Number of paid shares. Additional issue of shares

There are several types of stock prices: nominal, issue and market.
nominal value shares are indicated on the letterhead of the share and is determined by dividing the amount authorized capital AO for when
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the number of shares issued. For example, if the authorized capital of a JSC is 600 thousand rubles. and produced 300,000 ordinary shares, then the nominal value of one share will be 2 rubles. (600,000: 300,000).
At face value, the founders pay for the company's shares upon its establishment. The nominal value of a share is the basis for determining the issuance and market value, as well as for calculating dividends. The nominal value of a share is used to determine the share of a shareholder when funds are paid to him in the event of liquidation of the JSC.
The price at which the issuer sells a share to an investor determines its issuance value. This value may coincide or deviate from the nominal value in one direction or another. So, Government program privatization for 1992 provided for the first and second options for benefits for members of the labor collective. For those who chose the first option, up to 10% of the shares were sold at a discount of 30% of the face value. Consequently, the issuance value in this case was lower than the nominal value.
Officials of the JSC administration were given the right to acquire up to 5% of shares at par value. In this case, the issue and nominal price coincided,
When members of the labor collective chose the second option of benefits, 51% of the shares they acquired were valued at a nominal value increased by 1.7 times. In this case, the issuance value exceeded the nominal value.
The price at which the share is sold on stock exchange and in the over-the-counter market, determines its market value.
The market value depends on the ratio of supply and demand, which, in turn, is determined by many factors: advertising influence, stock market conditions, and above all, the size of the dividend received per share, etc. level bank interest. The higher the dividend, the more market value stocks and vice versa. The higher the level of bank interest, the lower the market value of the share.
In accordance with the JSC Law, the company has the right to place an additional issue of ordinary shares at a price lower than their market value by 10% among the company's shareholders who have the pre-emptive right to acquire such shares. In addition, below market value can be placed additional shares with the help of an intermediary. In this case, the market value is reduced by no more than the amount of the intermediary's remuneration.
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In order to determine the price of a share, the market value of the share should be divided by the face value and multiplied by 100.

For example, a share with a nominal value of 5 rubles. sold by

bridge in this case exceeds the nominal value by 1.5 times.
The relative height of the rate can be judged by the ratio of the market price of a share to the amount of profit per share. This value is called the exchange rate / profit ratio. An increase or decrease in this ratio by stock market indicates an increase or decrease in the value of shares due to changes in the economy, stock exchange activity, bank discount rates and many other factors.
A share certificate is a security that indicates that a specified person owns a certain number of shares. Shares, as a rule, are not held in the hands of shareholders. Instead of shares, owners receive one or more share certificates - documents confirming their ownership. One certificate is issued free of charge for fully paid shares owned by the shareholder at the time the joint-stock company is established. Other certificates may be issued to a shareholder at his request for a fee determined by the board of directors.
The transfer of ownership of the shares upon the transfer of the certificate is considered completed if registration is carried out in in due course. The share certificate has the following details:
Title of the document;
name and location of the company;
category (series) of shares, the ownership of which certifies this certificate, and related rights and restrictions;
par value of one share of this category;
the number and numbers of shares, the ownership of which certifies the certificate, and their total nominal value;
name (name) and location (residence) of the shareholder;
dividend rate (for a fixed dividend);
signatures of two responsible persons of the company;
society seal.
In the absence of one of the listed details, share certificates are invalid.
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Dividend - income from shares paid out of a portion net profit JSC, distributed among its shareholders, per one share, the Dividend can be expressed in absolute amount and as a coefficient. The coefficient, or interest rate of a dividend, is defined as the ratio of dividend income in monetary terms to the par value of a share. Interest rate The dividend determines the return on the stock.
Dividends can be paid not only in monetary form, but also paid for with other inventory items in cases provided for by the charter of the company.
Dividends on placed shares may be paid in accordance with the decision of the shareholders and the charter of the joint-stock company quarterly, once every six months or once a year. The source of dividend payment is the net profit for the current year. Interim dividends are paid by decision of the board of directors of the company, and the amount and form of payment of annual dividends are determined by the decision of the general meeting of shareholders. At the same time, the amount of annual dividends cannot be less than the amount of paid interim dividends and more than the amount dividends recommended by the board of directors.
The procedure for paying dividends depends on the type of shares. First of all, dividends are paid on preferred shares. For certain types of preferred shares, dividends may be paid out of specially created funds from net profit.
Characteristically, the law on JSC provides for the right of the general meeting of shareholders\" to decide on non-payment of dividends on certain categories of shares, moreover, on incomplete payment of dividends on preferred shares even if there is a free balance of net profit. Such a decision may be quite legitimate in connection with allocation of funds for investments and other purposes related to the development of the company's entrepreneurial activities.
Payment of dividends by types of shares is made in the established order. First of all, dividends are paid on preferred shares of a preferential type with a dividend amount fixed in the charter. Yes, the Commercialization Regulation state enterprises with simultaneous transformation into joint-stock companies open type it was stipulated that dividends on preferred shares of type A and B are calculated
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in the following way. For each type A share, the dividend is calculated in the amount of 10% of the JSC's net profit based on the results of the last fiscal year divided by the number of shares constituting 25% of the authorized capital of the company.
For each type B share, the dividend is determined in the amount of 5% of the JSC's net profit based on the results of the last financial year, divided by the number of shares that make up 25% of the company's authorized capital. If the dividend on each preference share of type A and B is lower than the dividend on each ordinary share, then the amount of the dividend on the preference share is replenished to the amount of the dividend on the ordinary share.
Dividends are further paid by types of preferred shares in order of decreasing preferential rights for these shares. Finally, dividends are paid on preferred shares without the size of the dividend fixed in the charter.
After the full payment of the dividends stipulated by the company on all types of preference shares, dividends on ordinary shares are paid. Dividends may not be paid on ordinary shares in the event of financial difficulties, when an insufficient amount of profit is received, and also, as noted above, in connection with the direction of funds for the development of economic activities.
The actual amount of dividends for the year is declared by the general meeting of shareholders at the suggestion of the board of directors. Dividends are not paid on shares issued into circulation or on the balance sheet of the JSC. Dividends are also not paid until the company fully fulfills the conditions for the mandatory redemption of shares from its shareholders.
JSC Law in accordance with Civil Code The Russian Federation stipulates that the payment of dividends can be carried out after full payment of the authorized capital of the company and provided that the cost net assets JSC after the payment of dividends should be over size authorized capital and reserve fund.
Dividends are not paid if signs of insolvency (bankruptcy) of the company have been revealed or such signs will appear as a result of the payment of dividends.

More on share prices.

1. 3.1. Calculation of the expected market value of ordinary shares and convertible bonds under the terms of a conversion privilege.
2. 3.2. Calculation of the expected market value of an ordinary share with a constant dividend growth rate.
3. 3.3. Calculation of the expected market value of an ordinary share with a variable dividend growth rate.
4. 3.4. Calculation of the expected market value of a preferred share
5. Models of calculation schemes for the market value of ordinary shares

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Par value of a share - the amount of money (price) indicated on the share certificate. It usually does not match the market value. The sum of the nominal values ​​of all shares (common and preferred) in circulation is the authorized capital of the joint-stock company. The nominal value is the basis for determining the subsequent valuation of shares. At the time of incorporation, payment for shares is made only at par. In all subsequent issues, the shares are placed at market prices. The par value of a share is determined by the formula

where is the nominal value of the share, rub.;

Authorized capital, rub.;

Number of paid shares, pcs.

Issue value (price) of a share - the price of the security at its initial placement. This value is equal to or exceeds the face value, thereby forming the issuance (additional) income of the issuer.

Balance sheet (accounting) value of a share – the real value of the share, secured by all the assets of the joint-stock company. It is defined as the ratio of the value of property formed from the company's own funds to the number of paid shares:

where - book value shares, rub.;

The cost of property formed at the expense of own funds, rub.

The value of the property of a joint-stock company formed at the expense of its own funds is determined as the difference between the balance sheet currency, borrowed money, losses and other debts:

where - balance currency, rub.;

Borrowed funds, rub.;

Losses, rub.;

Other debts, rub.

Upon liquidation, each shareholder is paid liquidation value. There are two cases:

Market (exchange) price of a share – the price at which shares are bought and sold secondary market. The excess of a share's price over its par value is called crap (agio), depreciation - disaggio. Market value valuable papers under the influence of supply and demand, it fluctuates around the average stock price, which is determined by the formula

where is the market value of the share, rub.;

Dividend amount, rub.;

– bank interest rate on deposits, %.

The market value can be determined by the formula

where is the dividend rate, expressed as a percentage.

The general formula for finding a dividend is:

The efficiency of investments in shares is determined by the formula

Types of stock returns

Share return is the average annual return per share, expressed as a percentage. There are the following types of stock returns:

current stock return- is determined if carried out long term investment and it is not planned to sell shares:

where is the current yield of the security, %;

Purchase price of a share, rub.;

market current yield- depends on the price level in the market at a particular moment, is determined by the formula

where is the current market yield of the security, %;

Market price of a share at a particular moment, rub.;

final yield- is determined taking into account the change in market value, when the investor plans to sell the share after a certain period (more than a year). Calculated according to the formula

, (1.10)

where - the final yield of the security,%;

Purchase price of a share, rub.;

The selling price of a share at a particular moment, or the current market price

price, rub.;

Σ d i– total dividend for the entire period of share holding, rub.;

– share holding time, days, months;

If the holding period does not exceed 1 year, formula (1.10) will take the following form

, (1.11)

If a share brings a constant fixed income (for example, a preferred share), then the final return is determined by the formula

, (1.12)

If the investment period does not include the payment of dividends, then the income is formed as the difference between the sale and purchase price according to the formula

, (1.13)

The right to subscribe - an agreement (certificate) for the supply of a specified number of securities within certain period time at the price set at the time of the transaction. The right to subscribe for new shares is issued by a joint-stock company in order to comply with the shareholders' interest in the invariance of their share in the authorized capital. Usually several shares give the right to subscribe for one new share. The cost of the right to subscribe is determined by the formula

where - market price old shares per piece, rub.;

Subscription price for new shares, rub.;

Number of old shares giving the right to subscribe for one new share, pcs.

While the subscription rights are circulating with the old shares, the market price of the shares changes and is determined by the formula

, (1.15)

where is the price of a share with the right, rub.

A share certificate is a security that is evidence of the ownership of a certain number of shares by the person indicated in it. The transfer of a certificate from one person to another means the completion of a transaction and the transfer of ownership of shares only if the transaction is registered in the prescribed manner.

A share has a nominal (the price indicated on the shares) and a market (the price at which the share is actually bought or exchange rate) value. The share price is directly dependent on the size of the dividend received on them and inversely on the level of loan (bank) interest.

This process of setting the price of a share depending on the income it actually brings is called income capitalization and is carried out through stock exchanges, through the securities market. The market price of a share of a closed-type joint-stock company, at which it is sold within the company, is determined by the value of the company's net assets per one paid-in share, and is called the book value of the shares.

where B is the book value of the share, rub. ;

A - net assets of the joint-stock company, rub. ;

K - the number of paid shares, units.

The book value of a share is applied when the shares are listed. Listing is the admission of the issuer's securities to trading on the stock exchange by checking their quality and including them in the quotation list and control of economic - financial position the issuer for its compliance with the requirements of the stock exchange.

The quote sheet is the main reference point for all potential investors deciding which securities to invest in. Only those issuers that have passed the listing procedure are entered into the quotation list, and this list itself is published and becomes available to participants in the securities market.

The quality of shares, like any other security, is characterized by its liquidity. The liquidity of a security represents its ability to quickly and without loss in price turn into cash. Securities are easily marketable assets. The liquidity level of securities is determined in the process of analysis financial condition issuer. The quality of securities is also characterized by the adequacy of coverage of interest on bonds and dividends on shares by the net profit of the joint-stock company.

Bonds are borrowed funds, their holders are creditors, and, therefore, the joint-stock company must make settlements with them in the first place. Secondly, settlements are made with the holders of preferred shares, which in relation to the joint-stock company are the owners of the privileges. The rest of the shareholders have no privileges. Therefore, calculations with them are carried out last.

When analyzing supply and demand for shares, one can use such indicators as the absolute value of demand, its level as a percentage of the maximum bid price, volume ratio, weighted average bid and offer prices.

The spread is the gap between the minimum bid price and the maximum bid price.

A joint-stock company, in accordance with its charter or the decision of shareholders, has the right to buy a certain number of shares for preferential terms discounted from the selling price. Such a purchase is called an option.

The share of ordinary shares, concentrated in the hands of one owner and giving him the opportunity to exercise actual control over the joint-stock company, is called a controlling stake. Theoretically, the controlling interest should be 50% of all issued ordinary shares plus one share. In practice, it is much less.

Shareholders receive dividends on them, i.e. income. Income is paid out of the profits of the joint-stock company or enterprise. For preferred shares of a joint-stock company with a lack of profit, the payment of dividends is made at the expense of the reserve fund of the company. The dividend can be intermediate and final.

An interim dividend is paid once a quarter or every six months. Its size is announced by the directors of the joint-stock company and is fixed.

The final dividend is paid once a year. Its size is set by the annual general meeting of shareholders based on the results of the year, taking into account the payment of interim dividends. The fixed dividend on preferred shares is determined at their issue. The dividend is not paid on shares that have not been issued or are on the company's balance sheet. The dividend can also be paid in shares (this process is called capitalization of profits) or, if it is provided for in the charter of the joint stock company, bonds, goods.

A bond is a security that certifies the contribution of its owner Money and confirming the obligation to reimburse him the face value of this security within the period provided for in it, with the payment of a fixed percentage. The bonds are issued on certain period. There are bonds of internal state and local loans and bonds of an economic entity. Bonds can be issued registered or bearer, interest-bearing or interest-free (targeted for goods or services), freely tradable or with a limited circulation. Bonds of internal state and local loans are issued to bearer. Bonds of an economic entity are issued both registered and to bearer. On interest-bearing bonds, the level and terms of the interest paid are indicated, on target (interest-free) - the product or service for which they are issued. Income on interest-bearing bonds is paid by paying coupons for bonds. Payment is made annually or in a lump sum when repaying loans by accruing interest on the face value.

Coupon - part of a bond certificate, which, when separated from the certificate, gives the owner the right to receive interest (income). The amount of interest and the date of its payment is indicated on the coupon. Bonds of targeted loans do not pay income. The owner of such a bond receives the right to purchase the relevant goods or services for which the loans were issued.

The government issues the following bonds:

1) bonds of the State Republican internal loan 1991 (applied among business entities);

2) government short-term zero-coupon bonds;

3) government currency bonds;

4) bonds of the Russian internal loan of 1992 (traded among individuals).

A coupon or coupon rate is a fixed percentage that is set at the time a bond is issued. Based given percentage, the investor receives an annual payment on the bond. Coupon interest is the main characteristic of a bond. Other things being equal, a bond will be more attractive to an investor, the more high percent She offers a coupon.

Dividend — this is a part of the profit of the joint-stock company paid by it for issued shares in accordance with the decision of the general meeting; this is the income of the owner of the share, which is transferred to him by the joint-stock company in the manner established by this company.

After payment in favor and deductions to mandatory funds used in two directions: expansion of activities(reinvestment) and payment of dividends. The size of the latter depends on the results of the work of the joint-stock company, i.e., the amount of profit received by it and the dividend policy pursued by it. On average, usually half of the company's net profit goes to the payment of dividends, the other - to the needs of itself. If the company is developing rapidly, then the share of dividends in net profit is usually small. If the market price of a share is experiencing a downward trend, then one of the ways to overcome the latter is to increase the amount of dividend income per share.

The decision on the payment of dividends and their final amount is made by the general meeting of shareholders, but it is not entitled by law to increase the amount of the dividend, which is recommended to it by the board of directors of the joint-stock company.

Education and dividend payment

Dividend is the net profit per share of a joint-stock company based on the results of current year, distributed among the shareholders in proportion to the number of shares they have of the corresponding categories and types.

The dividend is set in monetary terms or as a percentage of the face value.

In accordance with the law "On joint-stock companies» the dividend cannot exceed the amount recommended by the board of directors (supervisory board) of the joint-stock company.

Types of dividends

Dividends paid by a joint-stock company can be classified according to various types depending on the used classification characteristics:

on which dividends are accrued

Dividends are accrued and paid only on those shares that are in the hands of shareholders and fully paid by them.

Shares that do not pay dividends. For some groups of issued (placed) shares, dividends are not accrued.

• Not placed (not put into circulation)
• Acquired and on the balance sheet of the joint-stock company by decision of the board of directors
• Companies bought out and on the balance sheet by decision of the general meeting of shareholders or at their request
• Received at the disposal of the company due to non-fulfillment by the buyer of obligations to acquire them

Decision of the meeting of shareholders on dividends. In accordance with the law, a joint-stock company may decide to pay dividends in full or in part or not to pay them at the end of the reporting year.

The law establishes situations in which it cannot decide on the payment of dividends.

• Until full payment
• If the net asset value requirement is not met
• Until the redemption of all shares at the request of shareholders
• If there are or will appear as a result of the payment of dividends signs of bankruptcy of the joint-stock company

Dividend Recipients

The dividend can be paid to both shareholders and nominal holders of shares entered in the register of shareholders of the company in the prescribed manner.

If there is a nominal holder in the register of shareholders, then dividends are accrued to him, and he is responsible for transferring the accrued dividends to his depositors (specific shareholders).

If, after the date of compilation of the list of persons entitled to dividends (date of closing of the register), the shares or part of them are sold to another person, then the right to dividends remains with their former owner. In this case, the acquirer is entitled to receive dividends only on the basis of a power of attorney issued by the seller, included in the list of persons entitled to dividends.

Order of payment of dividends

Dividends in a joint-stock company are established and paid separately for preferred and ordinary shares.

The owner of a preferred share has an advantage in receiving dividends compared to the owner of an ordinary share.

In turn, the owners various types preferred shares may have a different sequence in their receipt. According to the Law "On Joint Stock Companies", dividends are paid first of all on those preferred shares that give the owners an advantage in the order in which dividends are received. If financial conditions joint-stock company allow dividends to be paid on this type of shares, the possibility of paying dividends on cumulative shares on which dividends were not paid or paid partially in previous periods is being considered. If dividends can be paid on the listed two types of preferred shares, the possibility of paying dividends on preferred shares, for which the amount of the dividend is determined by the charter of the company, is considered. Then a decision can be made to pay dividends on preferred shares for which the amount of the dividend is not determined. And lastly, a decision is made on the payment of dividends on ordinary shares.

Authorized capital of 1 billion rubles. divided into preferred shares (25%) and ordinary shares (75%) with the same par value of 1,000 rubles, i.e., a total of 1 million shares. For preference shares, the dividend is set at 14% of the nominal value. What dividends can be declared on shares, if the board of directors recommends that 110 million rubles be allocated for the payment of dividends. net profit?

• Calculation of dividends attributable to preferred shares: 1,000 rubles. * 14 / 100 = 140 rubles. per share, only 140 rubles. * 250,000 shares = 35,000,000 rubles.
• Determination of net profit that can be used to pay dividends on ordinary shares: 110 million rubles. - 35 million rubles. = 75 million rubles
• Calculation of the dividend paid on one ordinary share: 75,000,000 rubles. : 750,000 shares = 100 rubles, or 10% of the nominal value of 1000 rubles.

Form of payment of dividends

A dividend may be paid in cash, and in the cases provided for by the company's charter, in other property, as a rule, shares of subsidiaries or own shares.

If dividends are paid with own shares, then this practice is called capitalization of income, or reinvestment. In world and Russian practice, the payment of dividends by own shares is quite common. In this case, the dividend is set either as a percentage of one share, or in a certain proportion, taking into account the date of their acquisition (for example, 4 shares per 10 shares previously acquired during the year of ownership or 1 share per 10 previously acquired shares for 1 full quarter of ownership).

The theoretical share price in this model is based on the fact that it is the sum of discounted dividends paid on it.

If a share pays approximately the same dividend every year (period), as is the case, for example, in preferred shares, then the above formula is greatly simplified:

If a share pays a dividend, the size of which increases annually by the same small percentage, then formula 2.1 takes the form:

The main problem of this model is to predict the size of the dividend, which, under the influence of a variety of reasons, usually does not remain the same and its future size can only be discussed over a relatively short period of time, usually calculated in months;

Suppose that 20 shares are purchased on 05/10/04, the decision to pay dividends in the form of own shares was made on 02/20/05 at the rate of 4 shares for 10 acquired over a full year of ownership: 20 shares / 10 shares * 4 shares * 9 months. / 12 months = 6 shares (since there are 9 full months of ownership).

Terms of payment of dividends

The term for the payment of annual dividends may be determined by the charter of the company or by a decision of the general meeting of shareholders on the payment of annual dividends. If the charter of the company or the decision of the general meeting of shareholders does not determine the date of payment of annual dividends, the period for their payment should not exceed 60 days from the date of the decision to pay annual dividends.

If the decision to pay dividends is made, then their payment becomes the responsibility of the joint-stock company.

• the company meets the signs of insolvency (bankruptcy) or they will appear in the company as a result of the payment of dividends;
• company's net asset value less than the amount its authorized capital, reserve fund and excess salvage value placed preferred shares, as determined by the charter, over their nominal value or it will become less than the specified amount as a result of the payment of dividends.

Upon termination of these circumstances, the obligations of the company to pay dividends will be renewed.

Taxation of dividends

The joint stock company is an agent for the collection and timely transfer of taxes withheld from dividends to the budget.

When paying accrued dividends, a joint-stock company withholds taxes.

The procedure for paying dividends in a joint-stock company

To determine the procedure for paying dividends, a joint-stock company develops and approves general meeting shareholders special provision on the procedure for accrual and payment of dividends of a joint-stock company. The key issues in deciding on the payment of dividends are the form of payment of dividends, their size and payment period.

security paper

These are documents specially designed that testify to the rights of their owner to certain property or sum of money. The main types of securities are: Shares and bonds

Promotion

This is a security, which is a certificate of the contribution of capital (share of SHARE) to the total capital of a joint-stock company. Ownership of a share gives the right to receive a certain income from it and the right to participate in the management of this company. The income generated by a share is called a dividend.

The owner of a share is the owner within the limits of the number of shares he owns.

Shares in terms of the rights granted are divided into: ordinary and preferred.

ordinary share

This is a share that gives its owner the right to vote at meetings of a joint-stock company and brings a dividend that fluctuates depending on the profit of the enterprise. The holder of an ordinary share has the ability to influence the adoption management decisions, and this gives rise to the desire to seize a controlling stake in the enterprise, which ensures complete control over the activities of the joint-stock company.

Preference shares

These are shares that do not give their owners the right to vote, but provide them with a number of privileges: provide guaranteed (fixed) dividends, regardless of financial results joint-stock company. The payment of dividends on preferred shares is made on a priority basis, the owner has the right to receive his SHARE upon liquidation of the company.

According to the law of the Russian Federation "On joint-stock companies", the amount of preferred shares should not exceed 25% of the authorized capital of the joint-stock company.

Example #3

The par value of a share is 150 rubles. Bonds 200 rub. Dividend per share amounted to 12 rubles. And the interest on the bond is 18 rubles. The average interest rate on deposits is 10.5%. Calculate the average price of a stock and a bond.

Average share price = *100% (3.4)

Average bond price = *100% (3.5)

Conclusion: The average price of shares and bonds is below their face value, which in this case is not profitable for the owners of securities.

Example #4

Closed-end net profit for the year 1340 thousand rubles. number of paid-in shares 28 thousand units. The average rate of the Central Bank of Russia on centralized loans is 13% per annum.

where is the estimated market value of the shares, in rubles.

P - the amount of net profit of JSC for the last 12 months, in rubles.

A is the number of paid shares, units.

WITH - average rate Central Bank for 12 months on centralized loans, in%.

Example number 5.

The joint stock company issued 14,000 ordinary shares and 2,800 preferred shares of 100 rubles each with a par value.

Determine the capital and controlling stake in rubles and pieces, if it is enough to have 37% of voting shares to ensure control.

) The amount of shares issued by JSC:

(14000+2800) *100=1580000 rub.

) Controlling stake, in rubles:

*100*0.37=518000 rub.

) Controlling stake, in units:

Example #6

What income from shares will the shareholders receive based on the results of the work of the joint-stock company for the quarter, if the profit of the joint-stock company received in the quarter is 1,160,000 rubles. and distributed as follows: 30% for the payment of dividends; 70% for development material base. Number of ordinary shares 16300 pcs. The number of preferred shares is 3600 pieces. Fixed income on preferred shares 28%. The nominal value of one share is 150 rubles.