BY WAY OF GUARANTEE OR SECURITY 281 FINANCIAL
ASSISTANCE GIVEN BY WAY OF INDEMNITY 282 FINANCIAL ASSISTANCE GIVEN BY
WAY OF RELEASE OR WAIVER 1X1 FINANCIAL ASSISTANCE GIVEN BY WAY OF LOAN
283 FINANCIAL ASSISTANCE GIVEN BY WAY OF ANY OTHER AGREEMENT UNDER WHICH
THE OBLIGATIONS OF THE PERSON GIVING THE ASSISTANCE ARE TO BE FULFILLED
AT A TIME WHEN, IN ACCORDANCE WITH THE AGREEMENT, ANY OBLIGATION OF
ANOTHER PARTY TO THE AGREEMENT REMAINS UNFULFILLED 283 FINANCIAL
ASSISTANCE GIVEN BY WAY OF NOVATION OF, OR ASSIGNMENT OF RIGHTS ARISING
UNDER, A LOAN OR SUCH OTHER AGREEMENT 284 ANY OTHER FINANCIAL ASSISTANCE
GIVEN BY A COMPANY THE NET ASSETS OF WHICH ARE THEREBY REDUCED TO A
MATERIAL EXTENT 284 ANY OTHER FINANCIAL ASSISTANCE GIVEN BY A COMPANY
WHICH HAS NO NET ASSETS 285 CIRCUMSTANCES IN WHICH THE GIVING OF
FINANCIAL ASSISTANCE IS PROHIBITED 285 AN ACQUISITION 286 THE BAN
RELATES ONLY TO AN ACQUISITION OF SHARES 286 THE BAN APPLIES ONLY TO
PUBLIC COMPANIES AND THEIR SUBSIDIARIES 287 THE STATUS OF THE COMPANY
WHOSE SHARES ARE ACQUIRED 287 THE STATUS OF THE COMPANY PROVIDING THE
ASSISTANCE 288 THE ACQUIRER OF THE SHARES 288 MUST THE ACQUIRER BE KNOWN
TO THE COMPANY PROVIDING THE ASSISTANCE AT THE TIME WHEN THE ASSISTANCE
IS GIVEN? 289 THE ASSISTED PERSON*DIRECT AND INDIRECT FINANCIAL
ASSISTANCE 290 CONTENTS XVII THE PURPOSE(S) FOR WHICH FINANCIAL
ASSISTANCE IS GIVEN 291 THE CAUSAL LINK 291 MIXED PURPOSES 293 BRADY V
BRADY 294 REVERSING BRADY 295 EXAMPLES OF A LARGER OR PRINCIPAL PURPOSE
296 GOODFAITH 296 UNCONDITIONAL EXCEPTIONS 297 DISTRIBUTIONS 297 BONUS
ISSUES 298 OTHER UNCONDITIONAL EXCEPTIONS 298 CONDITIONAL EXCEPTIONS 298
EXCEPTION FOR MONEY-LENDING BUSINESSES 299 EXCEPTION FOR EMPLOYEE SHARE
PURCHASES 300 CRIMINAL SANCTIONS FOR UNLAWFUL FINANCIAL ASSISTANCE 301
CIVIL CONSEQUENCES OF UNLAWFUL FINANCIAL ASSISTANCE 303 THE INVALIDITY
OF THE FINANCIAL ASSISTANCE TRANSACTION 303 VALIDITY OF THE ACQUISITION
OF THE SHARES 304 CLAIMS AGAINST DIRECTORS 304 LIABILITY OF OTHER
PARTIES 305 ACCESSORY LIABILITY 305 RECIPIENT LIABILITY 307 THE TORT OF
CONSPIRACY 307 DISQUALIFICATION 30 8 AMENDING DIRECTIVE 308 III. DEBT
CORPORATE FINANCE 11 . DEBT CORPORATE FINANCE*GENERAL CONSIDERATIONS 313
SCOPE OF THIS PART 313 UNSECURED LENDING*OVERVIEW 314 OVERDRAFTS 316
TERM LOANS 319 PRINCIPAL 320 INTEREST 322 CONDITIONS PRECEDENT 325
REPRESENTATIONS AND WARRANTIES 326 COVENANTS 328 REPORTING COVENANTS 331
FINANCIAL COVENANTS 331 DISPOSALS OF ASSETS COVENANT 333 CHANGE OF
BUSINESS COVENANT 334 NEGATIVE PLEDGE COVENANT 334 IMPLIED COVENANTS 339
XVIII CONTENTS EVENTS OF DEFAULT 340 DEBT FINANCE AND CORPORATE
GOVERNANCE 341 12. SECURED DEBT 347 ADVANTAGES OF BEING A SECURED
CREDITOR 347 ECONOMIC PERSPECTIVES ON SECURED DEBT 349 POLICY*DOMINANCE
OF FREEDOM OF CONTRACT 352 CONSENSUAL SECURITY INTERESTS 353 GRANT AND
RESERVATION*FUNDAMENTAL LEGAL DISTINCTIONS 354 SECURITY INTERESTS ARE
DEFEASIBLE INTERESTS 357 A SECURITY INTEREST IS AN INTEREST IN THE
CHARGOR'S PROPERTY TO SECURE A DEBT 357 SECURITY ON FUTURE PROPERTY 358
THE SUBJECT-MATTER OF A SECURITY INTEREST*FORMS OF PROPERTY THAT CAN BE
USED AS SECURITY 361 FORMS OF CONSENSUAL REAL SECURITY 362 PLEDGE AND
LIEN 363 MORTGAGE 364 CHARGES 366 FIXED AND FLOATING CHARGES*A
COMPARISON OF THEIR KEY FEATURES 367 FIXED CHARGES 367 FLOATING CHARGES
368 THE NATURE OF THE FLOATING CHARGE 370 ESTABLISHING WHETHER A CHARGE
IS FIXED OR FLOATING 374 CLASSIFICATION OF A CHARGE AS FIXED OR FLOATING
AND THE NATURE OF THE SECURED PROPERTY*CHARGES ON BOOK DEBTS 379
IMPLICATIONS OF AGNEW AND SPECTRUM FOR OTHER ASSET CLASSES 384
ASSESSMENT OF THE POST-SPECTRUM POSITION 387 CRYSTALLIZATION OF A
FLOATING CHARGE 387 DRAFTING OF AUTOMATIC CRYSTALLIZATION CLAUSES 390
AUTOMATIC CRYSTALLIZATION AND THIRD PARTIES 391 PRIORITY RULES FOR
COMPETING INTERESTS IN THE SAME PROPERTY 392 COMPETING INTERESTS IN
TANGIBLE PERSONAL PROPERTY 393 PRIORITY RULES FOR COMPETING INTERESTS IN
INTANGIBLE PROPERTY 394 PRIORITY OF PURCHASE MONEY SECURITY INTERESTS
395 REGISTRATION OF CHARGES*OUTLINE OF REQUIREMENTS 396 REGISTRATION
REQUIREMENTS*DETAILED ASPECTS 397 CHARGES REQUIRING REGISTRATION 397
CHARGES ON GOODS 398 CHARGES ON BOOK DEBTS 398 FLOATING CHARGES 399
NON-REGISTRABLE CHARGES 399 THE REGISTRATION REQUIREMENT 400 THE ROLE OF
THE REGISTRAR AND THE ISSUE OF THE CERTIFICATE OF REGISTRATION 401
CONTENTS XIX REGISTRATION AND NOTICE 402 NON-REGISTRATION 402 LATE
REGISTRATION 403 CLEARING THE REGISTER*MEMORANDA OF SATISFACTION 404
MODIFICATION OF REGISTRATION REQUIREMENTS FOR FINANCIAL COLLATERAL 404
REFORM 404 IV. CAPITAL MARKETS FINANCE 13. PUBLIC OFFERS OF EQUITY
SECURITIES 409 SCOPE OF THIS PART 409 REASONS FOR GOING PUBLIC 409
CHOICE OF TRADING PLATFORM 416 FORMS OF PUBLIC OFFER OF SHARES 419 OFFER
FOR SUBSCRIPTION 419 OFFER FOR SALE 419 PLACINGS AND INTERMEDIARIES
OFFERS 419 DETERMINING THE ISSUE PRICE*UNDERWRITING AND BOOKBUILDING 420
THE CURRENT UK REGULATORY FRAMEWORK IN OUTLINE 421 EUROPEAN BACKGROUND
422 OFFICIAL LISTING*ITS CONTINUING SIGNIFICANCE IN THE UK 424
REGULATORY IMPLICATIONS OF ADMISSION TO TRADING ON AIM 428 THE PRINCIPLE
OF MANDATORY PROSPECTUS DISCLOSURE 429 THE OPERATION OF THE MANDATORY
PROSPECTUS DISCLOSURE REGIME 430 WHEN IS A PROSPECTUS REQUIRED? 430
PROSPECTUS FORM AND CONTENTS 432 FINANCIAL INFORMATION IN PROSPECTUSES
435 LANGUAGE IN WHICH NON-FINANCIAL PROSPECTUS CONTENTS ARE WRITTEN 437
SUPPLEMENTARY PROSPECTUSES 438 WITHDRAWAL RIGHTS 438 PROSPECTUS APPROVAL
439 PROSPECTUS PUBLICATION 440 ADVERTISEMENTS, PATHFINDER PROSPECTUSES,
AND MINI PROSPECTUSES 442 ENFORCEMENT OF SECURITIES LAWS REGULATING
PUBLIC ISSUES AND ADMISSION TO TRADING*OVERVIEW 444 CIVIL LIABILITY IN
THE UK FOR DEFECTIVE PROSPECTUSES*RESCISSION OF CONTRACTS 445 CIVIL
LIABILITY FOR DEFECTIVE PROSPECTUSES*COMPENSATION CLAIMS 449 POTENTIAL
CLAIMANTS 450 PERSONS WHO CAN BE SUED 452 DEFENCES TO LIABILITY 455
ELEMENTS OF THE CLAIM 456 CAUSATION 456 XX CONTENTS INVESTOR'S KNOWLEDGE
OF FALSEHOOD 456 KNOWLEDGE OF FALSEHOOD BY THE PERSONS RESPONSIBLE FOR
THE STATEMENT 457 LIABILITY FOR SILENCE 457 AMOUNT OF COMPENSATION 457
CIVIL LIABILITY FOR FALSE PROSPECTUSES*ASSESSMENT 459 ADMINISTRATIVE
SANCTIONS FOR DEFECTIVE PROSPECTUSES 460 CRIMINAL LIABILITY FOR
DEFECTIVE PROSPECTUSES 461 PUBLIC OFFERS OF SECURITIES BY PRIVATE
COMPANIES 462 CONTINUING OBLIGATIONS 465 OBLIGATIONS DERIVED FROM THE
TRANSPARENCY OBLIGATIONS DIRECTIVE 465 PERIODIC FINANCIAL REPORTING
OBLIGATIONS 465 CIVIL LIABILITY FOR PERIODIC FINANCIAL DISCLOSURES 467
ADMINISTRATIVE AND CRIMINAL SANCTIONS 470 OTHER CONTINUING OBLIGATIONS
DERIVED FROM THE TRANSPARENCY OBLIGATIONS DIRECTIVE 471 AIM ISSUERS 472
OBLIGATIONS DERIVED FROM THE MARKET ABUSE DIRECTIVE 472 14.
INTERNATIONAL EQUITY OFFERINGS 475 INTRODUCTION 475 STRATEGIES FOR
DEVELOPING A REGULATORY FRAMEWORK FOR INTERNATIONAL OFFERINGS 477
CONVERGENCE/EQUIVALENCE 477 MUTUAL RECOGNITION 479 REGULATORY
COMPETITION 479 PRACTICAL INITIATIVES TO DEVELOP A REGULATORY FRAMEWORK
FOR INTERNATIONAL ISSUANCE ACTIVITY 481 IOSCO INTERNATIONAL DISCLOSURE
STANDARDS FOR NON-FINANCIAL INFORMATION 481 IASB INTERNATIONAL FINANCIAL
REPORTING STANDARDS 483 ADOPTION OFLFRS, ESPECIALLY IN EUROPE 484 US
POSITION*FROM RECONCILIATION TO US GAAP TO ACCEPTANCE OFLFRS 486 SOME
MUTUAL RECOGNITION AGREEMENTS 489 CROSS-BORDER ISSUANCE IN THE EUROPEAN
ECONOMIC AREA USING A PROSPECTUS PASSPORT 491 OBTAINING A PASSPORT 491
LAMFALUSSY AND THE ESTABLISHMENT OF THE COMMITTEE OF EUROPEAN SECURITIES
REGULATORS 493 PROSPECTUS LIABILITY*A GAP IN THE STANDARDIZATION AGENDA?
495 CIVIL LIABILITY POSITION UNDER THE TRANSPARENCY OBLIGATIONS
DIRECTIVE 497 POSITION OF ISSUERS FROM THIRD COUNTRIES 498 CROSS-BORDER
SHARE ISSUANCE ACTIVITY IN THE EEA WITHOUT A PASSPORT*MAKING USE OF
EXEMPTIONS 499 RELEVANT EXEMPTIONS 500 US SECURITIES LAW AND RELEVANT
EXEMPTIONS 501 CONTENTS XXI REGULATION S: SALES AND RESALES OUTSIDE THE
US 501 OFFSHORE TRANSACTION 502 NO DIRECTED SELLING EFFORTS IN THE US
502 SUBSTANTIAL US MARKET INTEREST 502 RESALES 503 PRIVATE PLACEMENTS
AND REGULATION D 50 3 DISCLOSURE REQUIREMENTS 504 RESALES 504 RULE 144A:
RESALES OF RESTRICTED SECURITIES TO QUALIFIED INSTITUTIONAL BUYERS 504
CRITERIA FOR SAFE HARBOUR 505 WHO IS A QUALIFIED INSTITUTIONAL BUYER?
505 ELIGIBLE SECURITIES * THE FUNGIBILITYPROHIBITION 505 NOTICE TO
PURCHASER 505 AVAILABLE INFORMATION 506 LIABILITY POSITION 506 MAKING A
PUBLIC OFFER AND OBTAINING A LISTING IN THE UNITED STATES*A BRIEF
OUTLINE OF THE LAW RELATING TO FOREIGN ISSUERS 506 15. CORPORATE BONDS
511 INTRODUCTION 511 LAW AND THE DEVELOPMENT OF CORPORATE BOND MARKETS
IN EUROPE 514 TERMS OF BONDS 515 INTEREST 516 MATURITY 516 RANKING 517
COVENANTS 517 CONVERSION RIGHTS 520 STRUCTURE OF BOND ISSUES 522
ISSUANCE AND TRADING OF BONDS 524 REGULATION OF THE ISSUANCE PROCESS 524
EXCHANGE-REGULATED MARKETS FOR BONDS 529 STABILIZATION 530 BOND MARKET
TRANSPARENCY*A GROWING CONCERN 531 EU REGULATORY INTERVENTION TO ENHANCE
CERTAINTY IN MARKET TRANSACTIONS INVOLVING FINANCIAL COLLATERAL 534
INDEX 537 |
| adam_txt |
CONTENTS LIST OF ABBREVIATIONS XXII TABLE OF CASES XXV TABLE OF
LEGISLATION XLI NOTE ON THE LMPLEMENTATION OF THE COMPANIES ACT2006 LI
I. OVERVIEW 1. THE REGULATORY FRAMEWORK 3 SCOPE OF THE BOOK 3 TYPES OF
COMPANY LIMITED BY SHARES 4 THE REGULATORY FRAMEWORK FOR CORPORATE
FINANCE 7 LEGISLATION 8 INTERNAL CONSTITUTIONAL INSTRUMENTS 9 CASE LAW
10 CODES AND GUIDELINES 11 2. USE AND ABUSE OF THE CORPORATE FORM AS A
VEHICLE FOR RAISING FINANCE AND MANAGING FINANCIAL RISK 13 ISSUES
CONSIDERED IN THIS CHAPTER 13 DISTINCTIVE FEATURES OF THE COMPANY
LIMITED BY SHARES 14 SEPARATE LEGAL PERSONALITY 14 LIFTING THE VEIL OF
INCORPORATION 16 LIMITED LIABILITY 18 PROMOTION OF ENTREPRENEURIAL
ACTIVITY 20 PASSIVE INVESTMENT 20 PORTFOLIO DIVERSIFICATION 21 COST OF
CAPITAL 22 TRANSFERABILITY OF SHARES 24 TORT LIABILITIES 24 THE
CORPORATE GROUP 25 THE DEFINITION OF THE CORPORATE GROUP FOR ACCOUNTING
PURPOSES 27 THE DEFINITION OF THE CORPORATE GROUP FOR OTHER PURPOSES 30
COMPANY LAW AND THE CORPORATE GROUP: A GENERAL OVERVIEW 31 THE CORPORATE
GROUP AND LIABILITY FOR THE DEBTS OF INSOLVENT SUBSIDIARIES 33
ALTERNATIVES TO LIFTING THE VEIL: AGENCY 37 ALTERNATIVES TO LIFTING THE
VEIL: CONTRACTUAL GUARANTEES 37 ALTERNATIVES TO LIFTING THE VEIL: TORT
CLAIMS AGAINST OTHER COMPANIES 38 X CONTENTS ALTERNATIVES TO LIFTING THE
VEIL: INSOLVENCY ACT 1986 39 IS THE LAW ON CORPORATE GROUPS DEFICIENT?
42 3. CAPITAL STRUCTURE*FUNDAMENTAL LEGAL, ACCOUNTING, AND FINANCING
CONSIDERATIONS 49 SCOPE OF THIS CHAPTER 49 SHARE CAPITAL TERMINOLOGY 49
ACCOUNTING FOR AN ALLOTMENT OF SHARES 51 CHARACTERISTICS OF ORDINARY
SHARES 53 DIVIDENDS 53 CAPITAL GAINS AND RISK 53 VOTING RIGHTS 54 DEBT
FINANCE TERMINOLOGY 54 CHARACTERISTICS OF SIMPLE DEBT 56 INTEREST 56
CAPITAL GAIN AND RISK 56 CONTROL 57 HYBRID SECURITIES IN OUTLINE 57
VALUATION OF SECURITIES 59 SHARES 59 NET ASSET VALUE 60 DIVIDEND
VALUATION 60 FREE CASHFLO W VALUATION 6 0 DEBT SECURITIES 60 COST OF
CAPITAL 61 CAPITAL STRUCTURE 62 SOURCES OF CORPORATE FINANCE IN THE UK
66 SECURITIES MARKETS 68 EFFICIENT CAPITAL MARKETS 75 MEASURING AND
ASSESSING FINANCIAL PERFORMANCE*COMPANY ACCOUNTS 77 STATUTORY FINANCIAL
DISCLOSURE FRAMEWORK FOR UK COMPANIES 78 ADDITIONAL FINANCIAL DISCLOSURE
FRAMEWORK UNDER FSA DISCLOSURE AND TRANSPARENCY RULES 81 ADDITIONAL
FINANCIAL DISCLOSURE FRAMEWORK FOR OTHER PUBLICLY TRADED COMPANIES 82
II. LEGAL CAPITAL 4. FORMATION OF SHARE CAPITAL 85 SCOPE OF THIS PART 85
MINIMUM PRICE OF INDIVIDUAL SHARES: PAR VALUES 85 MINIMUM CAPITAL 89
CONTENTS DENOMINATION OF MINIMUM CAPITAL IS ANY VALUABLE PURPOSE SERVED
BY MINIMUM CAPITAL REQUIREMENTS? ALLOTTED, ISSUED, AND EQUITY SHARE
CAPITAL ALLOTTED SHARE CAPITAL AUTHORITY TO ALLOT SHARES REGISTRATION OF
ALLOTMENT AND RETURN OF ALLOTMENTS ISSUED SHARE CAPITAL AND ISSUED
SHARES EQUITY SHARE CAPITAL PAYMENT FOR SHARES INTRODUCTION PAID UP
SHARE CAPITAL CALLED UP SHARE CAPITAL CASH CONSIDERATION FOR SHARES
SHARES MUST NOT BE ISSUED AT A DISCOUNT THE NO-DISCOUNT RULE AND
CONVERTIBLE SECURITIES THE NO-DISCOUNT RULE AND UNDERWRITING COMMISSIONS
REGULATION OF NON-CASH CONSIDERATION FOR SHARES PUBLIC COMPANIES MUST
NOT ACCEPT AN UNDERTAKING TO DO WORK OR PERFORM SERVICES AS
CONSIDERATION FOR SHARES PUBLIC COMPANIES MUST NOT ACCEPT UNDERTAKINGS
TO BE PERFORMED IN THE FUTURE AS CONSIDERATION FOR THEIR SHARES
VALUATION OF NON-CASH CONSIDERATION FOR SHARES IN A PUBLIC COMPANY
TAKEOVER EXEMPTION MERGERS EXEMPTION RELAXATION OF THE INDEPENDENT
VALUATION REQUIREMENT BY THE 2006 AMENDING DIRECTIVE LIABILITY OF
SUBSEQUENT HOLDERS RELIEF FROM LIABILITY CRIMINAL LIABILITY FOR BREACH
OF RULES RELATING TO PAYMENT FOR SHARES SHARE PREMIUMS DETERMINING THE
ISSUE PRICE TREATMENT OF SHARE PREMIUMS PERMISSIBLE USES FOR SHARE
PREMIUMS BONUS ISSUES EXPENSES AND COMMISSIONS ON AN ISSUE OF SHARES
SHARE PREMIUMS AND NON-CASH CONSIDERATION GROUP RECONSTRUCTION RELIEF
MERGER RELIEF IMPORTANCE OF GROUP RECONSTRUCTION AND MERGER RELIEF OTHER
RELIEFS OTHER CAPITAL CONTRIBUTIONS STOCK 93 94 97 97 98 98 99 100 101
101 101 102 102 103 104 105 106 107 108 109 111 112 112 113 113 115 116
116 116 117 117 118 118 119 120 122 123 123 123 XII CONTENTS 5. SHARE
ALLOTMENTS 125 SCOPE OF THIS CHAPTER 125 POLICY ARGUMENTS AND RESPONSES
127 WEALTH TRANSFERS 127 PROTECTION AGAINST DILUTION 129 DISTORTION OF
MARKET FOR CORPORATE CONTROL OR OTHER UNCONSTITUTIONAL BEHAVIOUR BY
DIRECTORS 129 ABUSE OF MAJORITY SHAREHOLDER POWER 129 POLICY RESPONSES
130 SHAREHOLDER EMPOWERMENT UNDER THE COMPANIES ACT 2006 131 PRIVATE
COMPANY WITH A SINGLE CLASS OF SHARES 131 AUTHORIZATION BY COMPANY 132
STATUTORY PRE-EMPTION RIGHTS UNDER THE COMPANIES ACT 2006 134
PRE-EMPTION RIGHTS IN RELATION TO 'ALLOTMENTS' OF'EQUITY 135
SECURITIES': DEFINITIONS THE OPERATION OF THE STATUTORY PRE-EMPTION
RIGHTS PROCEDURE 135 CONSEQUENCES OF NON-COMPLIANCE 138 WHEN PRE-EMPTION
RIGHTS DO NOT APPLY 138 DISAPPLICATION OF PRE-EMPTION RIGHTS: ALL
COMPANIES 140 DISAPPLICATIONS FOR THE PURPOSES OF MAKING A RIGHTS ISSUE
OR OPEN OFFER 141 FRACTIONS 141 OVERSEAS SHAREHOLDERS 141 OPEN OFFERS
144 DISAPPLICATIONS FOR NON PRE-EMPTIVE OFFERS 144 DISAPPLICATION OR
EXCLUSION OF PRE-EMPTION RIGHTS: PRIVATE COMPANIES 146 OTHER FORMALITIES
IN RELATION TO SHARE ALLOTMENTS 146 6. SHARES 147 THE LEGAL NATURE OF A
SHARE 147 INCIDENTS OF SHARES: DIVIDENDS AND CAPITAL 148 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
ORDINARY SHARES 148 DEFAULT CAPITAL RIGHTS OF ORDINARY SHARES 149
DEFAULT DIVIDEND RIGHTS OF ORDINARY SHARES 149 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
PREFERENCE SHARES 151 DEFAULT CAPITAL RIGHTS OF PREFERENCE SHARES 152
SPENSFORMULA 153 DEFAULT DIVIDEND RIGHTS OF PREFERENCE SHARES 153
ENFRANCHISEMENT WHEN PREFERENTIAL DIVIDENDS ARE IN ARREARS 154 PAYMENT
OF ACCUMULATED UNPAID PREFERENTIAL DIVIDENDS 155 WHAT FINANCIAL
ENTITLEMENTS DO INVESTORS IN SHARES ACQUIRE? THE POSITION OF HOLDERS OF
REDEEMABLE SHARES 156 INCIDENTS OF SHARES: TRANSFERABILITY 157 CONTENTS
XIII INCIDENTS OF SHARES: VOTING RIGHTS 158 THE JURIDICAL NATURE OF THE
RELATIONSHIP BETWEEN A COMPANY AND ITS REGISTERED SHAREHOLDERS 158
VARIATION OF RIGHTS ATTACHING TO SHARES 162 PROVISION FOR ENTRENCHMENT
162 A CLASS OF SHARES 163 A CLASS OF SHARES * SOME CLEAR CASES 163
GOLDEN SHARES 16 4 RIGHTS CONDITIONAL ON HOLDING A SPECIFIED PERCENTAGE
SHAREHOLDING 165 SHARES WITH DIFFERENT PAR VALUES 165 SHARES ON WHICH
DIFFERENT AMOUNTS HAVE BEEN PAID UP 165 WHEN CLASS DISTINCTIONS MATTER
166 VARIATION OF CLASS RIGHTS 166 WHAT IS A RIGHT ATTACHED TO A CLASS OF
SHARES FOR THIS PURPOSE? 167 WHATISA 'VARIATION OF A RIGHT ATTACHED TO A
CLASS OF SHARES? 168 VARIATION OF RIGHTS BY ENHANCEMENT 171 THE
PROCEDURE FOR VARIATION OF CLASS RIGHTS 172 VOTING TO ALTER CLASS RIGHTS
* A FETTEREDPO WER? 173 STATUTORY PROTECTION OFMINORITIES IN A CLASS Y7A
CLASS RIGHTS AND REDUCTION OF CAPITAL 174 CLASS RIGHTS AND REDEMPTION OF
SHARES/SHARE BUY-BACKS 177 7. MAINTENANCE AND REDUCTION OF CAPITAL 179
PROTECTION OF CREDITORS' INTERESTS: INTRODUCTION 179 QUESTIONING THE
VALUE OF THE LEGAL CAPITAL DOCTRINE 180 THE DEVELOPMENT OF THE
MAINTENANCE OF CAPITAL REGIME IN THE UK 184 APPLICATION OF THE COMMON
LAW RULE PROHIBITING THE RETURN OF CAPITAL TO SHAREHOLDERS 185 AN
UNLAWFUL RETURN OF CAPITAL IS ULTRA VIRES 187 GRATUITOUS DISPOSITIONS TO
THIRD PARTIES AND DIRECTORS' DUTIES 189 REDUCTION OF CAPITAL UNDER THE
STATUTORY PROCEDURES 190 WHY REDUCE CAPITAL? 191 FORMS OF REDUCTION OF
CAPITAL SANCTIONED BY THE COMPANIES ACT 2006 192 LIMITATION ON USE OF
SOLVENCY STATEMENT REDUCTION OF CAPITAL PROCEDURE 192 THE COURT APPROVAL
PROCEDURE 192 SPECIAL RESOLUTION OF THE SHAREHOLDERS 192 THE OVERSIGHT
OF THE COURT IN RESPECT OF CREDITORS' INTERESTS 193 THE OVERSIGHT OF THE
COURT IN RESPECT OF SHAREHOLDERS' INTERESTS 194 GENERAL POWERS OF THE
COURT 195 REGISTRATION 196 WHERE ALLOTTED CAPITAL IS REDUCED BELOW THE
AUTHORIZED MINIMUM 196 EFFECT OF A COURT-APPROVED REDUCTION OF CAPITAL
196 REDUCTION OF CAPITAL UNDER THE SOLVENCY STATEMENT PROCEDURE: PRIVATE
COMPANIES ONLY 197 SPECIAL RESOLUTION OF THE SHAREHOLDERS AND CLASS
CONSENTS 197 XIV CONTENTS SOLVENCY STATEMENT 197 CONTENTS OF SOLVENCY
STATEMENT 198 SANCTIONS IN RESPECT OF FALSE SOLVENCY STATEMENTS 199
REGISTRATION REQUIREMENTS RELATING TO THE SOLVENCY STATEMENT PROCEDURE
199 EFFECT OF A REDUCTION OF CAPITAL UNDER THE SOLVENCY STATEMENT
PROCEDURE 200 EXCEPTIONAL REDUCTION OF CAPITAL PROCEDURES 200 REDUCTION
OF CAPITAL FOLLOWING REDENOMINATION OF SHARES 200 REDUCTION OF CAPITAL
PURSUANT TO AN ORDER OF THE COURT 201 REDUCTION OF CAPITAL IN RESPECT OF
FORFEITED OR ACQUIRED SHARES 201 8. SHARE BUY-BACKS AND REDEEMABLE
SHARES 203 INTRODUCTION 203 ARGUMENTS FOR AND AGAINST ALLOWING COMPANIES
SHARE BUY-BACK/REDEEMABLE SHARE ISSUANCE POWERS 203 TO ATTRACT EXTERNAL
INVESTORS 203 TO FACILITATE EXIT 204 TO STRUCTURE A TEMPORARY LOSS OF
CONTROL 204 TO RETURN VALUE TO SHAREHOLDERS 204 TO GIVE INFORMATION
SIGNALS 205 TO ACHIEVE A TARGET CAPITAL STRUCTURE 205 TO EXPAND THE
RANGE OF FINANCING OPTIONS 206 TO BUY BACK REDEEMABLE SHARES AT A
DISCOUNTED PRICE 206 TO FACILITATE THE ORGANIZATION OF EMPLOYEE SHARE
SCHEMES 206 TO ACHIEVE AN INFORMAL REDUCTION OF CAPITAL 206 TO DEFEND
AGAINST A TAKEOVER OR DEAL WITH DISSIDENT SHAREHOLDERS 207 TO STABILIZE
THE SHARE PRICE 208 CONSIDERATION BY REVIEW BODIES 208 THE EUROPEAN
DIMENSION 210 GENERAL STATUTORY RULE IN THE COMPANIES ACT 2006 AGAINST A
COMPANY ACQUIRING ITS OWN SHARES 212 SHARE BUY-BACKS*AUTHORIZATIONS
REQUIRED BY THE COMPANIES ACT 2006 213 MARKET PURCHASE 214 ORDINARY OR
SPECIAL RESOLUTION? 214 OFF-MARKET PURCHASE 215 OTHER STATUTORY
RESTRICTIONS ON THE TERMS AND MANNER OF BUY-BACKS 217 ACCOUNTING FOR A
SHARE BUY-BACK 218 TREASURY SHARES 220 BUY-BACK OF OWN SHARES OUT OF
CAPITAL: PRIVATE COMPANIES ONLY 221 STATUTORY MODIFICATION OF
CONTRACTUAL MATTERS RELATING TO SHARE BUY-BACKS 224 FSA REGULATORY
REQUIREMENTS RELATING TO SHARE BUY-BACKS 224 TAKEOVER CODE IMPLICATIONS
OF SHARE BUY-BACKS 226 CONTENTS XV THE AUTHORIZATIONS REQUIRED FOR AN
ISSUE OF REDEEMABLE SHARES 226 OTHER REQUIREMENTS OF THE COMPANIES ACT
2006 RELATING TO REDEMPTION OF REDEEMABLE SHARES 227 CLASS RIGHTS ISSUES
RELATING TO SHARE BUY-BACKS AND REDEEMABLE SHARES 228 SHARE BUY-BACKS
AND REDEEMABLE SHARES AND PROTECTION OF MINORITIES 228 9. DISTRIBUTIONS
TO SHAREHOLDERS 231 INVESTOR EXPECTATIONS 231 DIVIDEND POLICY * 232
DIVIDEND POLICY AND MARKET VALUE 232 DIVIDEND POLICY, INFORMATION
ASYMMETRIES, AND SIGNALLING 233 DIVIDEND POLICY AND AGENCY COSTS 234
DIVIDEND POLICY AND MANAGERIAL-SHAREHOLDER AGREEMENT LEVELS 236
REGULATION OF DIVIDEND POLICY DECISIONS 237 AN OVERVIEW OF THE
REGULATORY RESPONSE TO AGENCY PROBLEMS RELATING TO SHAREHOLDERS 237 AN
INTRODUCTION TO THE REGULATORY RESPONSE TO AGENCY PROBLEMS IN RELATION
TO CREDITORS 241 STATUTORY REGULATION OF DISTRIBUTIONS 242 WHAT IS A
'DISTRIBUTION'? 243 PROFITS AVAILABLE FOR DISTRIBUTION 245 ADDITIONAL
REQUIREMENT FOR PUBLIC COMPANIES 246 RELEVANT ACCOUNTS 247 CHOICE OF
ACCOUNTING REGULATORY FRAMEWORK 247 ACCOUNTING PROFITS AND PROFITS
AVAILABLE FOR DISTRIBUTION 248 GENERALLY ACCEPTED PRINCIPLES WITH
RESPECT TO THE DETERMINATION OF REALIZED PROFITS OR LOSSES 249 TECH 7/03
250 TECH 2/07 251 DIVIDEND PAYMENT PROCEDURE 251 UNLAWFUL DISTRIBUTIONS
252 WHEN IS A DISTRIBUTION UNLAWFUL? 252 OTHER RESTRICTIONS ON DIVIDENDS
254 LIABILITY CONSEQUENCES OF UNLAWFUL DIVIDENDS 254 DIRECTORS'LIABILITY
255 SHAREHOLDER LIABILITY 256 DIRECTORS' CLAIMS AGAINST RECIPIENT
SHAREHOLDERS 258 OTHER ISSUES 259 SCRIP DIVIDENDS 259 DIVIDEND
REINVESTMENT PLANS 259 INTRA-GROUP DISTRIBUTIONS 260 INTRA-GROUP
DIVIDENDS AND PRINCIPLES OF REALIZATION 260 INTRA-GROUP DIVIDENDS AND
DIVIDEND BLOCKS 260 INTRA-GROUP TRANSFERS OF ASSETS AT AN UNDERVALUE 261
REFORM 262 XVI CONTENTS 10. FINANCIAL ASSISTANCE 267 PROHIBITION ON THE
GIVING OF FINANCIAL ASSISTANCE*SOME PRELIMINARY ISSUES 267 WHAT IS
'FINANCIAL ASSISTANCE' LAW? 267 LEGISLATIVE HISTORY 267 WHO IS PROTECTED
BY THE BAN? 269 WHY IS THE GIVING OF FINANCIAL ASSISTANCE BANNED? 269
OBJECTIONS TO LEVERAGED TAKEOVERS/BUYOUTS 269 MARKET MANIPULATION 270
UNCONSTITUTIONAL CONDUCT BY MANAGEMENT 271 MAINTENANCE OF CAPITAL AND
'DETRIMENT' 271 IS THE BAN ON THE GIVING OF FINANCIAL ASSISTANCE
JUSTIFIED? 272 TECHNICAL PROBLEMS 272 POLICY CONCERNS 273 OUTLINE OF THE
LEGAL FRAMEWORK 275 'DEFINITION' OF FINANCIAL ASSISTANCE 276 'FINANCIAL
ASSISTANCE' IS NOT A TECHNICAL TERM 276 RECENT CASES APPLYING THE TEST
OF COMMERCIAL SUBSTANCE AND REALITY TIL FORMS OF FINANCIAL ASSISTANCE
THAT ARE PROHIBITED 279 FINANCIAL ASSISTANCE GIVEN BY WAY OF GIFT 2T)
FINANCIAL ASSISTANCE GIVEN BY WAY OF GUARANTEE OR SECURITY 281 FINANCIAL
ASSISTANCE GIVEN BY WAY OF INDEMNITY 282 FINANCIAL ASSISTANCE GIVEN BY
WAY OF RELEASE OR WAIVER 1X1 FINANCIAL ASSISTANCE GIVEN BY WAY OF LOAN
283 FINANCIAL ASSISTANCE GIVEN BY WAY OF ANY OTHER AGREEMENT UNDER WHICH
THE OBLIGATIONS OF THE PERSON GIVING THE ASSISTANCE ARE TO BE FULFILLED
AT A TIME WHEN, IN ACCORDANCE WITH THE AGREEMENT, ANY OBLIGATION OF
ANOTHER PARTY TO THE AGREEMENT REMAINS UNFULFILLED 283 FINANCIAL
ASSISTANCE GIVEN BY WAY OF NOVATION OF, OR ASSIGNMENT OF RIGHTS ARISING
UNDER, A LOAN OR SUCH OTHER AGREEMENT 284 ANY OTHER FINANCIAL ASSISTANCE
GIVEN BY A COMPANY THE NET ASSETS OF WHICH ARE THEREBY REDUCED TO A
MATERIAL EXTENT 284 ANY OTHER FINANCIAL ASSISTANCE GIVEN BY A COMPANY
WHICH HAS NO NET ASSETS 285 CIRCUMSTANCES IN WHICH THE GIVING OF
FINANCIAL ASSISTANCE IS PROHIBITED 285 AN ACQUISITION 286 THE BAN
RELATES ONLY TO AN ACQUISITION OF SHARES 286 THE BAN APPLIES ONLY TO
PUBLIC COMPANIES AND THEIR SUBSIDIARIES 287 THE STATUS OF THE COMPANY
WHOSE SHARES ARE ACQUIRED 287 THE STATUS OF THE COMPANY PROVIDING THE
ASSISTANCE 288 THE ACQUIRER OF THE SHARES 288 MUST THE ACQUIRER BE KNOWN
TO THE COMPANY PROVIDING THE ASSISTANCE AT THE TIME WHEN THE ASSISTANCE
IS GIVEN? 289 THE ASSISTED PERSON*DIRECT AND INDIRECT FINANCIAL
ASSISTANCE 290 CONTENTS XVII THE PURPOSE(S) FOR WHICH FINANCIAL
ASSISTANCE IS GIVEN 291 THE CAUSAL LINK 291 MIXED PURPOSES 293 BRADY V
BRADY 294 REVERSING BRADY 295 EXAMPLES OF A LARGER OR PRINCIPAL PURPOSE
296 GOODFAITH 296 UNCONDITIONAL EXCEPTIONS 297 DISTRIBUTIONS 297 BONUS
ISSUES 298 OTHER UNCONDITIONAL EXCEPTIONS 298 CONDITIONAL EXCEPTIONS 298
EXCEPTION FOR MONEY-LENDING BUSINESSES 299 EXCEPTION FOR EMPLOYEE SHARE
PURCHASES 300 CRIMINAL SANCTIONS FOR UNLAWFUL FINANCIAL ASSISTANCE 301
CIVIL CONSEQUENCES OF UNLAWFUL FINANCIAL ASSISTANCE 303 THE INVALIDITY
OF THE FINANCIAL ASSISTANCE TRANSACTION 303 VALIDITY OF THE ACQUISITION
OF THE SHARES 304 CLAIMS AGAINST DIRECTORS 304 LIABILITY OF OTHER
PARTIES 305 ACCESSORY LIABILITY 305 RECIPIENT LIABILITY 307 THE TORT OF
CONSPIRACY 307 DISQUALIFICATION 30 8 AMENDING DIRECTIVE 308 III. DEBT
CORPORATE FINANCE 11 . DEBT CORPORATE FINANCE*GENERAL CONSIDERATIONS 313
SCOPE OF THIS PART 313 UNSECURED LENDING*OVERVIEW 314 OVERDRAFTS 316
TERM LOANS 319 PRINCIPAL 320 INTEREST 322 CONDITIONS PRECEDENT 325
REPRESENTATIONS AND WARRANTIES 326 COVENANTS 328 REPORTING COVENANTS 331
FINANCIAL COVENANTS 331 DISPOSALS OF ASSETS COVENANT 333 CHANGE OF
BUSINESS COVENANT 334 NEGATIVE PLEDGE COVENANT 334 IMPLIED COVENANTS 339
XVIII CONTENTS EVENTS OF DEFAULT 340 DEBT FINANCE AND CORPORATE
GOVERNANCE 341 12. SECURED DEBT 347 ADVANTAGES OF BEING A SECURED
CREDITOR 347 ECONOMIC PERSPECTIVES ON SECURED DEBT 349 POLICY*DOMINANCE
OF FREEDOM OF CONTRACT 352 CONSENSUAL SECURITY INTERESTS 353 GRANT AND
RESERVATION*FUNDAMENTAL LEGAL DISTINCTIONS 354 SECURITY INTERESTS ARE
DEFEASIBLE INTERESTS 357 A SECURITY INTEREST IS AN INTEREST IN THE
CHARGOR'S PROPERTY TO SECURE A DEBT 357 SECURITY ON FUTURE PROPERTY 358
THE SUBJECT-MATTER OF A SECURITY INTEREST*FORMS OF PROPERTY THAT CAN BE
USED AS SECURITY 361 FORMS OF CONSENSUAL REAL SECURITY 362 PLEDGE AND
LIEN 363 MORTGAGE 364 CHARGES 366 FIXED AND FLOATING CHARGES*A
COMPARISON OF THEIR KEY FEATURES 367 FIXED CHARGES 367 FLOATING CHARGES
368 THE NATURE OF THE FLOATING CHARGE 370 ESTABLISHING WHETHER A CHARGE
IS FIXED OR FLOATING 374 CLASSIFICATION OF A CHARGE AS FIXED OR FLOATING
AND THE NATURE OF THE SECURED PROPERTY*CHARGES ON BOOK DEBTS 379
IMPLICATIONS OF AGNEW AND SPECTRUM FOR OTHER ASSET CLASSES 384
ASSESSMENT OF THE POST-SPECTRUM POSITION 387 CRYSTALLIZATION OF A
FLOATING CHARGE 387 DRAFTING OF AUTOMATIC CRYSTALLIZATION CLAUSES 390
AUTOMATIC CRYSTALLIZATION AND THIRD PARTIES 391 PRIORITY RULES FOR
COMPETING INTERESTS IN THE SAME PROPERTY 392 COMPETING INTERESTS IN
TANGIBLE PERSONAL PROPERTY 393 PRIORITY RULES FOR COMPETING INTERESTS IN
INTANGIBLE PROPERTY 394 PRIORITY OF PURCHASE MONEY SECURITY INTERESTS
395 REGISTRATION OF CHARGES*OUTLINE OF REQUIREMENTS 396 REGISTRATION
REQUIREMENTS*DETAILED ASPECTS 397 CHARGES REQUIRING REGISTRATION 397
CHARGES ON GOODS 398 CHARGES ON BOOK DEBTS 398 FLOATING CHARGES 399
NON-REGISTRABLE CHARGES 399 THE REGISTRATION REQUIREMENT 400 THE ROLE OF
THE REGISTRAR AND THE ISSUE OF THE CERTIFICATE OF REGISTRATION 401
CONTENTS XIX REGISTRATION AND NOTICE 402 NON-REGISTRATION 402 LATE
REGISTRATION 403 CLEARING THE REGISTER*MEMORANDA OF SATISFACTION 404
MODIFICATION OF REGISTRATION REQUIREMENTS FOR FINANCIAL COLLATERAL 404
REFORM 404 IV. CAPITAL MARKETS FINANCE 13. PUBLIC OFFERS OF EQUITY
SECURITIES 409 SCOPE OF THIS PART 409 REASONS FOR GOING PUBLIC 409
CHOICE OF TRADING PLATFORM 416 FORMS OF PUBLIC OFFER OF SHARES 419 OFFER
FOR SUBSCRIPTION 419 OFFER FOR SALE 419 PLACINGS AND INTERMEDIARIES
OFFERS 419 DETERMINING THE ISSUE PRICE*UNDERWRITING AND BOOKBUILDING 420
THE CURRENT UK REGULATORY FRAMEWORK IN OUTLINE 421 EUROPEAN BACKGROUND
422 OFFICIAL LISTING*ITS CONTINUING SIGNIFICANCE IN THE UK 424
REGULATORY IMPLICATIONS OF ADMISSION TO TRADING ON AIM 428 THE PRINCIPLE
OF MANDATORY PROSPECTUS DISCLOSURE 429 THE OPERATION OF THE MANDATORY
PROSPECTUS DISCLOSURE REGIME 430 WHEN IS A PROSPECTUS REQUIRED? 430
PROSPECTUS FORM AND CONTENTS 432 FINANCIAL INFORMATION IN PROSPECTUSES
435 LANGUAGE IN WHICH NON-FINANCIAL PROSPECTUS CONTENTS ARE WRITTEN 437
SUPPLEMENTARY PROSPECTUSES 438 WITHDRAWAL RIGHTS 438 PROSPECTUS APPROVAL
439 PROSPECTUS PUBLICATION 440 ADVERTISEMENTS, PATHFINDER PROSPECTUSES,
AND MINI PROSPECTUSES 442 ENFORCEMENT OF SECURITIES LAWS REGULATING
PUBLIC ISSUES AND ADMISSION TO TRADING*OVERVIEW 444 CIVIL LIABILITY IN
THE UK FOR DEFECTIVE PROSPECTUSES*RESCISSION OF CONTRACTS 445 CIVIL
LIABILITY FOR DEFECTIVE PROSPECTUSES*COMPENSATION CLAIMS 449 POTENTIAL
CLAIMANTS 450 PERSONS WHO CAN BE SUED 452 DEFENCES TO LIABILITY 455
ELEMENTS OF THE CLAIM 456 CAUSATION 456 XX CONTENTS INVESTOR'S KNOWLEDGE
OF FALSEHOOD 456 KNOWLEDGE OF FALSEHOOD BY THE PERSONS RESPONSIBLE FOR
THE STATEMENT 457 LIABILITY FOR SILENCE 457 AMOUNT OF COMPENSATION 457
CIVIL LIABILITY FOR FALSE PROSPECTUSES*ASSESSMENT 459 ADMINISTRATIVE
SANCTIONS FOR DEFECTIVE PROSPECTUSES 460 CRIMINAL LIABILITY FOR
DEFECTIVE PROSPECTUSES 461 PUBLIC OFFERS OF SECURITIES BY PRIVATE
COMPANIES 462 CONTINUING OBLIGATIONS 465 OBLIGATIONS DERIVED FROM THE
TRANSPARENCY OBLIGATIONS DIRECTIVE 465 PERIODIC FINANCIAL REPORTING
OBLIGATIONS 465 CIVIL LIABILITY FOR PERIODIC FINANCIAL DISCLOSURES 467
ADMINISTRATIVE AND CRIMINAL SANCTIONS 470 OTHER CONTINUING OBLIGATIONS
DERIVED FROM THE TRANSPARENCY OBLIGATIONS DIRECTIVE 471 AIM ISSUERS 472
OBLIGATIONS DERIVED FROM THE MARKET ABUSE DIRECTIVE 472 14.
INTERNATIONAL EQUITY OFFERINGS 475 INTRODUCTION 475 STRATEGIES FOR
DEVELOPING A REGULATORY FRAMEWORK FOR INTERNATIONAL OFFERINGS 477
CONVERGENCE/EQUIVALENCE 477 MUTUAL RECOGNITION 479 REGULATORY
COMPETITION 479 PRACTICAL INITIATIVES TO DEVELOP A REGULATORY FRAMEWORK
FOR INTERNATIONAL ISSUANCE ACTIVITY 481 IOSCO INTERNATIONAL DISCLOSURE
STANDARDS FOR NON-FINANCIAL INFORMATION 481 IASB INTERNATIONAL FINANCIAL
REPORTING STANDARDS 483 ADOPTION OFLFRS, ESPECIALLY IN EUROPE 484 US
POSITION*FROM RECONCILIATION TO US GAAP TO ACCEPTANCE OFLFRS 486 SOME
MUTUAL RECOGNITION AGREEMENTS 489 CROSS-BORDER ISSUANCE IN THE EUROPEAN
ECONOMIC AREA USING A PROSPECTUS PASSPORT 491 OBTAINING A PASSPORT 491
LAMFALUSSY AND THE ESTABLISHMENT OF THE COMMITTEE OF EUROPEAN SECURITIES
REGULATORS 493 PROSPECTUS LIABILITY*A GAP IN THE STANDARDIZATION AGENDA?
495 CIVIL LIABILITY POSITION UNDER THE TRANSPARENCY OBLIGATIONS
DIRECTIVE 497 POSITION OF ISSUERS FROM THIRD COUNTRIES 498 CROSS-BORDER
SHARE ISSUANCE ACTIVITY IN THE EEA WITHOUT A PASSPORT*MAKING USE OF
EXEMPTIONS 499 RELEVANT EXEMPTIONS 500 US SECURITIES LAW AND RELEVANT
EXEMPTIONS 501 CONTENTS XXI REGULATION S: SALES AND RESALES OUTSIDE THE
US 501 OFFSHORE TRANSACTION 502 NO DIRECTED SELLING EFFORTS IN THE US
502 SUBSTANTIAL US MARKET INTEREST 502 RESALES 503 PRIVATE PLACEMENTS
AND REGULATION D 50 3 DISCLOSURE REQUIREMENTS 504 RESALES 504 RULE 144A:
RESALES OF RESTRICTED SECURITIES TO QUALIFIED INSTITUTIONAL BUYERS 504
CRITERIA FOR SAFE HARBOUR 505 WHO IS A QUALIFIED INSTITUTIONAL BUYER?
505 ELIGIBLE SECURITIES * THE FUNGIBILITYPROHIBITION 505 NOTICE TO
PURCHASER 505 AVAILABLE INFORMATION 506 LIABILITY POSITION 506 MAKING A
PUBLIC OFFER AND OBTAINING A LISTING IN THE UNITED STATES*A BRIEF
OUTLINE OF THE LAW RELATING TO FOREIGN ISSUERS 506 15. CORPORATE BONDS
511 INTRODUCTION 511 LAW AND THE DEVELOPMENT OF CORPORATE BOND MARKETS
IN EUROPE 514 TERMS OF BONDS 515 INTEREST 516 MATURITY 516 RANKING 517
COVENANTS 517 CONVERSION RIGHTS 520 STRUCTURE OF BOND ISSUES 522
ISSUANCE AND TRADING OF BONDS 524 REGULATION OF THE ISSUANCE PROCESS 524
EXCHANGE-REGULATED MARKETS FOR BONDS 529 STABILIZATION 530 BOND MARKET
TRANSPARENCY*A GROWING CONCERN 531 EU REGULATORY INTERVENTION TO ENHANCE
CERTAINTY IN MARKET TRANSACTIONS INVOLVING FINANCIAL COLLATERAL 534
INDEX 537 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Ferran, Eilís 1962- |
| author_GND | (DE-588)1028951426 |
| author_facet | Ferran, Eilís 1962- |
| author_role | aut |
| author_sort | Ferran, Eilís 1962- |
| author_variant | e f ef |
| building | Verbundindex |
| bvnumber | BV023407261 |
| classification_rvk | PU 4364 QP 700 |
| classification_tum | WIR 680f JUR 140f |
| ctrlnum | (OCoLC)263451940 (DE-599)HBZHT015537250 |
| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
| discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| geographic | Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | Großbritannien |
| id | DE-604.BV023407261 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T21:26:04Z |
| indexdate | 2025-01-02T11:22:23Z |
| institution | BVB |
| isbn | 9780199230518 9780199230501 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016589933 |
| oclc_num | 263451940 |
| open_access_boolean | |
| owner | DE-91 DE-BY-TUM DE-945 DE-M382 DE-19 DE-BY-UBM DE-29 DE-188 DE-739 |
| owner_facet | DE-91 DE-BY-TUM DE-945 DE-M382 DE-19 DE-BY-UBM DE-29 DE-188 DE-739 |
| physical | LIII, 576 S. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Oxford Univ. Press |
| record_format | marc |
| spelling | Ferran, Eilís 1962- Verfasser (DE-588)1028951426 aut Principles of corporate finance law Eilís Ferran 1. publ. Oxford [u.a.] Oxford Univ. Press 2008 LIII, 576 S. txt rdacontent n rdamedia nc rdacarrier Europäische Union (DE-588)5098525-5 gnd rswk-swf Recht (DE-588)4048737-4 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Corporate Finance (DE-588)4269795-5 s Finanzierungstheorie (DE-588)4154418-3 s Recht (DE-588)4048737-4 s Großbritannien (DE-588)4022153-2 g DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016589933&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ferran, Eilís 1962- Principles of corporate finance law Europäische Union (DE-588)5098525-5 gnd Recht (DE-588)4048737-4 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4048737-4 (DE-588)4269795-5 (DE-588)4154418-3 (DE-588)4022153-2 |
| title | Principles of corporate finance law |
| title_auth | Principles of corporate finance law |
| title_exact_search | Principles of corporate finance law |
| title_exact_search_txtP | Principles of corporate finance law |
| title_full | Principles of corporate finance law Eilís Ferran |
| title_fullStr | Principles of corporate finance law Eilís Ferran |
| title_full_unstemmed | Principles of corporate finance law Eilís Ferran |
| title_short | Principles of corporate finance law |
| title_sort | principles of corporate finance law |
| topic | Europäische Union (DE-588)5098525-5 gnd Recht (DE-588)4048737-4 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| topic_facet | Europäische Union Recht Corporate Finance Finanzierungstheorie Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016589933&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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