Præferencekapitalandele – visse selskabs- og finansieringsretlige spørgsmål

i Nordisk Tidsskrift for Selskabsret
Forfatter: Christoffer Galbo
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The purpose of the paper is to illustrate alternative preference share models, notably structures frequently used in private equity and venture capital, and analyze key corporate and financing law issues. The paper describes preference share models ranging from traditional dividend focused structures and defensive “subordinated debt” type structures to more aggressive structures protecting investors while also providing for an upside in case of success. It is explained what purposes the different models can serve. The paper further compares the models with certain pertinent issues in the Danish Companies Act. The majority requirements for issuing preference shares are discussed, and the author on this point challenges predominant views, which – according to the author – are based on an exceedingly rigid and undesirable application of the principle of equal treatment of shareholders. The paper finally goes through the requirements for redeeming preference shares.