Κατεύθυνση Εταιρείες και Χρηματοδότηση
Library of the School of Law

2023-02-01

2023

Papageorgiou Kyriaki

Χριστίνα Λιβαδά, Επίκουρη Καθηγήτρια, Νομική Σχολή Ε.Κ.Π.Α.
Ιάκωβος Βενιέρης, Επίκουρος Καθηγητής, Νομική Σχολή Ε.Κ.Π.Α.
Νικόλαος Βερβεσός, Επίκουρος Καθηγητής, Νομική Σχολή Ε.Κ.Π.Α.

Οι τίτλοι παραστατικοί δικαιωμάτων κτήσης μετοχών (warrants) ως υβριδικός τίτλος χρηματοδότησης

Greek

Warrants as a hybrid financing instrument

Warrants in their basic form are unknown to the most in the domestic legal order, due to their recent regulation in the field of corporate law by the law no. 4548/2018. In an effort to simply convey their meaning and function, we could say that warrants are securities which entitle their holder to acquire shares of the company which issued and delivered them to him. Given their complexity as financial instruments and the fact that they are “uncharted” to some extent, this paper mostly aims to demonstrate and clarify those basic characteristics of warrants as a special class of securities, to demonstrate how exactly they function, especially as a hybrid financing instrument, why a limited company chooses to issue them and what is the position of their holder within the company after their issuance. Part B of the present document also refers to the issues of their issuance procedure, the special contract which is drawn up between the issuer - company and the holder, as well as to the exercise of the embedded option, in order to approach warrants as fully as possible.

Law and Legislation

Commercial Law

warrants, mezzanine financing, hybrid financing instrument, stage financing, option, intrinsic value, time value, premium, exercise price, sweetener

No

0

No

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https://pergamos.lib.uoa.gr/uoa/dl/object/3257222/file.pdf

https://pergamos.lib.uoa.gr/uoa/dl/object/3257222