合弁子会社とのDebt -Equity Swap取引 その４

前回の続きとして、転換条項や残余財産分配優先の条項についてですね。

２．Conversion　（転換株式で普通株にする例）
(a) Optional Conversion(取締役会がConversionの権利を持つ場合です). Each Convertible Preference Share may be converted, by the unanimous approval of the Board, into fully paid and non-assessable ordinary shares. Partial conversion is possible – by the unanimous approval of the Board, it shall decide number of Convertible Preference Shares to be converted into ordinary shares.

(b) Conversion Ratio. One Convertible Preference Share shall be converted into 50 ordinary shares of the Company.

(c) Mechanics of Conversion. Upon the notification from the Board of the conversion, the holder shall surrender the certificate(s) representing the Convertible Preference Shares, duly endorsed. The Company shall, as soon as practicable after such surrender, issue and deliver i) certificate(s) representing the number of ordinary shares to which such holder is entitled and ii) new certificate(s) representing the (remaining) number of Convertible Preference Shares not so converted.

Any Convertible Preference Shares converted into ordinary shares shall be retired and may not be reissued by the Company.

(d) Fractional Shares. No fractional ordinary shares shall be issued upon the conversion of Convertible Preference Shares.

3.Liquidation Preference(残余財産分配優先の条項)
優先株の内容として、会社が解散・清算するときに残余財産の分配を、普通株株主に優先して受けることができる条項を記載することがあります。米国のベンチャーキャピタルとの投資契約では、残余財産の優先分配は、まず必ず入る条項ですね。
3.1 Upon any liquidation, dissolution or winding up of the Company (collectively called “Liquidation”), whether voluntary or involuntary, the holder of Convertible Preference Shares shall be entitled to be paid out of the assets of the Company available for distribution to its shareholders, an amount in cash equal to the aggregate Liquidation Preference (as defined below) at the date of payment, which amount shall be paid before any distribution or payment is made upon any ordinary shares.

The holder of Convertible Preference Shares shall be entitled to no other or further distribution of, or participation in any remaining assets of the Company after receiving the full preferential amounts provided for in the preceding sentence. (この条項を入れずに、普通株株主へ分配されるときに、優先株株主も参加できる条項を入れるときもあります)

Upon any such Liquidation, after the holder of Convertible Preference Shares has been paid in full the amounts to which they are entitled, the remaining assets of the Company may be distributed to the holders of ordinary shares.

例えば、優先株株主も普通株株主への分配に参加する条項は、以下ですね。
the remaining assets shall be distributed ratably to the holders of ordinary shares and Convertible Preference Shares, on an as-converted basis, until the holders of the Convertible Preference Shares have received an aggregate of two times (2X) the Purchase Price.（2倍の制限付ですね）。

3.2 Liquidation Preference:
Liquidation Preference measured per Convertible Preference Share shall mean an amount equal to the sum of (i) the Issue Price (or the Purchase Price by the holder of Convertible Preference Share) , (ii) an amount equal to the amount of cash dividends that would have been payable on such Convertible Preference Share had the Board declared and paid the Convertible Preference Dividends from the Issue Date to the date of such liquidating distribution, less any cash dividend amounts actually paid on such Convertible Preference Share during such period, plus (iii) without duplication, an amount equal to all declared and unpaid Convertible Preference Dividends.
In the case of clauses (ii) and (iii) hereof, such amounts will constitute part of the Liquidation Preference whether or not such unpaid dividends have been declared or there are any unrestricted funds of the Company legally available for the payment of dividends.

Others
合弁子会社は閉鎖会社ですので、普通株には当然譲渡制限がついていますが、当然優先株にも譲渡制限をかけますね。