FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Ofex claims that Investbx is prevented by regulation from providing more information on the business prospects of the investees than what is available at Ofex and the AIM. Nevertheless, according to the UK authorities, Investbx is allowed and will make available to all investors independent research on the SMEs, which is presently not a prerequisite for joining established market places.
Hungarian: Az Ofex azt állítja, hogy a szabályozás megakadályozza, hogy az Investbx a befektetések kedvezményezettjeinek üzleti kilátásairól több információt nyújtson, mint ami az Ofex-en és az AIM-en rendelkezésre áll. Mindazonáltal az Egyesült Királyság hatóságai szerint az Investbx számára megengedett, és fog is független tanulmányokat valamennyi befektető rendelkezésére bocsátani a kkv-król, ami jelenleg nem előfeltétele a bevezetett piacokra történő belépésnek.
English: Harding, R. Cowling, M. and Murray, G.: ‘Assessing the Scale of the Equity Gap: Report to H.M. Treasury and Small Business Service’ (November 2003) and ECOTEC: ‘Advantage Enterprise and Innovation Fund: Analysis of Market Demand, a final report to Advantage West Midlands’ (2004).
Dutch: Harding, R. Cowling, M. and Murray, G.: „Assessing the Scale of the Equity Gap: Report to H.M. Treasury and Small Business Service” (November 2003) en ECOTEC: „Advantage Enterprise and Innovation Fund: Analysis of Market Demand, a final report to Advantage West Midlands” (2004).
Hungarian: Harding, R. Cowling, M. és Murray, G.: „A részvénytőke-hiány becsült nagysága: Jelentés a Gazdasági és Pénzügyminisztériumnak, valamint a Kisvállalkozási Szolgálatnak” (2003. november) és ECOTEC: „Advantage Enterprise and Innovation Fund: A piaci kereslet elemzése, végleges jelentés az Advantage West Midlands-nek” (2004).
Lithuanian: Hardingas, M. Cowlingas ir G. Murray’us: „Nuosavo kapitalo trūkumo masto vertinimas: pranešimas Jos Didenybės iždo ir Smulkaus verslo tarnybai“ (2003 m. lapkričio mėn.) ir ECOTEC: „Advantage Enterprise and Innovation Fund“: rinkos paklausos analizė, galutinis pranešimas įmonei „Advantage West Midlands“ (2004 m.).
English: Newex Research, Brian Zivicky (2000).
Hungarian: Brian Zivicky: Kutatás a Newex-ről (2000).
Latvian: Newex Research, Brian Zivicky (2000.).
Lithuanian: „Newex Research“, Brianas Zivicky (2000 m.).
English: Investbx will be a company limited by shares. The company status will allow Investbx to enter into contracts in its own right.
Italian: Investbx sarà una società in accomandita per azioni e quindi potrà stipulare contratti direttamente.
English: Nevertheless, Investbx will in several aspects be more cost efficient than Ofex. This will be in particular due to lower research and marketing costs, linked to the standardised templates and adjustment of the services to the SMEs needs in the primary funding stage and to the elimination of bid and offer spread in the secondary stage.
Italian: Per molti aspetti, Investbx sarà comunque più economica di Ofex, in particolare grazie ai minori costi di ricerca e di commercializzazione, consentiti dai template standardizzati e dall'adattamento dei servizi alle necessità delle PMI nella fase primaria di finanziamento nonché all'eliminazione dello spread tra prezzo di vendita e prezzo di acquisto nella fase secondaria.
Dutch: Toch zal Investbx in verschillende opzichten efficiënter zijn dan Ofex, met name dankzij lagere onderzoeks- en marketingkosten door het gebruik van standaardformulieren en dankzij de afstemming van de diensten op de behoeften van KMO's in de fase van primaire financiering, en het verdwijnen van de spread tussen bied- en laatprijs in de fase van secundaire financiering.
English: Ofex representatives were invited to meet AWM on 12 July 2005 at which point they were asked to demonstrate that they could address the market failure occurring in the West Midlands. In that event AWM would stand aside.
Italian: Il 12 luglio 2005, rappresentanti di Ofex erano stati invitati ad incontrare l'AWM e, in quell'occasione, era stato loro chiesto di dimostrare che erano in grado di risolvere il fallimento del mercato constatato nella regione West Midlands, nel qual caso l'AWM si sarebbe ritirata.
English: According to the financial plan, the aid amount is expected to be sufficient to enable Investbx to reach, within five years, the critical size to use the economies of scale, and to become profitable. This is regarded positively.
Italian: Nel piano finanziario si prevede che l'importo di aiuto sia sufficiente per permettere a Investbx di raggiungere, nell'arco di cinque anni, la dimensione critica necessaria per realizzare economie di scala e diventare redditizia, il che è considerato come un elemento positivo.
English: Primary and secondary trading market. Broker dealers raise money
Slovenian: Trg za primarno in sekundarno trgovanje; borzni posredniki zbirajo denar
Lithuanian: Lėšas pritraukia finansų maklerių įmonės, perkančios ir parduodančios vertybinius popierius savo sąskaita ir kaip tarpininkai.
English: In a research article by Brian Zivicky reference is made to the fact that in the United Kingdom few smaller quoted companies are followed by analysts as there is insufficient volume of trading to justify the cost of the research being produced. A report carried out by Jaffe Associates on behalf of the Quoted Company Alliance states that smaller quoted companies are competing for a small and decreasing proportion of institutional equity investment in the United Kingdom.
Latvian: Brian Zivicky izpētes rakstā ir minēta atsauce uz faktu, ka Apvienotajā Karalistē eksperti maz seko mazākajiem uzņēmumiem, kuri ir iekļauti biržas sarakstā, jo tirdzniecības apjoms nav pietiekams, lai attaisnotu saistītās izpētes izmaksas.Quoted Company Alliance vārdā sagatavotajā Jaffe Associates ziņojumā apgalvots, ka mazākie uzņēmumi, kuri ir iekļauti biržas sarakstā, sacenšas par mazu iestāžu kapitāla ieguldījumu daļu Apvienotajā Karalistē, kam vēl ir tendence samazināties.
Lithuanian: Briano Zivicky tiriamajame straipsnyje nurodoma, kad Jungtinėje Karalystėje dėl nepakankamos prekybos apimties, kad būtų pagrįstos rengiamų tyrimų išlaidos, analitikai stebi nedaug mažesnių kotiruojamų įmonių.Kotiruojamų įmonių aljanso užsakymu įmonės „Jaffe Associates“ parengtame pranešime teigiama, kad mažesnės kotiruojamos įmonės Jungtinėje Karalystėje varžosi dėl nedidelės mažėjančios institucinių nuosavo kapitalo investicijų dalies.
English: JP Jenkins is an execution-only stockbroker and market maker, matching trades in unlisted and unquoted securities off-exchange. Furthermore, there is no regulatory obligation for this market.
Lithuanian: „JP Jenkins“ yra tiktai pavedimus vykdanti vertybinių popierių maklerio įmonė ir rinkos formuotoja, sudaranti užbiržinius prekybos sandorius dėl į biržos sąrašą neįtrauktų ir nekotiruojamų vertybinių popierių.
English: In the 2005 Report, statistics were split into funds that first closed before and after 1996. Funds that first closed after 1996 were reclassified to categories of venture (including seed, start-up and early stages of development), small MBO (MBOs/MBIs below GBP 10 million and expansion stage investments), mid MBO (MBOs/MBIs for GBP 10-100 million) and large MBO (MBOs/MBIs above GBP 100 million).
Polish: W raporcie z 2005 r. statystyki podzielono na fundusze, które po raz pierwszy zamknięto przed i po 1996 r. Fundusze, które po raz pierwszy zamknięto po 1996 r., przeklasyfikowano ponownie w kategorie kapitału podwyższonego ryzyka (w tym kapitał zalążkowy, kapitał na rozruch i kapitał wczesnego etapu rozwoju), małe MBO (MBO/MBI poniżej 10 mln GBP i inwestycje na etapie rozszerzania działalności), średnie MBO (MBO/MBI w przedziale 10–100 mln GBP) oraz duże MBO (MBO/MBI powyżej 100 mln GBP).
Lithuanian: 2005 m. pranešime statistiniai duomenys buvo skirstomi pagal fondus, kurie pirmieji užsidarė iki ir po 1996 m. Po 1996 m. pirmieji užsidarę fondai buvo toliau skirstomi į veiklos kategorijas (įskaitant parengiamąjį, veiklos pradžios ir ankstyvąjį veiklos etapą), mažus MBO (MBO/MBI (išorės įmonės vykdomas akcijų supirkimas) iki 10 mln. GBP ir plėtros etapo investicijas), vidutinio dydžio MBO (MBO/MBI 10–100 mln. GBP) ir didelius MBO (MBO/MBI daugiau kaip 100 mln. GBP).
English: According to the UK authorities, all parties were advised of the decision in February 2004. Ofex sought information as to why it had not been selected and this was duly provided.
Polish: Według władz Zjednoczonego Królestwa wszystkie strony poinformowano o decyzji w lutym 2004 r. Spółka Ofex próbowała uzyskać informację o tym, dlaczego nie została wybrana i informacji takich dostarczono należycie.
Latvian: Saskaņā ar Apvienotās Karalistes iestāžu sniegto informāciju šis lēmums tika paziņots visām personām 2004. gada februārī.
English: The UK authorities further state that the kind of services received for this price varies, e.g. commissioning independent research subsequently made available to private investors does not take place on any of the established markets. Whilst it is important to keep costs to an affordable level, costs are not likely to be the sole or even the main driver behind SMEs choosing to join Investbx.
Latvian: Apvienotās Karalistes iestādes apgalvo, ka par šo samaksu saņemto pakalpojumu veids mainās, piemēram, privātajiem ieguldītājiem pieejamā neatkarīgā izpēte netiek veikta nevienā no izveidotajiem tirgiem Lai gan pieņemams izmaksu līmenis ir svarīgs, tas nav ne vienīgais, ne galvenais iemesls, lai MVU izvēlētos sadarboties ar Investbx.
English: Concerning fragmentation of liquidity, Investbx limits its services to SMEs from the West Midlands that seek raising equity between GBP 0,5 and 2 million. In this particular segment it may attract only a very small part of investees that use other market places.
Latvian: Attiecībā uz līdzekļu sadrumstalošanu Investbx pakalpojumi ir ierobežoti tikai Rietummidlendas MVU, kas vēlas piesaistīt pamatkapitālu robežās no 0,5 miljoniem līdz 2 miljoniem GBP.
English: It announces an examination of any competition with the LSE, the AIM and Ofex, as well as with debt finance providers. The purpose is to verify whether the distortions of competition and the effect on trade are limited to ensure that the aid measure is not, on balance, against the common interest.
Dutch: Zij kondigt aan dat zij een onderzoek zal instellen naar de concurrentie met de LSE, de AIM en Ofex, evenals met verschaffers van vreemd vermogen, om na te gaan of de concurrentievervalsing en de gevolgen voor het handelsverkeer niet van dien aard zijn dat de maatregel per saldo in strijd is met het gemeenschappelijk belang.
English: ‘The consultation responses to Bridging the finance gap made it clear that there remains a key group of small and medium-sized enterprises (SMEs) which are not suited to debt finance, and which are currently not able to access the equity capital that they need to thrive. Businesses seeking modest sums of investment to modernise or diversify their activities are also affected.’
Dutch: „De reacties op het consultatiedocument maken duidelijk dat er een belangrijke groep kleine en middelgrote ondernemingen is die niet geschikt zijn voor financiering met vreemd vermogen en die momenteel geen toegang hebben tot het private equity dat zij nodig hebben om zich te kunnen ontwikkelen.Ook ondernemingen die op zoek zijn naar geringe investeringsbedragen om hun activiteiten te moderniseren of te diversifiëren, worden hierdoor getroffen.
English: As stated by the report, equity investors can face significant costs in identifying suitable investment opportunities, in particular with regard to the search, due diligence and monitoring costs of investments in smaller and younger firms. ‘In comparison to large companies that are quoted on public stock markets, the flow of information about small, unquoted companies seeking investment is limited.’
Dutch: Het rapport stelt vast dat het zoeken naar geschikte investeringsmogelijkheden voor investeerders aanzienlijke kosten met zich kan brengen, met name voor het opsporen en het due-diligenceonderzoek van en het toezicht op investeringen in kleine en nieuwe bedrijven.„In vergelijking met grote beursgenoteerde ondernemingen is de informatiestroom over kleine, niet-genoteerde ondernemingen die op zoek zijn naar investeerders, beperkt.”
English: Whilst it is important to keep costs to an affordable level, costs are not likely to be the sole or even the main driver behind SMEs choosing to join Investbx. The choice for many West Midlands SMEs will be Investbx or nothing.
Dutch: Hoewel het belangrijk is dat kosten op een betaalbaar niveau worden gehouden is dit waarschijnlijk niet de enige of de belangrijkste reden voor KMO's om zich bij Investbx aan te sluiten.
English: This information will be on Investbx's website. Such information is usually prepared only for larger stocks of shares and available only to institutional investors.
Dutch: Dergelijke informatie wordt doorgaans slechts voor grotere transactievolumes opgesteld en uitsluitend voor institutionele beleggers toegankelijk gemaakt.
English: Concerning the commercial management (point 5.2.3.1 Risk Capital Guidelines) on the one hand, since the management of Investbx will not make investment decisions as regards SME fundraising, this aspect is not relevant here. On the other hand, the United Kingdom assured that the management of Investbx will consist of professionals who have proven experience and track record in capital market investments, which is to be regarded positively.
Dutch: Enerzijds is het zakelijk beheer (punt 5.2.3.1 van de risicokapitaalrichtsnoeren) niet van belang omdat het bestuur van Investbx geen investeringsbeslissingen zal nemen over het aantrekken van kapitaal door KMO's; anderzijds heeft het Verenigd Koninkrijk verzekerd dat het beheer van Investbx in handen zal zijn van deskundigen die kunnen bogen op ervaring en een track record op het gebied van kapitaalmarktinvesteringen, hetgeen positief moet worden beoordeeld.
English: These data have to be seen in the context of the GDP contribution by the different regions to the total UK level, about which the latest available data from Eurostat is from 2003, which shows that the West Midlands contributed with 8 %, while the South East and London together with 34 % to the UK GDP in 2003. This shows that in the West Midlands the provision of equity in early and expansion-stage investments relative to economic activity is much lower than in the South East and London area.
Polish: Dane te należy analizować w kontekście wkładu w postaci PKB różnych regionów w ogólny poziom PKB Zjednoczonego Królestwa, na temat którego ostatnie dostępne dane z Eurostat pochodzą z roku 2003 i wskazują, że region West Midlands wniósł wkład w wysokości 8 %, natomiast regiony południowo-wschodni i londyński razem miały udział 34 % w brytyjskim PKB w 2003 r. Pokazuje to, że w regionie West Midlands zapewnianie jest znacznie mniej kapitału właścicielskiego na wczesnym etapie rozwoju i na etapie rozszerzania działalności gospodarczej niż w regionach południowo-wschodnim i londyńskim.
English: Furthermore, Ofex argues the proposed state aid targets the operating costs of Investbx rather than the enterprise costs of SMEs. Also the aid proposed is neither for the benefit of potential investors in SME companies nor for the SME companies seeking to raise capital but for the vehicle, Investbx, through which the measures operate.
Portuguese: Por outro lado, a Ofex alega que os auxílios estatais propostos se destinam aos custos de funcionamento da Investbx e não aos custos das PME, não beneficiando assim os potenciais investidores nas PME, nem as PME que procuram obter capitais próprios, mas sim o «veículo», a Investbx, através do qual as medidas são executadas.
English: The target investor for Investbx listed SMEs is interested in the medium to long-term opportunities and that is why the provision of enhanced information about the prospects of the company is important. This profile of investor does not require the same ability to continuously trade as would an institutional trader.
Portuguese: O investidor-alvo para as PME cotadas na Investbx está interessado em oportunidades a médio e a longo prazo e, por essa razão, é fundamental o fornecimento de informações completas sobre as perspectivas da empresa.
English: http://www.plusmarketsgroup.com/region.shtml?
Slovak: http://www.plustrhygroup.com/región.shtml?
English: In November 2003 a meeting about Investbx took place in Birmingham which 81 representatives of the business community attended. A subsequent meeting took place in London at the Centre for Study of Financial Innovation (CSFI) at which 27 representatives of the business community were invited to attend. Feedback from the CSFI was almost unanimous support for the project.
Swedish: I november 2003 ägde ett möte om Investbx rum i Birmingham som 81 företrädare för näringslivet deltog i. Ett senare möte ägde rum i London vid Centre for Study of Financial Innovation (CSFI), som 27 företrädare för näringslivet inbjöds att delta i. Responsen från CSFI var nästan enhälligt positiv till projektet.
English: After this period, the regional authority, AWM, will either close down Investbx or sell its shares through an open and non-discriminatory tender available to any market participant, including Ofex. AWM would then receive back at least a part of its entire grant and potentially even more in the form of the sale price of Investbx.
Swedish: Därefter kommer den regionala myndigheten, AWM, antingen att stänga Investbx eller sälja dess aktier genom ett öppet och icke-diskriminerande anbudsförfarande som alla marknadsaktörer, även Ofex, kan delta i. AWM skulle då få tillbaka åtminstone en del av sitt bidrag och eventuellt mer i form av försäljningspriset på Investbx.