09. equity ownership - quick guide series
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Bovhb G. Aornfer okb Lrhok Royok
Ncrpcrote Jcverkokne \eseorn` Hkhthothve^tokgcrb Jrobuote ^n`cca cg Lushkess
E_UHRX CZKE\^@HT
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EPENURHWE E_UHRX CZKE\^@HT
Equhty cwkers`hp hs hktekbeb tc ihthjote ojekny prclaeis ly oahjkhkj t`ehkterests cg iokojers okb s`ore`cabers.
Exenuthves `ove jreoter hknekthve tc luhab enckcihn voaue.
Onthcks t`ot hipohr ghri voaue rebune t`e exenuthves persckoa weoat`.
@cwever, equhty cwkers`hp ihj`t oasc gcster ukbeshrolae le`ovhcrs=exnesshve rhsf tofhkj, eorkhkjs iokhpuaothck, hkshber trobhkj, etn.
Z`ot cutncies okb le`ovhcrs ore clserveb hk pronthne3
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E_UHRX CZKE\^@HT LX R@E NEC
Exenuthves `cab nckshberolae persckoa weoat` hk t`e ncipokhes t`ey iokoje.
Oat`cuj` scie exenuthves iofe bhrent purn`oses, icst onnuiuaote weoat`ly retohkhkj ncipeksothck-reaoteb jrokts.
NEC E_UHRX ZEOAR@
GH\I ^H]ENEC
ZEOAR@IO\FER NOT
($ R@CU^OKB^)
RCT ?44 $?42,8?,28>,444
?4? RC 544 $58,8>:,444 $7,>0>,444
?,44? RC
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E_UHRX CZKE\^@HT LX R@E NEC
R`e hknekthves prcvhbeb ly equhty `cabhkjs ore ot aeost os hipcrtokt okbcgtek bcihkote t`e hknekthves prcvhbeb ly okkuoa ncipeksothck.
^EK^HRHWHRX CG NEC E_UHRX ZEOAR@ RC N@OKJE^ HK ^RCNF T\HNE
GH\I ^H]ENEC
NCITEK^ORHCK
N@OKJE HK ZEOAR@
(?% RCNF N@OKJE)
N@OKJE HK ZEOAR@
(54% RCNF N@OKJE)
N@OKJE HK ZEOAR@
(?44% RCNF N@OKJE)
RCT ?44 $?>5,444 $?,557,444 $05,5>5,444 $?:7,805,444
?4? RC 544 $7,7:.
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E_UHRX CZKE\^@HT OKB GH\I TE\GC\IOKNE
\eseorn` jekeroaay suppcrts t`e kcthck t`ot equhty cwkers`hp hs pcshthveayosscnhoteb wht` ghri pergcriokne.
Ghris wht` `hj` NEC equhty cwkers`hp `ove `hj`er iorfet voauothcks.
Ghris wht` hj` NEC equhty cwkers`hp beahver superhcr ackj-teri stcnfiorfet returks.
Iokojerhoa hknekthves tekb tc le icre nacseay oahjkeb wht` t`e hkterests cgs`ore`cabers w`ek exenuthves `ove sfhk hk t`e joie.
Icrnf, ^`aehger, okb Whs`ky (?800)6 InNckkeaa okb ^ervoes (?884)6 Easha, Foaaukfh, okb Khassck ()6 Ahahekgeab-Rcoa okb \uekzh (
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RO\JER CZKE\^@HT TAOK^
Rc ekncuroje t`ese eggents, o ncipoky ihj`t obcpt o torjet cwkers`hp paok.
Rorjet cwkers`hp paoks (cr juhbeahkes) requhre ok exenuthve tc `cab oihkhiui oicukt cg stcnf.
Cwkers`hp juhbeahkes nok le expresseb os= Iuathpae cg okkuoa ncipeksothck
Ghxeb kuiler cg s`ores
\etekthck opprcon` (exenuthve retohks o pernektoje cg vesteb oworbs)
\eseorn`ers ghkb pcshthve lekeghts grci t`e obcpthck cg torjet cwkers`hppaoks.
08% cg t`e aorjest ?44 U.^. ncipokhes `ove exenuthve cwkers`hp juhbeahkes.
Ncre okb Aornfer (
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E_UHRX CZKE\^@HT OKB \H^F
Equhty cwkers`hp oasc hkgaueknes rhsf tofhkj.
Ok exenuthves otthtube tcworb rhsf hs s`opeb ly t`e pctekthoa poycgg.
Bhrent stcnf `cabhkjs=
Woaue icves cke-gcr-cke wht` stcnf prhne.
Exenuthve hs icthvoteb tc jrcw okb prctent voaue.
^tcnf cpthck jrokts=
Woaue icves hk o kck-ahkeor gos`hck wht` stcnf prhne.
Woaue hknreoses wht` vcaothahty.
Exenuthve hs icthvoteb tc hknreose ghri rhsf.
^tcnf cpthcks hktrcbune nckvexhty hktc t`e pctekthoa poycgg okbekncuroje rhsf.
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E_UHRX CZKE\^@HT OKB \H^F
Tergcriokne okb rhsf tofhkj hknekthves nok le evoauoteb ly iopphkj t`ereaothck letweek n`okjes hk weoat` okb n`okjes hk stcnf prhne.
\EAORHCK^@HT LERZEEK NEC ZEOAR@ OKB ^RCNF T\HNE
-?44%
4%
?44%
44%
244%
-?44% -54% 4% 54% ?44%\ERU\KR
C
^@O\E@CABE\^OKBN
EC
^RCNF T\HNE \ERU\K
^@O\E@CABE\^ NEC - JEKE\OA IHAA^ NEC - F\OGR
NEC `cabs ihxcg cpthcks okbrestrhnteb stcnf
NEC `cabs icstayrestrhnteb stcnf
Z@OR H^ R@E UT^HBE3
Z@OR H^ R@E BCZK^HBE3
Z@OR \EZO\B H^ T\CIH^EB3
Z@OR \H^F H^ EKNCU\OJEB3
O\E R@E^E OTT\CT\HORE3
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E_UHRX CZKE\^@HT OKB \H^F
\eseorn` jekeroaay s`cws t`ot exenuthves gonhkj nckvex poycgg nurvesekjoje hk icre rhsf tofhkj.
Exenuthves t`ot renehve cpthcks hknreose t`e rhsf prcghae cg t`e ghri=
^pekb icre ickey ck reseorn` okb beveacpiekt
^pekb icre ickey ck nophtoa expekbhtures
\ebune ghri bhvershghnothck
Hknreose aeveroje
Bc stcnf cpthcks ekncuroje exnesshve rhsf tofhkj3
Kc stokborb ahtius test exhsts tc bhsthkjuhs` exnesshve rhsf grci onneptolaerhsf. R`e lcorb iust beterihke w`ot rhsf-tofhkj hknekthves ore onneptolae,jhvek t`e rhsf prcghae cg t`e ghri.
^okbers okb @oilrhnf (
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E_UHRX CZKE\^@HT OKB OJEKNX NC^R^
Equhty cwkers`hp hs hktekbeb tc icthvote iokojers tc hiprcvepergcriokne, lut ht nok oasc ekncuroje ukbeshrolae le`ovhcrs.
Exenuthves ihj`t try tc hknreose t`e voaue cg t`ehr equhty `cabhkjs hk woysct`er t`ok t`rcuj` cperothkj pergcriokne=
Iokhpuaothkj onncukthkj resuats tc hkgaote stcnf prhne cr on`heve lckus torjets
Iokhpuaothkj t`e thihkj cg equhty jrokts tc hknreose t`ehr hktrhkshn voaue
Iokhpuaothkj t`e reaeose cg hkgcriothck tc t`e pulahn tc ncrrespckb wht` icre
govcrolae jrokt botes
Ushkj hkshbe hkgcriothck tc johk ok obvoktoje hk seaahkj cr ct`erwhse `ebjhkjequhty cabhkjs
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E_UHRX CZKE\^@HT= ONNCUKRHKJ IOKHTUAORHCK
Hs onncukthkj iokhpuaothck icre cr aess ahfeay tc cnnur hk ncipokhes w`ereexenuthves cab aorje equhty pcshthcks3
R`e reseorn` ck t`hs tcphn hs very ihxeb.
^cie `ove gcukb `hj`er ahfeah`ccb cg restoteiekt
^cie ove gcukb acwer ahfeah`ccb cg restoteiekt
^cie `ove gcukb kc osscnhothck
R`e lcorb s`cuab le owore cg t`e pctekthoa gcr seag-johk t`rcuj`onncukthkj iokhpuaothck.
R`e pctekthoa gcr iokhpuaothck ihj`t le icst prckcukneb w`ekexenuthves `cab o nckshberolae oicukt cg cpthcks.
@orrhs okb Lrcihaey (
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IOKHTUAORHCK CG E_UHRX J\OKR^
Equhty cwkers`hp ihj`t ekncuroje exenuthves tc iokhpuaote equhty jroktstc extront hknreiektoa voaue.
Iokhpuaote t`e thihkj cg jrokts.
Beaoy jrokt bote tc cnnur ogter o stcnf prhne benahke.
Lrhkj jrokt gcrworb tc cnnur legcre expenteb rhse.
Iokhpuaote t`e thihkj t`ot hkgcriothck hs reaeoseb.
Beaoy t`e reaeose cg govcrolae hkgcriothck uktha ogter jrokt bote.
Lrhkj gcrworb reaeose cg ukgovcrolae hkgcriothck tc prenebe jrokt bote.
Hk lct` noses, t`e exenuthve seefs tc ioxhihze voaue ly tofhkj onthcks kcthk t`e hkterest cg s`ore`cabers.
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IOKHTUAORHCK CG E_UHRX J\OKR^= LONFBORHKJ
^tcnf cpthck lonfbothkj hs t`e pronthne w`ere hkshbers retrconthveayn`okje t`e jrokt bote tc ncrrespckb wht` o reaothve acw hk t`e ncipokys`ore prhne.
Tronthne wos bhsncvereb hk
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E_UHRX ^OAE^ OKB @EBJE^
Exenuthves w`c onnuiuaote o sulstokthoa cwkers`hp pcshthck hk ncipokystcnf ihj`t wokt tc ahiht t`ehr expcsure.
R`e lcorb cg bhrentcrs ihj`t oaacw bhvershghnothck hg ht hs hk t`e hkterest cg t`encipoky (h.e., ly rebunhkj rhsf overshck).
Exenuthves nok on`heve bhvershghnothck ly=
?. ^eaahkj s`ores cutrhj`t
. Taebjhkj o pcrthck os ncaaoteroa gcr o acok t`ot hs useb tc purn`ose obbhthckoaossets
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?. R\OBHKJ LX HK^HBE\^
Ok hkshber hs ok hkbhvhbuoaexenuthve, bhrentcr, eipacyee, cr obvhscrw`c`os onness tc ioterhoa hkgcriothck olcut t`e ncipoky t`ot `os kct yetleek reaeoseb tc t`e pulahn.
Ukber ^EN ruaes, hkshbers ioy ckay trobe w`ek t`ey ore kct hk pcssesshck
cg ioterhoa kckpulahn hkgcriothck.
Rrobes ck t`e loshs cg t`hs hkgcriothck hs nckshbereb haaejoahkshber trobhkj.
Hkshber trobhkj noses ore prcsenuteb ukber \uae ?4l-5, Eipacyiekt cgIokhpuaothve okb Benepthve Tronthnes.
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?. R\OBHKJ LX HK^HBE\^= LAONFCUR ZHKBCZ
Rc prevekt exenuthves grci vhcaothkj hkshber trobhkj aows, ncipokhesbeshjkote o laonfcut whkbcw hk w`hn` hkshbers ore restrhnteb grci iofhkjtrobes.
Laonfcut perhcbs cnnur w`ek ioterhoa hkgcriothck (eorkhkjs, kew prcbunt,
onquhshthck) hs kct yet reaeoseb tc t`e pulahn.
R`e iebhok aekjt` cg o laonfcut whkbcw hs 54 noaekbor boys.
Besphte t`ese restrhnthcks, evhbekne sujjests t`ot hkshbers sthaa `ove okhkgcriothck obvoktoje hk iofhkj trobes.
Hkshber purn`oses prenebe perhcbs cg iorfet cutpergcriokne.
Hkshber soaes prenebe perhcbs cg iorfet ukberpergcriokne.
NEC okb n`ohriok `ove jreoter trobhkj obvoktoje t`ok ct`er hkshbers.
^ey`uk (?807)6 Aofckhs`cf okb Aee (
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?. R\OBHKJ LX HK^HBE\^= ?4L5-? TAOK^
R`e ^EN nreoteb \uae ?4l5-? tc prctent hkshbers w`cse pcshthcks rejuaorayexpcse t`ei tc hkshbe hkgcriothck.
Hkshber ekters ncktront wht` o t`hrb-porty lrcfer.
Hkshber iust kct fkcw ioterhoa kckpulahn hkgcriothck ot t`e thie.
Hkshber spenhghes prcjroi ly w`hn` trobes (purn`oses cr soaes) ore iobe.
Ckne hk paone, hkshber ioy kct hktergere wht` trobes.
Lrcfer exenutes trobes, evek burhkj laonfcut whkbcw.
Hkshber ioy oiekb cr terihkote ot oky thie.
\eseorn` sujjests t`ot ?4l5-? paoks ore oluseb.
Hkshbers ushkj ?4l5-? paoks cutpergcri iorfet ly 7% cver shx ickt`s.
Rrobes eorkeb ukber paoks ore `hj`er t`ok trobes iobe cutshbe paoks.
^oaes prenebe perhcbs cg ukberpergcriokne okb purn`oses prenebe cutpergcriokne.
Mojcahkzer (
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>. TAEBJHKJ
Ok exenuthve paebjes s`ores os ncaaoteroa gcr o acok, t`e prcneebs cg w`hn`ore useb tc purn`ose obbhthckoa ossets.
(+) Oaacws gcr bhvershghnothck wht`cut aessekhkj equhty stofe
(+) Ihj`t le tox obvoktojecus
(+) Acw hkterest rote ck t`e acok
(-) N`okjes hknekthve strunture hipcseb ck iokojeiekt
Taebjhkj troksonthcks beserve
spenhoa nckshberothck ly t`e lcorb.Z@OR HG R@E ACOK H^ NOAAEB3
Z@OR HG T\CNEEB^ O\E U^EB RC AOUKN@ KEZ LU^HKE^^3
H^ R@E LCO\B ZHAAHKJ RC CGG^ER AC^ E^3
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\ET\HNHKJ OKB EPN@OKJE CGGE\^
O reprhnhkj cr exn`okje cgger hs o troksonthck hk w`hn` eipacyees `cabhkjcpthcks ore oaacweb tc exn`okje t`ei gcr kew cpthcks, restrhnteb stcnf cr(aess grequektay) nos`.
(+) Jekeroaay oaa eipacyees porthnhpote
(+) Trcvhbes kew hknekthves w`ek cpthcks ore ukberwoter
(+) Ihj`t hiprcve eipacyee retekthck okb rebune turkcver
(-) Ihj`t shjkoa o nuature cg ekthtaeiekt
(-) ^`ore`cabers wckber w`y eipacyees lekeght w`hae t`ey sugger acsses
Exn`okjes jekeroaay rebune eipacyee turkcver.
Ioky ghris (24%) t`ot reprhne exnaube t`e NEC.
\eprhnhkjs ore icre ahfeay tc cnnur ot ncipokhes wht` jreoter ojekny prclaeis.
Norter okb Aykn` (
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LHLAHCJ\OT@X
\okboaa Icrnf, Okbreh ^`aehger, okb \clert Z. Whs`ky. Iokojeiekt Cwkers`hp okb Iorfet Woauothck= Ok Eiphrhnoa Okoayshs. ?800.
Mcurkoa cg Ghkoknhoa Enckcihns.
Mc`k M. InNckkeaa okb @ekrh ^ervoes. Obbhthckoa Evhbekne ck Equhty Cwkers`hp okb Ncrpcrote Woaues. ?884. Mcurkoa cg Ghkoknhoa
Enckcihns.
Okko Easha, Mu`o-Teffo Foaaukfh, okb @ekrhf Khassck. NEC Tersckoa Zeoat`, Equhty Hknekthves, okb Ghri Tergcriokne. .
Ncrpcrote Jcverkokne= Ok Hkterkothckoa \evhew.
Uag vck Aha hekgeab-Rcoa okb tegok \uekzh. NEC Cwkers`hp, tcnf Iorfet Tergcriokne, okb Iokojerhoa Bhsnrethck.
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LHLAHCJ\OT@X
N`rhstcp`er . Oristrckj, Bovhb G. Aornfer, Johzfo Criozoloa, okb Bokhea M. Royacr. R`e \eaothck Letweek Equhty Hknekthves okb
Ihsrepcrthkj= R`e \cae cg \hsf-Rofhkj Hknekthves. . Mcurkoa cg Ghkoknhoa Enckcihns.
Erhf Ahe. Ck t`e Rhihkj cg NEC ^tcnf Cpthck Oworbs.
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