Exit rights of minority shareholders in a private limited company
Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/7.2.7:7.2.7 Valuation of the shares
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/7.2.7
7.2.7 Valuation of the shares
Documentgegevens:
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS405189:1
- Vakgebied(en)
Ondernemingsrecht (V)
Toon alle voetnoten
Voetnoten
Voetnoten
Bundel NV en BV, p. IXt-Art. 18-9: 'Deze bescherming moet zover gaan dat hij mag uittreden, schadevrij of op zijn minst zonder grotere schade dan wanneer hij wegens een hem onwelgevallige statutenwijziging zou zijn uitgetreden.'
Deze functie is alleen te gebruiken als je bent ingelogd.
Art. 2:181 DCC does not contain a yardstick for the determination of the price of the shares. As has been cited in § 7.2.1, in the legislative history a parallel is drawn with the situation of liquidation of the BV. In the situation of liquidation, normally the shareholder receives a proportionate share of the liquidation surplus of the company. This may lead to the conclusion that the shares have to be valued as if the company is being liquidated. In my opinion, this conclusion would be too rash. In my opinion, the remarks made by the Minister merely aim at the fact that a shareholder has a financial interest in the company as is attached to the shares. The remarks do not imply a criterion for the valuation of the shares.
Support for this opinion is found in the legislative history as well. The Minister remarks that in the situation of a forced exit, a shareholder has to receive indemnification without any discount, or at least for consideration, which he receives by selling his shares:
"This protection ought to range to the extent that he will be allowed to exit, free of damages or at least without more damages than he would have encountered if he had exited because of an undesired amendment of the articles of association."1
The remarks of the Minister point to a certain minimum level of indemnification, yet do not fix the valuation at liquidation value. Therefore, the question on what basis the shares should be valued remains unanswered. Similar to the proceedings for the settlement of disputes, and because of the arguments mentioned in § 6.7.3, I assume that the yardstick should be the value of the shares in the economic market.