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Questions on Laws in UK - Assignment Example

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Question-Answers on Laws in UK Answer: 1 a) Section 560 of the Companies Act 2006 starts by defining ‘equity shares’ and goes on to state the right of pre-emption for existing shareholders. It states that “a company that is proposing to allot equity securities must offer them to existing shareholders first (that is, on a pre-emptive basis)”…
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Questions on Laws in UK
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Download file to see previous pages An example of this is the Dutch Bureau of Agricultural Land Management which is responsible for the buying of plots of a farmland in rural areas. This organization, as existing shareholders also enjoys pre-emptive rights over the purchase of all such land. Another example is the Flemish Land Company in Belgium who are entitled to override other candidates and buy out farmland should it be up for sale. (OECD, 1998, p.22) b) There are certain exceptions or disapplication of pre-emption rights. They are as follows. The right of pre-emption is not applicable to the sale of treasury shares, held by the company, i.e. issue of equity shares as given by section 560(2) (b) of the Companies Act 2006. Since Treasury shares are bonds or gifts of the government, no pre-emptive rights may be applied to them. If the directors of a company are given the power to allot equity shares by an article of the government or by a special resolution adopted by the concerned company (as stated in section 561 of the Companies Act), the pre-emption will not apply. Even if it does apply, the allotment of equity shares will be done with some modifications as per the directors’ decisions. ...
It is advisable for a company to take its own decisions for optimality. A company may decide that the pre-emption rights will not apply to a specified allotment of shares or it shall apply with some modifications stated in the resolution. The company may do this by putting a special resolution into effect. (Companies Act 2006, Elizabeth II, Part 46, n.d, p.276) If the resolution of the company benefits it and all its shareholders, it this move is welcome but if it is taken due to personal grudges between members of the management, it will lead to injustice and unfairness and harm the company. Answer: 2 a) “A Business Angel investor is a high-net-worth individual, who typically provides capital, in the form of debt or equity from his or her own funds to a small private business owned and operated by someone else who is neither a friend nor a family member”. (Talmor & Vasvari, 2011, p.16.1) A Venture Capitalist, on the other hand, is “not only a financier but also either an intelligent evaluator who performs due diligence on ventures, a venture’s partner who can add value to the venture, or both”. (Cumming, 2010, p.299) There are some advantages enjoyed by the Business Angels over Venture Capitalists. They are given as follows. i) The transaction costs incurred by business angels are much less than the transaction cost of venture capitalists. The transaction cost for business angels lies between the ranges of $100,000-2,000,000 whereas that for venture capitalists is higher than $2,000,000. ii) The operations of business angels are geographically more dispersed than those of venture capitalists. The existence of venture capitalists is limited to a few areas where there are many ...Download file to see next pagesRead More
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