Iqembu Eliyisithupha, umhlinzeki wezinsizakalo zezezimali osebenzisa iZurich Stock Exchange, iSwiss Stock Exchange enkulu, yethule Ukunikezwa Komphakathi ngamasheya ku-BME ngenani eliphelele lama-euro ayizigidi ezingama-2.842,92. Ngamanani wokusebenza okuma-euro angama-34 ngesabelo ngasinye. Kufanele kukhunjulwe ukuthi ibhidi lokuthatha kabusha, isithembiso somphakathi sokutholwa kwamasheya noma ezinye izibambiso, kungukuhweba lapho inkampani eyodwa noma eziningi zenza isithembiso sokuthenga amasheya kubo bonke abaninimasheya benkampani.
Ukunikezwa Komphakathi Kokutholwa kungenzeka kube nobungani noma kungabi nobungani, kodwa kulokhu kube ngokokuqala kwezimo. Futhi ngentengo ehlangabezana nokulindelwe ngabatshalizimali ngokuba ngaphansi kakhulu kwentengo efakwe kuhlu ngaleso sikhathi. Umphumela awuthathanga isikhathi eside ukufika ezimakethe zezimali futhi amasheya eBolsas y Mercados de España ayakwazisa. cishe u-35% njengoba kungumsebenzi ozuzisa kakhulu izintshisekelo zabo.
Kunoma ikuphi kulawa macala, bekuyisikhathi eside kusukela ukusebenza kwalezi zici kwenzeke emakethe yamasheya yaseSpain ngakho-ke bekulokhu kuteleka ukuthi kwenziwe ngale ndlela. Kepha ngaphezu kwakho konke ngenxa yenani layo, okuthi ngandlela thile kumangaze amanxusa ahlukene ezimakethe zezimali. Manje okusele nje ukuthi lokhu Kunikezwa Kokutholwa Komphakathi kwenzeka ezinsukwini ezizayo. Kepha ngaphezu kwakho konke, amasu okutshala imali abatshalizimali abancane nabaphakathi abanawo njengamanje.
Ibhidi yokuthatha imali eya kwi-BME ngama-euro angama-34
Inani elethulwe lePublic Offering of Acquisition (OPA) lamasheya ku-BME belisemaphethelweni Ama-euro angama-34 ngesabelo ngasinye. Kuyisamba semali ukuthi ngaphambi kokuba kwenziwe umsebenzi, kuzothakazelisa kakhulu kubatshalizimali ukuthi kube yintengo yayo ngaphansi kwaleli nani, cishe ama-euro angama-30. Yize ngemuva kokukhuphuka kwabo emakethe yamasheya, amasheya eBolsas y Mercados de España abe ngaphezulu kancane kwama-euro angama-35. Ngalesi sikhathi, kuyadingeka ukuthi kuhlolisiswe amasu ahlukene abatshalizimali abanawo ngenani lemakethe eqhubekayo yezimali zaseSpain.
Ngoba akukho kungabaza ukuthi kufanele ihlukanise phakathi kwabatshalizimali abebevele benezikhundla zabo kwezokuphepha nalabo abangaphandle kwezimakethe zezimali. Ngoba bazoba namasu okutshala imali ahluke ngokuphelele. Ngokuhluka ngendlela yabo yokusebenza ebusweni bokunyakaza empeleni okungaziwa kakhulu yingxenye enkulu yabasebenzisi bemakethe yamasheya. Futhi ukuthi bangenza ukunyakaza kube nenzuzo ngokususelwa kuzintshisakalo zabo maqondana nalokho okungenzeka emasontweni azayo. Lapho kungahle kube khona ibhidi entsha yokuthatha kabusha ngenye inkampani yangaphandle.
Intengo yoqobo yeqiwe
Abatshalizimali ababekade bebekiwe kulevelu basebezovele babe nenzuzo ekusebenzeni kwalokhu Ukunikezwa Komphakathi Kokutholwa (i-OPA). Ngakho-ke babezoba nayo izinketho ezimbili kusukela kulezi zikhathi, lapho abokuqala kungaba ukuhlehlisa izikhundla zabo kunani futhi bajabulele ukuzuza kwemali etholakele. Ngokuqinisekile kungaba isenzo esinengqondo kunazo zonke ukuzuza kulo msebenzi ongalindelekile emakethe yamasheya. Kepha banenketho yesibili, equkethe ukulinda intengo yesicelo sokuthatha imali ukuthi inyuswe ngenye inkampani, yize kulokhu kunengozi yokuthi umsebenzi ngeke wenziwe.
Ngakolunye uhlangothi, uma kungaphandle kwenani sekuvele kuyingozi ukuthatha izikhundla ukukhiqiza enye inzuzo kuzo. Kungaba izindleko zokuthuthukisa ukunikezwa komphakathi kokutholwa (i-OPA), okulula okwamanje. Kepha uma kungenjalo, impela ngeke kubhekwe njengokusebenza okuthokozisayo ngoba kuyinkimbinkimbi kakhulu ukuthi inani lamasheya lidlule amazinga wamanje ekhotheshini. Futhi ukwenza kanjalo kungaba ngaphansi kwemikhawulo encane kakhulu yenzuzo. Ngakho-ke, akuwona umqondo omuhle ukungena kule nkampani efakwe kuhlu emazingeni entengo amanje.
Iya ku-OPA
Inketho yesithathu abatshalizimali abancane nabaphakathi abasesitokisini abanayo ukuthi baya noma cha kulomnikelo womphakathi wokutholwa. Ngokwalokhu kubuka, kungukusebenza okungaheha kakhulu izintshisekelo zakho njengoba bengathola imbuyiselo kulokhu kuhamba kwemakethe yamasheya phakathi kuka-20% no-40% ngokuya ngentengo yokuthenga okwenziwe ngaphambi kwalokhu kuthengiselana emakethe yamasheya. Intshisekelo ababengacabangi nganoma yisiphi isikhathi ukuthi bangayizuza ngale nkampani efakwe kuhlu. Ukwehluleka lokho, bangalinda isikhashana ukusheshisa inzuzo yabo ukubona ukuthi amasheya abo angadlula amazinga wama-euro angama-36.
Esinye isici okufanele sihlolwe kulo msebenzi ukuthi i-BME iyisibambiso esibhalwe emakethe kazwelonke eqhubekayo futhi esacwiliswa kwehle usolwa kakhulu. Ngemuva kokuhweba iminyaka eminingi enkombeni ekhethiwe yamasheya aseSpain, i-Ibex 35. Yize kufanele kuphawulwe ukuthi izinga lalo lokwenza imali alikaze liphakeme kakhulu, kepha kunalokho kube ngenye yezindlela zokubheja emakethe yamasheya ngemali encane. Ukwenza ukulungiswa kokungena nokuphuma kwamanani ezokuphepha kube yinkimbinkimbi kakhulu.
Izikweletu zalezi zimali
Amanye amabhizinisi ezezimali ahlinzeka ngemali kulawo maklayenti afuna ukuphumela obala futhi ngesikhathi esifanele, nganoma yisiphi isimo, awanayo imali edingekayo yokubhekana nomsebenzi wawo wokuthenga. Kwezinye izimo ngokusebenzisa izikweletu ezikhethekile ezisebenza eMakethe Eqhubekayo futhi, kwezinye ngokusebenzisa umugqa wemalimboleko ukuhambela i-OPA, njalo ngamanani angaphansi kwama-euro angama-50.000 nangesikhathi sokukhokha esiphezulu esifinyelela eminyakeni emi-5.
Ngalo mqondo, abasebenzisi abakhetha le nketho yekhredithi kufanele bazi ukuthi kuzofanele bakhokhe phakathi kwe-7% kanye ne-9% ngenzalo, okumele kufakwe kuyo okungu-0,5% wokuvula amakhomishini, okuvumela ukuthi inzuzo itholakale emakethe yamasheya ingaphezu kwe-10%, ukuze umsebenzi uzuzise izintshisekelo zabo. Lo mkhiqizo wezezimali maqondana nolayini bezikweletu ungatholakala emakethe yasebhange ngaphansi kwezinye izinketho ezenelisa kakhulu zabatshalizimali abathengisa. Isibonelo, ngemalimboleko esuselwa ekutheni ungumnikazi wamadiphozithi, ukuphepha noma izimali futhi une-akhawunti nebhizinisi elikhipha isiteshi sezezimali. Kulesi simo esithile, bangacelwa nganoma yisiphi isidingo esingavela ngaphandle kokukhansela utshalomali olwenziwe.
Kunoma ikuphi, lo msebenzi uvumele abasebenzisi ukuthi basebenzise ngokunenzuzo Ukunikezwa Kokutholwa Komphakathi ngamandla okukhula okwamanje anikezwa izimakethe zezezimali. Futhi ngale ndlela bavala izikhundla kunani ngendlela egculisayo yezintshisekelo zabo njengabatshalizimali abancane nabaphakathi. Okungukuthi, ngemuva kwakho konke, enye yezinhloso zayo eziyinhloko. Ngemuva kokuthi iBME isikhuphuke ngaphezu kwama-34%, futhi yeqe intengo yebhidi yokuthathwa. Isinqumo sabo kufanele senziwe ngokuya ngezici zabo njengabatshalizimali futhi kuzo zonke izimo esikhaleni se isikhathi asiside kakhulu Ngenxa yezimo ezikhethekile zalo msebenzi omangele wonke umuntu.
Izimo zokusebenza
I-National Securities Market Commission yazisiwe ukuthi namhlanje SIX GROUP, AG (“EZIYISITHUPHA”), Inkampani engumzali yeqembu eliphethe ingqalasizinda yezimakethe nezinhlelo zezimali eSwitzerland, yenze ibhidi lokuthatha kabusha ngamasheya ayi-100% we-BME, unikela ngentengo yama-euro angama-34 ngesabelo ngasinye (the “sipho”), Kuya ngemibandela yokuthi izokwamukelwa ngabaninimasheya abaphethe ama-50% kanye nesabelo esisodwa samasheya e-BME, bese kutholakala ukugunyazwa okudingeka ngokomthetho.
Lesi siphakamiso sandulelwa izingxoxo phakathi kwabamele i-SIX ne-BME, lapho i-SIX yethule iBhodi labaqondisi le-BME iphrojekthi yayo yezimboni yokuphathwa kwesikhathi esizayo kwezimakethe, izinhlelo kanye nengqalasizinda ephethwe yi-BME njengamanje, kanye nokuzibophezela izimisele ukubhekana neBME kanye neziphathimandla zaseSpain ngenhloso yokuqinisekisa ukulondolozwa kobuqotho nokuzinza kwalezi zimakethe, izinhlelo kanye nengqalasizinda eshiwo ngenhla.
Okwenziwayo okuphakanyiswe yi-SIX kunengxenye ephindwe kabili: ngakolunye uhlangothi, ehlobene nemigomo yezomnotho ye-Offer; futhi, ngakolunye uhlangothi, lokho kuhlobene necebo lezimboni lebhizinisi elihlanganisiwe elingavela kuTransaction uma liphumelele, futhi ikakhulukazi ngayo yonke into ephathelene nokuphathwa kwesikhathi esizayo kwezimakethe, amasistimu nengqalasizinda okwamanje okunikezwe BME. Ekusebenzeni okusha emakethe yamasheya yaseSpain.