natgillin/translations-raw huggingface dataset:
A case study forwarded by the University of Warwick highlights an SME in one case that had to look to the Australian market to raise equity for growth in light of funding gap in the West Midlands and high cost of entering the present markets.
Študija primera, ki jo je predložila Univerza v Warwicku, omenja primer MSP-ja, ki se je moral zaradi vrzeli v financiranju v regiji West Midlands in visokih stroškov vstopa na sedanje trge obrniti na avstralski trg, da bi zbral lastniški kapital za rast.
It is argued that since it is not economically viable for investors to visit regularly other regions for deal finding and monitoring, Investbx will improve the situation by raising capital mainly from local investors, in particular from high net worth individuals.
V pripombah stranke trdijo, da za vlagatelje ni ekonomsko upravičeno redno obiskovati druge regije, da bi iskali in spremljali poslovne transakcije, zato bo Investbx izboljšal razmere, ker bo sredstva zbiral predvsem od lokalnih vlagateljev, zlasti od posameznikov z velikim čistim premoženjem.
Investbx is praised as an innovative, cost effective design, which has the potential to assist the competitiveness of SMEs and to improve the situation in the West Midlands after a series of economic shocks, one of them being the collapse of MG Rover.
Investbx je pohvaljen kot inovativen in stroškovno učinkovit projekt, ki ima možnost pomagati MSP-jem, da postanejo konkurenčni, in izboljšati razmere v regiji West Midlands po vrsti gospodarskih šokov, kot je bil na primer razpad družbe MG Rover.
Parties from other Member States express their support to Investbx and believe that it will serve as a pilot project from which lessons and good practices may be learned for other European Communities regions.
Stranke iz drugih držav članic so izrazile podporo projektu Investbx in verjamejo, da bo to postal pilotni projekt, ki bi lahko pomenil izkušnje in dobro prakso za druge regije Evropskih skupnosti.
Critical comments
Negativne pripombe
The Quoted Companies Alliance (hereinafter ‘QCA’) claims that a local exchange would dilute the liquidity from other markets and that they ‘just don't see how a small local exchange could meet these [extensive regulations] without enormous taxpayers’ subsidies'.
Quoted Companies Alliance (v nadaljevanju „QCA“) trdi, da bi lokalna borza oslabila likvidnost drugih trgov in da „preprosto ne razumejo, kako bi lahko majhna lokalna borza izpolnila te [obsežne predpise] brez ogromnih subvencij davkoplačevalcev“.
JP Jenkins, an independent execution-only stockbroker that specialises in matching trades in shares, claims that Investbx will be its direct competitor and that the state aid will distort competition and prejudice JP Jenkins' position.
JP Jenkins, neodvisen borzni posrednik, ki zgolj izvršuje naročila, specializiran za samodejno sklepanje poslov z delnicami, trdi, da bo Investbx njegov neposredni konkurent ter da bo državna pomoč izkrivila konkurenco in škodila njegovemu položaju.
Jamie Whitehorn, General Counsel of Ofex considers the identification by the United Kingdom of the reasons for, and existence of an alleged market failure in the range of GBP 0,5 million to GBP 2 million both incorrect and unproven.
Glavni svetovalec pri Ofexu Jamie Whitehorn meni, da je predstavitev Združenega kraljestva, v kateri so opredeljeni razlogi za domnevno tržno pomanjkljivost ter njen razpon od 0,5 do 2 milijonov GBP, nepravilna in nedokazana.
As to the imperfect information on both the demand and supply sides, he considers that there is no evidence on, firstly, lack of information for SMEs on how to access equity funding, secondly, failure of the West Midlands companies with viable business plans to raise equity at Ofex or the AIM, and thirdly, that investors lack ‘appropriate and reliable information about potential investees’.
Glede nepopolnih informacij na strani povpraševanja in ponudbe meni, da ni dokazov, prvič, o pomanjkanju informacij za MSP-je o dostopu do lastniškega financiranja, drugič, o nezmožnosti gospodarskih družb iz regije West Midlands z izvedljivimi poslovnimi načrti, da bi zbrale lastniški kapital prek Ofexa ali alternativnega investicijskega trga, in tretjič, da vlagatelji nimajo „ustreznih in zanesljivih informacij o potencialnih subjektih, v katere se lahko vlaga“.
According to Ofex and QCA, at present services to SMEs seeking to raise equity finance are offered by Ofex, the AIM, JP Jenkins Limited, broker networks and investor mailing lists.
Po navedbah Ofexa in QCA trenutno MSP-jem, ki želijo zbrati lastniška sredstva, storitve ponujajo Ofex, alternativni investicijski trg, JP Jenkins Limited, mreže borznih posrednikov in vlagatelji z dopisnih seznamov.
Furthermore, equity could be raised using the register of ‘qualified investors’ maintained by the Financial Services Authority.
Poleg tega se lastniški kapital lahko zbere z uporabo registra „vlagateljev, ki izpolnjujejo pogoje“, ki ga vodi Financial Services Authority.
Ofex expressed its concerns that some of the information on which the Commission's preliminary assessment is based is incomplete, outdated and/or inconsistent with the way UK equity markets work in practice.
Ofex je izrazil zaskrbljenost, ker so nekatere informacije, na katerih temelji predhodna ocena Komisije, nepopolne, zastarele in/ali v neskladju z načinom, kako trg lastniških vrednostnih papirjev Združenega kraljestva deluje v praksi.
Ofex considers that the studies put forward by the United Kingdom in the context of the Enterprise Capital Funds to which the Commission refers are out of date in so far as the service provided by Ofex is concerned.
Ofex meni, da so študije, ki jih je predložilo Združeno kraljestvo v zvezi s Podjetniškimi skladi kapitala, na katere se sklicuje Komisija, zastarele, kar zadeva storitve, ki jih zagotavlja Ofex.
Over the last two years, the Ofex market has been radically improved.
V zadnjih dveh letih se je trg Ofexa korenito izboljšal.
This has been reflected in the increased number of admissions of SMEs on Ofex in 2005 compared to 2004, with all of the fund raisings in the sub GBP 2 million range.
To se izraža v povečanem številu vključitev MSP-jev v Ofex v letu 2005 v primerjavi z letom 2004, pri čemer so bila vsa zbiranja sredstev pod 2 milijonoma GBP.
Even assuming the existence of market failure, Ofex claims that Investbx would not resolve the underlying problems.
Čeprav se predvideva obstoj tržne pomanjkljivosti, Ofex trdi, da Investbx ne bi rešil osnovnih težav.
Investbx is not in the position to remedy information deficit as due to regulatory constraints it could not provide more information than what is currently available at Ofex or the AIM.
Investbx ne more odpraviti pomanjkanja informacij, ker zaradi zakonodajnih ovir ne bi mogel zagotoviti več informacij, kot jih je trenutno na voljo pri Ofexu ali alternativnem investicijskem trgu.
Transaction costs, that is professional fees and due diligence costs are equal at all markets and Ofex and the AIM fees only represent a small proportion in the overall costs of raising equity.
Stroški transakcije, in sicer honorarji za strokovno delo in stroški skrbnega pregleda poslovanja, so enaki na vseh trgih, ter provizija, ki jo zaračunavata Ofex in alternativni investicijski trg, zajemata le majhen delež celotnih stroškov zbiranja lastniškega kapitala.
Furthermore, Ofex believes that the measure is not an appropriate instrument, because, if closed down within five years the trading platform would disappear and the contact between the SME and its shareholders would be lost.
Ofex meni, da ukrep ni ustrezen instrument, ker bi platforma za trgovanje, če bi jo zaprli v petih letih, izginila ter bi se stik med MSP-jem in njegovimi delničarji izgubil.
Consequently, the investors could be locked in, which would lead to uncertainty towards the end of the five-year period.
Posledično bi bili vlagatelji lahko priklenjeni, kar bi povzročilo negotovost ob iztekanju petletnega obdobja.
Moreover, Ofex claims that there are limitations of an auction-based system that make it less suitable for trading as compared to market-maker based systems.
Ofex trdi tudi, da ima sistem, ki temelji na avkciji, določene omejitve, zaradi katerih je manj primeren za trgovanje v primerjavi s sistemi, ki temeljijo na ustvarjalcih trga.
Firstly, a double coincidence between the seller and buyer at a specific time would be required for realisation of sale.
Prvič, za realizacijo prodaje bi bilo potrebno dvojno sovpadanje med prodajalcem in kupcem ob določenem času.
Secondly, such a system will not generate sufficient depth of orders that could reliably inform the investors about the share price.
Drugič, tak sistem ne bo ustvaril zadostne intenzivnosti naročil za zanesljivo obveščanje vlagateljev o cenah delnic.
In the market-maker system, however, deals can be done at any time.
Pri sistemih, ki temeljijo na ustvarjalcih trga, pa se poslovne transakcije lahko sklepajo kadar koli.
Ofex claims that the escalator function is fully covered by Ofex, the AIM and the LSE.
Ofex trdi, da funkcijo tekočih stopnic v celoti zagotavljajo Ofex, alternativni investicijski trg in londonska borza.
According to Ofex the announced objective of bridging the perceived market failure for SMEs would either not be achieved or/and there already exists a number of competitive alternatives in the market that offer comparable means for raising equity.
Po njegovem mnenju napovedani cilj premostitve ugotovljene tržne pomanjkljivosti za MSP-je bodisi ne bi bil dosežen ali/in že obstaja več konkurenčnih možnosti na trgu, ki ponujajo primerljive načine za zbiranje lastniškega kapitala.
Furthermore, Ofex argues the proposed state aid targets the operating costs of Investbx rather than the enterprise costs of SMEs.
Ofex tudi trdi, da je predlagana državna pomoč usmerjena na stroške poslovanja Investbxa, namesto na stroške za MSP-je.
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.
Predlagana pomoč prav tako ne bo koristila potencialnim vlagateljem v MSP-je niti MSP-jem, ki želijo zbrati sredstva, temveč Investbxu kot posredniku, prek katerega se ukrepi izvajajo.
Ofex considers it significant that the proposed instrument allegedly does not operate through a mechanism acknowledged by the Risk Capital Communication.
Ofex kot pomembno dejstvo navaja, da se predlagani instrument domnevno ne izvaja prek mehanizma, ki ga priznava sporočilo o rizičnem kapitalu.
Ofex submits that the proposed aid will not have the alleged incentive effect.
Ofex trdi, da predlagana pomoč ne bo imela domnevnega spodbujevalnega učinka.
If companies wish to seek capital and believe this could be best achieved through a share trading facility for their shares, there are existing markets already available.
Če gospodarske družbe želijo zbrati sredstva in menijo, da bi to lahko najbolje dosegle prek sistema trgovanja z delnicami, so taki trgi že na voljo.
Companies in the Midlands have already taken the advantage of these facilities.
Gospodarske družbe v regiji Midlands so že izkoristile te sisteme.
Furthermore, referring to the HM Treasury Report ‘Bridging the Finance Gap’ (December 2003), Ofex claims investors are not influenced by geographical location but by the business proposition itself.
Nato Ofex na podlagi poročila finančnega ministrstva (HM Treasury) z naslovom „Bridging the Finance Gap“ (Premostitev finančne vrzeli; december 2003) trdi, da na vlagatelje ne vpliva zemljepisna lega, temveč sama poslovna ponudba.
Ofex claims that on its platform retail investors do have access to, and subscribe for, new issues of shares by SMEs.
Ofex trdi, da imajo na njegovi platformi vlagatelji dostop do novih izdaj delnic MSP-jev in se zanje prijavijo.
Given the proportion of companies that raise capital amounts below GBP 2 million at Ofex, Investbx will directly compete with it, rather than complement it.
Glede na delež gospodarskih družb, ki zbirajo sredstva v višini manj kot 2 milijona GBP prek Ofexa, bo Investbx njegova neposredna konkurenca namesto dopolnitev.
Ofex is further concerned that Investbx would risk ‘crowding out’ other providers as a result of the provision of state aid to Investbx, namely discouraging other potential investors from providing additional capital to other existing or potential share trading markets.
Ofex je zaskrbljen tudi, ker bi Investbx lahko „izrinil“ druge izvajalce zaradi državne pomoči, ki bi mu bila zagotovljena, saj bi druge morebitne vlagatelje odvrnil od zagotavljanja dodatnega kapitala drugim obstoječim ali potencialnim trgom za trgovanje z delnicami.
They argue this is because the grant of state aid would excuse Investbx from the need to make profit, thereby allowing it to adopt a revenue model intended simply to meet any surplus costs not covered by the state aid.
To je po njihovih trditvah zato, ker bi dodelitev državne pomoči pomenila, da Investbx ne bi imel potrebe po ustvarjanju dobička, kar bi mu omogočilo, da sprejme model dohodkov samo za pokrivanje dodatnih stroškov, ki jih državna pomoč ne pokriva.
In contrast, its competitors (such as Ofex) are funded by private sector investors who expect a financial return, and such competitors would therefore need to achieve a sufficient margin to generate profits.
Po drugi strani pa njegove konkurente (kot je Ofex) financirajo vlagatelji iz zasebnega sektorja, ki pričakujejo finančno donosnost, in taki konkurenti bi zato morali doseči zadostno razliko v ceni, da bi ustvarili dobiček.
It is claimed that in this context Investbx may actually restrain innovation in financial markets.
Po njihovih trditvah bi lahko Investbx dejansko oviral inovativnost na finančnih trgih.
A platform supported by state aid which is not profit driven will not, it is suggested, have the same commercial imperatives to improve its services or introduce new services for the benefit of customers.
Z državno pomočjo podprta platforma, ki ne deluje po načelu dobička, po njihovem mnenju ne bo imela enake gospodarske nujnosti za izboljšanje ali uvedbo novih storitev v korist strank.
In summary, Ofex claims the proposed aid measure cannot be considered to be in the common interest.
V povzetku Ofex trdi, da predlagani ukrep ne more šteti za ukrep, ki je v skupnem interesu.
Comments to the Decision to initiate the procedure
Pripombe k odločitvi o sprožitvi postopka
In their comments to the Decision to initiate the procedure, the UK authorities argue that the whole premise of Investbx is based on the existence of a well-acknowledged market failure in the provision of equity finance between GBP 0,5 million and 2 million in the West Midlands.
Organi Združenega kraljestva v svojih pripombah k odločitvi o sprožitvi postopka trdijo, da celotna domneva v zvezi z Investbxom temelji na obstoju natančno opredeljene tržne pomanjkljivosti pri zagotavljanju lastniškega financiranja v razponu od 0,5 do 2 milijonov GBP v regiji West Midlands.
Despite the establishment of a number of publicly-backed venture capital funds, there allegedly remains a shortage of funding for SMEs.
Čeprav je bilo ustanovljenih več javno podprtih skladov tveganega kapitala, je še vedno premalo financiranja za MSP-je.
The UK authorities note that all the available evidence points to the conclusion that the market failure will not be addressed by the private sector, thus the only way to resolve this problem is to stimulate the market by public intervention.
Organi Združenega kraljestva poudarjajo, da vsi razpoložljivi dokazi kažejo, da zasebni sektor ne bo odpravil tržne pomanjkljivosti, zato se lahko ta težava reši le s spodbujanjem trga z javno intervencijo.
In order to address the market failure, Investbx is intended to be a regional catalyst for the bringing together of SMEs and investors via an online share trading exchange, coupled with a bundle of complementary services focusing on raising funds for SMEs.
Da bi se odpravila tržna pomanjkljivost, naj bi Investbx deloval kot regionalni katalizator, ki bi povezoval MSP-je in vlagatelje prek spletne borze delnic, ki bi jo dopolnjeval sklop dodatnih storitev, namenjenih zbiranju sredstev za MSP-je.
To the UK authorities' best knowledge, nothing like Investbx currently exists anywhere in the Community.
Kolikor je organom Združenega kraljestva znano, v Skupnosti trenutno ne obstaja nič podobnega Investbxu.
It is an innovative and unique pilot project and offers potential benefits to all regions across the Community by allowing them to observe its progress in rectifying the market failure and to explore whether online regional stock exchanges of this nature are sustainable and helpful to regional economies.
Gre za inovativen in edinstven pilotni projekt, ki ponuja možne koristi vsem regijam v Skupnosti, saj jim omogoča, da opazujejo njegov napredek pri odpravljanju tržne pomanjkljivosti in proučijo, ali so take regionalne spletne borze trajnostne in ali pomagajo regionalnemu gospodarstvu.
The UK authorities submit that AWM publicly selected The Share Centre, using a selection procedure via the Official Journal of the European Union, for the market operation of Investbx.
Organi Združenega kraljestva trdijo, da je AWM za delovanje trga Investbx javno izbral The Share Centre na podlagi razpisnega postopka, objavljenega v Uradnem listu Evropske unije.
It is further stated that Ofex supported the project both before and immediately after it was unsuccessful in winning the contract for the running of Investbx.
Navajajo tudi, da je Ofex podprl projekt pred in neposredno po tem, ko ni bil izbran za vodenje Investbxa.
It was further submitted that the selection procedure was conducted in an objective manner and at no stage has the fairness of the procedure been called into question.
Po njihovih trditvah je bil razpisni postopek izveden objektivno in v nobeni fazi ni bilo dvomov o poštenosti postopka.
The UK authorities believe that Investbx will attract a new kind of investor and as such Investbx will not be competing with Ofex for funds.
Organi Združenega kraljestva menijo, da bo Investbx privabil novo vrsto vlagateljev in kot tak ne bo tekmoval za sredstva z Ofexom.
Investbx will operate as a stepping stone to the more senior markets rather than act as a competitor.
Investbx bo deloval kot odskočna deska do starejših trgov in ne kot konkurent.
The UK authorities state that the improved services for investors as mentioned in the Decision to initiate the procedure are not currently available.
Organi Združenega kraljestva navajajo, da izboljšane storitve za vlagatelje, kot so navedene v odločitvi o sprožitvi postopka, trenutno niso na voljo.
As a result, there would be no possible distortion of competition.
Zato ne bo možnosti, da bi prišlo do izkrivljanja konkurence.
The UK authorities say that Investbx will make new issue shares available to the public, which is in contrast to the practice of more senior markets where new issue shares are traditionally made available to a few institutions.
Organi Združenega kraljestva navajajo, da bo Investbx omogočil javni dostop do nove izdaje delnic, kar je v nasprotju s prakso starejših trgov, kjer so nove izdaje delnic navadno na voljo le nekaj institucijam.
The UK authorities confirm that Investbx will have a dual role (by acting as a forum for inclusive discussion and by trading activities), neither of which is currently fulfilled by Ofex or any other organisation.
Organi Združenega kraljestva potrjujejo, da bo imel Investbx dvojno vlogo (ker bo deloval kot forum za povezane razprave in ker bo izvajal dejavnosti trgovanja), česar pa trenutno ne izpolnjuje niti Ofex niti nobena druga organizacija.
The structure of Investbx was chosen because it safeguards the effective control of Investbx by AWM, and it ensures that no benefit from funds will be leaked to third parties and any benefits realised from the sale of Investbx will ultimately revert to AWM if the venture proves successful.
Struktura Investbxa je bila izbrana, ker zagotavlja učinkovit nadzor Investbxa s strani AWM ter jamči, da nobena korist od sredstev ne bo prešla v roke tretjih strank in da se bodo vse koristi, ki izhajajo iz prodaje Investbxa, na koncu povrnile AWM, če se naložba izkaže za uspešno.
The Investbx business plan forecasts primary fund raising for a minimum of 47 SMEs in the West Midlands over a period of five years, raising a minimum of GBP 70 million.
Poslovni načrt za Investbx predvideva, da se bodo v obdobju petih let v regiji West Midlands zbrala sredstva za primarno financiranje najmanj 47 MSP-jev v višini najmanj 70 milijonov GBP.
In comparison with Ofex, the following was concluded by the UK authorities in their letter of 21 November 2005:
V primerjavi z Ofexom so organi Združenega kraljestva v svojem dopisu z dne 21 novembra 2005 sklenili naslednje:
UK level
Raven Združenega kraljestva
Within five years since 2000 at Ofex only GBP 43,3 million primary funding was raised within the GBP 0,5 million to 2 million range for 39 companies based all over the United Kingdom.
V petih letih od leta 2000 je bilo prek Ofexa zbranih le za 43,3 milijona GBP sredstev za primarno financiranje v razponu od 0,5 do 2 milijonov GBP za 39 podjetij s sedežem po vsem Združenem kraljestvu.
When removing secondary funding from the total funds raised, Ofex companies only raise modest amounts via primary issues.
Če se od vseh zbranih sredstev odšteje sekundarno financiranje, gospodarske družbe prek Ofexa zberejo le skromne zneske v okviru primarnih izdaj.
West Midlands
Regija West Midlands
The 10 West Midlands based companies listed on Ofex represent only 7 % of the total number of companies at Ofex (November, 2005).
10 gospodarskih družb s sedežem v regiji West Midlands, ki kotirajo na Ofexu, pomeni le 7 % celotnega števila gospodarskih družb na Ofexu (november 2005).
When only West Midlands based companies are considered, at Ofex a total of GBP 12 million (primary and secondary) has been raised over a five-year period between 2001 and 2005, representing only 4,1 % of the total raised UK-wide by Ofex.
Če se upoštevajo le gospodarske družbe s sedežem v regiji West Midlands, je bilo v petletnem obdobju med letoma 2001 in 2005 prek Ofexa zbranih za skupaj 12 milijonov GBP sredstev (za primarno in sekundarno financiranje), kar pomeni le 4,1 % vseh sredstev v celotnem Združenem kraljestvu, zbranih prek Ofexa.
Over 50 % of the funding raised by Ofex for West Midlands based companies was in favour of one company.
Več kot 50 % sredstev, zbranih prek Ofexa za gospodarske družbe s sedežem v regiji West Midlands, je bilo namenjenih v korist ene gospodarske družbe.
Only GBP 3,5 million of primary funding for 5 companies based in the West Midlands has been raised at Ofex over a five-year period since year 2000.
V petletnem obdobju od leta 2000 je bilo prek Ofexa zbranih le za 3,5 milijona GBP sredstev za primarno financiranje 5 gospodarskih družb s sedežem v regiji West Midlands.
Of the 20 new admissions to Ofex in 2004 only one company was based in the West Midlands.
Od 20 gospodarskih družb, ki so se v letu 2004 na novo vključile v Ofex, je imela le ena gospodarska družba sedež v regiji West Midlands.
In their letter of 21 November 2005 the UK authorities state that Ofex's fund raising activity is UK-wide, in contrast to Investbx which is very definitely targeted at one region, the West Midlands.
Organi Združenega kraljestva v svojem dopisu z dne 21. novembra 2005 navajajo, da so dejavnosti Ofexa pri zbiranju sredstev razpršene po vsem Združenem kraljestvu, medtem ko je Investbx jasno usmerjen v eno regijo, in sicer West Midlands.
Of over 300000 SMEs in the West Midlands it is claimed that only 57 are traded on the AIM, 10 on Ofex and between 5 and 10 are helped each year by each major venture capitalist.
Od več kot 300000 MSP-jev v regiji West Midlands naj bi se na alternativnem investicijskem trgu trgovalo s samo 57 in na Ofexu le z 10 MSP-ji, 5 do 10 MSP-jem pa naj bi vsako leto pomagal vsak večji imetnik tveganega kapitala.