Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
number,thedateofcommencingsubscriptionsforshares,andthetargetgroupthatthe
offerisaddressedto.Thisactivityisreferredtoasthebookbuildingprocess.Duringthis
process,theissuertestspotentialinvestors-checkingthepricetheywouldbereadyto
payforitsfuturesecurities,andtheamountstheywouldbeinterestedinbuying.Based
onthis,theissuerreceivestheinformationallowingittobetterdraftthefinalcontentof
theoffer(includinginparticularthepriceoftheshares).Aspartofthebookbuilding
process,theissuermayapplyvariousloyaltyprogrammesduringtheresearch,inreturn
forparticipatinginit,andmaygrantspecifiedpreferenceswhenofferingsecuritiesto
theresearchparticipants.
Beforecommencingapublicoffering,theissuermayalsoconsidertheneedto
concludeunderwritingagreements
22
.Theseagreementsensurethattheissueofsecurities
willbeeffective
23
.TheCapitalMarketLawdifferentiatestwotypesofunderwriting
agreements:firmcommitmentunderwritingandstandbyunderwriting.Thefirst
oneincludestheunderwriter(knownasthefirmcommitmentunderwriter)who
24
undertakestowardstheissuer(orthesellingparty)
25
toacquire(subscribe),onitsown
account,allorpartofthesecuritiesofaspecificissue,offeredexclusivelytothisentity
withaviewtoresellingtheminthepublicoffering.Underastandbyunderwriting
agreement,however,theunderwriter(knownasthestandbyunderwriter)
26
undertakes
towardstheissuer(orthesellingparty)toacquire(subscribe),onitsownaccount,allor
partofthesecuritiesofferedinthepublicofferingthatwerenotsubscribedforduring
thesubscriptionperiod.Boththesetypesofagreements,therefore,assuretheissuer(or
thesellingparty)thatthesecuritiestheyareofferingwillbeacquiredinfull,sotheissue
willbesuccessful.Aslongasthefirmcommitmentunderwritinginvolvessubscribing
forallthesecurities(100percentoftheissue)bythefirmcommitmentunderwriter,the
standbyunderwritingconstitutessomekindof“supplementinginterestintheissue”up
to100percent.Ifinvestorsfailtosubscribeforallthesecuritiesofferedbytheissuer,
thestandbyunderwriterwillsubscribefortheremainingpart.Whatisimportant,the
agreementconcludedbytheissuerforfirmcommitmentunderwritingshouldinclude
thepossibilityforthefirmcommitmentunderwritertodisposeoftherighttosubscribe
forthesecurities.Disposingofthisrightbytheunderwriterisconsideredasprimary
trading,eventhoughitisactuallysecondarytrading(investorsbuysecurities,butnot
fromtheissuer).Inaddition,offeringthesaleofsharessubscribedforinexecutionof
thisrightisconsideredasprimarytradingwhenaregistrycourtenterstheincrease
ofsharecapitaloftheissuerintothecommercialregister.
Uponannouncingapublicofferingwhichinvolvesprovidingatleast150addressees,
oranunspecifiedaddressee,withsufficientinformationonthesecuritiesbeingoffered
22
Seemore:M.
Pawełczyk
,UnderwritinginPublicCompany,“Jurysta”2002,No.10;Idem,Underwriting
inaPublicCompany,Katowice2005.
23Sellingsecuritiesundersuchanagreementisperformedthroughaninvestmentcompany.
24
Onlyabank,aninvestmentcompanyoraforeigninvestmentcompany,oraconsortiumofsuch
entities,mayactasthefirmcommitmentunderwriter.Inthecaseofaconsortium,eachentityactingas
aconsortiummemberisalsoconsideredasthefirmcommitmentunderwriter.
25Thesellingpartyistheholderofsecuritieswhomakesapublicoffering.
26
Onlyaninvestmentcompany,aninvestmentfund,anopenpensionfund,abank,insurancecompany,
aPolishorforeignfinancialinstitutionwithitsregisteredofficeinanOECDmemberstate,orsubjectto
OECD,oraconsortiumofsuchentitiesmayactasastandbyunderwriter.Inthecaseofaconsortium,
eachentityactingasaconsortiummemberisalsoconsideredthestandbyunderwriter.
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