1. 1. Акционерный капитал. Виды ценных бумаг. Способы привлечения капитала. Паевые фонды.

Shares sold by PLC can be listed on the stock exchange. The stock exchange is the centre of the capital market, where large quantities of capital are raised for companies and the government. Capital is raised in 2 ways:

By selling shares to investors, investors become part-owners of the public li­mited company in question. By obtaining loans from investors, in the form of government stocks and debentures. Se­curities- shares and loans collectively.

Gov stocks or bonds (долговые ценные бумаги или облигации)= gilt edge securities= gilts. Loans to the gov, can be bought at Post Office or through banks or stock exchange, fixed high rate of interest, repaid at fixed future date(maturity, date of maturity: shorts- redeemed in 7 years, mediums 7-15, longs>15), safe (gov. is not likely to go bankrupted), yields are high, but they don’t provide protection against inflation. Coupon- interest received on gilts. Index- linked gilts- the coupon at which the gilts are redeemed is linked to inflation. Floating rate gilt- coupon varies depending on market conditions. Convertible gilts- when gilt reaches maturity the holder can decide to have the gilt redeemed or to exchange it for a new gilt.

Local authorities bonds (местная облигация). Issued by city, town or country councils when they need more income. Fixed rate of interest (higher than gilts have). Repayable after a number of years (fixed date), but for shorter period than gilts. Sold on the Stock Exchange or directly to the public through the local authorities own finance departm. Secure.

Company shares can be bought when: 1- a firm starts trading or issues more shares, 2- other investors are selling their shares. Profit is shared among the share and debenture holders, amounts depending on type of shares

1.Debentures- direct loans made to companies; carry fixed interest, debenture holders are not mem­bers of the company, do not share the members' risks, receive a regular income from their investment(the company makes profit or not, assets may have to be sold to repair them) and if the company becomes bankrupt- paid before shareholders.

Secured (mortgage debentures) If a company cannot repay the loans debentures or pay the interest, the holders are entitled to payment from the company's assets. Unsecured (naked debentures) Holders are not automatically repaid from the com­pany's assets if the company is un­able to pay in the usual way. Are not treated dif­ferently from the shareholders. Just a promise to repay a loan. Registered -The holders are listed in a company register. These debentures can only be trans­ferred in accordance with certain terms and conditions, and every transfer must likewise be entered into the register. The company can refuse a transfer, the person can appeal against the decision. Bearer (unregistered) - debenture which can be nego­tiated by just handing it over to the new holder. Redeemable (срочные) are repaid on a fixed date or within a certain period, often at a higher price than the issue price- extra money for the holder. Irredeemable There is no fixed date for payment; the loan is only repaid when the company is liquidated. holders of may ask the company to re­deem them if it fails to keep up its interest payments. Convertible -can be ex-debentures changed for ordinary shares.

2.Ordinary shares = equities. Shareholders bear the largest part of the risk, but the returns can be much higher than with other forms of investment. Entitled to one vote per share - more say in the running of the company; the dividend is not fixed , is decided by the directors depending on how much profit has been made. Paid after preference shareholders.

3.Preference shares -fixed dividend - paid before the ordinary shareholders (after debenture holders), a return on investment as long as the company is making a profit. If the company doesn't make a profit, the prefe­rence shareholder will not be paid his dividend either. Not entitled to vote in company matters.

Cumulative preference shares - class of preference share - offers a safer return on investment. If the company cannot pay the dividend one year, it is carried over to the following years.

Convertible preference shares - another type of preference share which pays a fixed rate of interest until a certain time. After this time, it is converted into an ordinary share on which the holder receives a dividend rather than interest.

4.Deferred shares = founders shares второочередные- paid last of all, have the strongest voting rights, held by the people who run the company- control over the firm and directors. Control is more important than dividends.

5.Blue chip share – shares in well-known comp-s, reliable and efficient with a large amount of paid up capital оплаченный and a long record of paying profits to shareholders during good and bad economic conditions.

Unit Trusts(паевые инвест фонды) – organizations that enable people with limited savings and little financial knowledge to invest in а wide range of stocks and shares without paying high Stock Exchаnge charges. The Trust managers offer Units for sale direct to the public: with the money received they buy shares in many companies or Government stocks. Expert knowledge is used to select the most profitable investments, the income is shared amongst the unit-holders.

Rights issue- if a firm wants more capital it may offer extra shares to existing shareholders at a price below the market price, the right to buy these shares may be sold.(main way of raising capital in Britain)