Appunti sulle Loyalty Shares

Loyalty shares could be defined as further shares that are allotted to shareholders - free of charge – whether they maintain for a defined period of time their shareholding. Loyalty shares are among the tools used to promote shareholder loyalty in order to enhance voice tools with respect to exit strategy. This paper analyzes issuance model and loyalty shares’ use as part of state company’s privatization wave starting from France and then in Italy and Germany by identifying common elements of all these European experiences. It is also analyzed loyalty shares utilization in the FCA Group reorganization process in the context of Dutch corporate law for as it emerges in light of Koninklijke DSM landmark case and then in accordance with Dutch company law simplification. Then it is investigated L shares issuance hypothesis and their theoretical proximity to warrants. Finally it is detected theoretical classification of issuer commitment to assign loyalty shares within offers calling for an act.