Kurzus nemzetközi vendég- és részidős hallgatóknak

Kar

Állam- és Jogtudományi Kar

Szervezet

ÁJTK Polgári Jogi Tanszék

Kód

JNX_ERASMUS:O05

Cím

Corporate finance from a lawyer's perspective

Tervezett félév

Mindkét

Meghirdetve

2023/24/2

ECTS

5

Nyelv

en

Oktatás célja

Lecturers: Zoltán Lengyel, Balázs Sahin-Tóth, Károly Fóti, Norbert Hete, Miklós Kádár and András Bajzik, all attorneys-at-law of Allen & Overy Law Office E-mail: gabriella.felvinczi@allenovery.com, balazs.sahin-toth@allenovery.com Venue (if offline): Allen & Overy office, 1075 Budapest, Madách Imre út 13-14., Madách Trade Center, Building A, 3rd floor Lawyers of Allen & Overy will take students through the various forms and steps of corporate finance, including how a company may attract capital for its growth by way of equity finance (venture capital and private equity transactions), bank loans and other financing, initial public offering, bond issues and other capital markets transactions.

Tantárgy tartalma

Schedule/Outline 1. Introduction Schedule and requirements + finance presentation by Balazs Sahin-Tóth [and Levente Zsembery] 2. The birth of a company: how to establish a private company limited by shares by Balazs Sahin-Tóth ·         Documentation ·         Deed of foundation and shareholders’ agreement ·         Share types ·         Establishment process 3. Main steps in a company’s growth by Balázs Sahin-Tóth ·         Financing needs at each stage of development ·         Main considerations in selecting a financing method 4. Venture capital and private equity [+ Trends in global M&A in 2020] by Balázs Sahin-Tóth and competition authority approval by Attila Kőmíves ·         Parties to the transaction (the company and the investor: venture capital or PE fund) ·         The parties’ business goals ·         The parties’ agreements ·         Transaction process – a script for venture capital investment ·         Conditions for completion, including approval from the competition authority ·         visit www.hvca.hu and www.investeurope.eu 5. The company as borrower by Károly Fóti [and András Bajzik] ·         Parties to the transaction (company, banks) ·         The parties’ business goals ·         Expression of the parties’ goals in the facility agreement (maintaining creditworthiness, termination events etc.) ·         Transaction process – a script for bank lending (term sheet, due diligence, agreements) ·         other forms of finance: financial leasing, factoring, invoice discounting, cash pooling 6. Collateral to a bank loan András Bajzik ·         The bank’s options (Civil Code: mortgage, pledges, charges etc. and/or other solutions, title finance, security assignment, call options, etc.) ·         Choosing the appropriate securities (costs, enforceability, liquidation rules) 7. Making an investment: project financing by Miklós Kádár ·         The purpose of project financing ·         Parties to the transaction (bank, sponsor, project company, contractor, etc.) ·         The parties’ goals and their expression in the parties’ agreements and in the security package ·         Transaction process 8. Acquisitions [+ Trends in M&A in 2020] by Zoltán Lengyel ·         The reasons behind acquisitions ·         Acquisition process ·         The aim of acquisition regulation ·         A history and analysis of Hungarian acquisition regulation in light of the acquisition regulations in developed markets 9. Business expansion: financing acquisitions by Miklós Kádár [and Károly Fóti and András Bajzik] ·         The parties to the transaction (bank, investor) ·         The parties’ goals and their expression in the parties’ agreements and in the security package ·         Transaction process (due diligence, facility agreement and share sale and purchase agreement, acquisition documentation) 10. Financing from capital markets: to the stock market! by Zoltan Lengyel and/or Norbert Hete ·         Regulating capital market actors ·         Share issue (private, public, domestic, international, admission) ·         Related legal matters (misleading information, price manipulation, insider trading) ·         A script for issuing shares ·         Documentation (prospectus, subscription agreement) 11. Financing from capital markets: bonds by Zoltan Lengyel and/or Norbert Hete ·         Bond issue (private, public, domestic, international) ·         Bonds and bond programmes ·         Documentation (prospectus, bond conditions, subscription agreement, the text of the bond) ·         Convertible bonds, derivative bonds and securitisation 12. Managing a company’s financial risks by Zoltan Lengyel and/or Norbert Hete Summary, consultation ·         Interest rate, foreign exchange, and other market risks and how to manage them: derivatives (options, forwards and swaps) ·         Agreements for over-the-counter derivatives

Számonkérés és értékelés

Performance will be assessed based on activity in class and the result of written test(s).

Irodalomjegyzék

Any required reading materials will be sent or handed over to students.

Kurzus szakjai