Download Capital structures and corporate governance. The role of by Lorenzo Sasso PDF

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By Lorenzo Sasso

Regardless of a transparent contrast in legislation among fairness and debt, the result of this sort of categorization may be deceptive. the expansion of monetary innovation in contemporary a long time necessitates the allocation of keep watch over and cash-flow rights in a manner that diverges from the vintage knowing. the various monetary tools issued by means of businesses, so-called hybrid tools, fall right into a gray sector among debt and equity,  Read more...

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1 42, as in some earlier cases, the view had prevailed that a preferential right in this category was not exhaustive but operated to confer an additional privilege over those otherwise enjoyed by the preference shareholders as a member of the company. For a discussion of these points, see G. Morse, Palmer's Company Law vol. l , 303 (London: Stevens & Sons 1 959) ; R. Pennington, Preference Shares Again, S . J . 1 05 , 45 1 ( 1 96 1 ) where the Author explains when the provision precluding participation in surplus assets is absent, the court construes the right of preference shareholders in respect of capital to be the same as if the provision were expressed, but this is because the court treats the priority given for repayment of preference capital as exhaustively defining the preference shareholders' rights and not because the court implies a provision precluding participation in surplus assets in the terms of issue.

1 8S l ] 9 Hare 3 1 3 ; Sturge v. Eastern Union Railway Co. [ 1 8SS] 7 de GM & G 1 S8; Crawford v. North Eastern Railway Co. [ 1 8S6] 3 K & J 723 ; Corry v. Londonderry and Enniskillen Railway Co. [ 1 860] 29 Beav. 263 ; Foster v. Coles and N. B. N. 1 07. Staples v. Eastman Photographic Materials Co. [ 1 896] 2 Ch. 303 , CA. On this matter before the introduction of the s . 263 see Long Acre Press Ltd v. Odhams Press Ltd [ 1 930] 2 Ch. 1 96, [ 1 930) All ER Rep 2 3 7 . Re Bridgewater Navigation Co.

8 3 This decision was later approved by the House of Lords , although in that situation, the articles expressly provided that the rights attached to the preference shares on a return of capital other than on winding up were the same as the rights which they enj oyed on a winding up . 84 When preference shares are drafted to receive a share of surplus profits in the company, all combinations accepted by the parties are possible. They can rank pari passu with the subordinate shares after those shares have received a specified dividend, receive an aliquot portion of the surplus profits, or their dividend can rise automatically in proportion to the dividend on the ordinary shares rises beyond the specified figure.

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