{"id":4710,"date":"2021-03-16T05:21:32","date_gmt":"2021-03-16T05:21:32","guid":{"rendered":"https:\/\/cukurpartners.com\/?p=4710"},"modified":"2021-03-17T07:25:45","modified_gmt":"2021-03-17T07:25:45","slug":"halka-acik-sirketlerde-hakim-ortaklarin-diger-ortaklari-ortakliktan-cikarma-ve-paylarini-alma-konusunda-spknin-yeni-duzenlemesi","status":"publish","type":"post","link":"https:\/\/old.cukurpartners.com\/tr\/halka-acik-sirketlerde-hakim-ortaklarin-diger-ortaklari-ortakliktan-cikarma-ve-paylarini-alma-konusunda-spknin-yeni-duzenlemesi\/","title":{"rendered":"HALKA A\u00c7IK \u015e\u0130RKETLERDE HAK\u0130M ORTAKLARIN D\u0130\u011eER ORTAKLARI ORTAKLIKTAN \u00c7IKARMA VE PAYLARINI ALMA KONUSUNDA SPK\u2019NIN YEN\u0130 D\u00dcZENLEMES\u0130"},"content":{"rendered":"<p><b>31 Aral\u0131k 2020<\/b><span style=\"font-weight: 400;\">\u00a0tarih ve\u00a0<\/span><b>31351<\/b><span style=\"font-weight: 400;\">\u00a0say\u0131l\u0131 Resm\u00ee Gazete&#8217;de Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan II-27.3 say\u0131l\u0131 Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131 Tebli\u011fi (<\/span><b>\u201cTebli\u011f\u201d<\/b><span style=\"font-weight: 400;\">) yay\u0131mlanm\u0131\u015f olup, 12 Kas\u0131m 2014 tarihinde yay\u0131mlanan uygulanmakta olan II-27.2 say\u0131l\u0131 Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131 Tebli\u011fi (<\/span><b>\u201cM\u00fclga Tebli\u011f\u201d<\/b><span style=\"font-weight: 400;\">) y\u00fcr\u00fcrl\u00fckten kald\u0131r\u0131lm\u0131\u015ft\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Toplamda 3 b\u00f6l\u00fcmden olu\u015fan Tebli\u011f\u2019de, M\u00fclga Tebli\u011f\u2019de oldu\u011fu gibi &#8220;ortakl\u0131ktan \u00e7\u0131karma ve satma haklar\u0131n\u0131n kullan\u0131m\u0131&#8221;, &#8220;haklar\u0131n do\u011fmas\u0131 ve oy haklar\u0131n\u0131n hesaplanma usul\u00fc&#8221;, &#8220;haklar\u0131n kullan\u0131m bedeli&#8221; ve &#8220;haklar\u0131n kullan\u0131m\u0131na ili\u015fkin prosed\u00fcr&#8221; ba\u015fl\u0131klar\u0131 alt\u0131nda d\u00fczenlemeler yap\u0131lm\u0131\u015ft\u0131r. Bu Tebli\u011f\u2019le ise M\u00fclga Tebli\u011f\u2019den farkl\u0131 olarak a\u015fa\u011f\u0131da a\u00e7\u0131klad\u0131\u011f\u0131m\u0131z baz\u0131 eklemeler oldu\u011funu g\u00f6rmekteyiz.\u00a0<\/span><\/p>\n<p><b>Tebli\u011f Ne Yarar Sa\u011fl\u0131yor?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">28 Ekim 2020 tarihinde Tebli\u011f\u2019e ili\u015fkin bir taslak (\u201c<\/span><b>Taslak Tebli\u011f<\/b><span style=\"font-weight: 400;\">\u201c) yay\u0131mlam\u0131\u015f ve en dikkat \u00e7ekici de\u011fi\u015fikliklerden olan ortakl\u0131ktan \u00e7\u0131karma i\u00e7in gerekli e\u015fi\u011fin %98\u2019den %95\u2019e indirilmesi ile ortakl\u0131ktan \u00e7\u0131karma hakk\u0131 bedeli ve satma hakk\u0131 bedelinin e\u015fitlenmesi d\u00fczenlemesi g\u00fcndemdeydi.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ancak beklentilerden farkl\u0131 olarak, Tebli\u011f, Taslak Tebli\u011f\u2019in aksine, ortakl\u0131ktan \u00e7\u0131karma i\u00e7in gerekli e\u015fikte bir de\u011fi\u015fikli\u011fe gitmedi ve e\u015fik M\u00fclga Tebli\u011f\u2019de yer alan d\u00fczenleme gibi %98 olarak kalm\u0131\u015ft\u0131r. B\u00f6ylece asl\u0131nda hakim ortaklar a\u00e7\u0131s\u0131ndan beklentiler tam olarak kar\u015f\u0131lanamam\u0131\u015ft\u0131r. \u00c7\u00fcnk\u00fc, %98\u2019lik e\u015fik ilk ba\u015fta 2014 y\u0131l\u0131nda bu mevzuat AB Uyum yasalar\u0131 \u00e7er\u00e7evesinde T\u00fcrk mevzuat\u0131na uyarlan\u0131rken dahi \u00e7e\u015fitli birliklerin dikkatini \u00e7ekmi\u015f\u00a0 ve uyumland\u0131r\u0131lan AB \u00fclkeleri uygulamalar\u0131nda dahi e\u015fi\u011fin%90-95 aral\u0131\u011f\u0131nda oldu\u011fu g\u00f6r\u00fclmektedir. Keza,\u00a0 Amerika Birle\u015fik Devletleri, Japonya, \u00c7in, Singapur gibi AB d\u0131\u015f\u0131ndaki finans merkezlerinde de durum farkl\u0131 de\u011fildir. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tebli\u011f ile zaten daha \u00f6nce d\u00fczenlenen hakim orta\u011f\u0131n di\u011fer ortaklar\u0131 ortakl\u0131ktan \u00e7\u0131karmas\u0131, di\u011fer ortaklar\u0131n da paylar\u0131n\u0131 hakim orta\u011fa satmas\u0131 durumunda oy haklar\u0131n\u0131n hesaplanmas\u0131, bu haklar\u0131n kullan\u0131lmas\u0131na ili\u015fkin uygulanacak usul ve esaslar\u0131n d\u00fczenlenmesi yine yap\u0131lm\u0131\u015ft\u0131r. Ancak M\u00fclga Tebli\u011f\u2019den farkl\u0131 olarak, bu Tebli\u011f\u2019le birlikte hareket eden ki\u015filerin a\u00e7\u0131klamas\u0131 geni\u015fletilmi\u015f ve satma hakk\u0131na istisnalar getirilmi\u015ftir. Buna g\u00f6re;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pay al\u0131m teklifi sonucunda veya birlikte hareket etmek de d\u00e2hil olmak \u00fczere herhangi bir \u015fekilde sahip olunan paylara ili\u015fkin oy haklar\u0131n\u0131n, ortakl\u0131\u011f\u0131n oy haklar\u0131n\u0131n %98\u2019ine ula\u015fmas\u0131 veya bu durumda iken ek pay al\u0131nmas\u0131 durumunda, bu Tebli\u011fde belirtilen istisnalar hari\u00e7 olmak \u00fczere, h\u00e2kim ortak a\u00e7\u0131s\u0131ndan sahip olduklar\u0131 paylar\u0131n imtiyazl\u0131 olup olmad\u0131\u011f\u0131 dikkate al\u0131nmaks\u0131z\u0131n di\u011fer pay sahiplerinin tamam\u0131n\u0131 ortakl\u0131ktan \u00e7\u0131karma hakk\u0131, di\u011fer ortaklar a\u00e7\u0131s\u0131ndan da paylar\u0131n\u0131 h\u00e2kim orta\u011fa satma hakk\u0131 do\u011facakt\u0131r.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tebli\u011f\u2019de d\u00fczenlenen \u0130stisnalar ile, Tebli\u011f, SPK\u2019n\u0131n kurul kararlar\u0131 ile ihdas etti\u011fi ortakl\u0131ktan \u00e7\u0131karma istisnalar\u0131n\u0131 kapsar hale gelmi\u015ftir. Bu \u00e7er\u00e7evede, bedelsiz veya yeni pay alma haklar\u0131n\u0131n s\u0131n\u0131rland\u0131r\u0131lmad\u0131\u011f\u0131 bedelli sermaye art\u0131r\u0131mlar\u0131nda mevcut ortaklar taraf\u0131ndan al\u0131nan paylar nedeniyle veya miras, geri al\u0131nan paylar, oy haklar\u0131n\u0131n donmas\u0131 gibi sebeplerle satma ve ortakl\u0131ktan \u00e7\u0131karma hakk\u0131 do\u011fmayaca\u011f\u0131 Tebli\u011f ile de h\u00fck\u00fcm alt\u0131na al\u0131nm\u0131\u015ft\u0131r. Yani, ortakl\u0131k taraf\u0131ndan ger\u00e7ekle\u015ftirilen bedelsiz ve\/veya yeni pay alma haklar\u0131n\u0131n s\u0131n\u0131rland\u0131r\u0131lmad\u0131\u011f\u0131 bedelli sermaye art\u0131r\u0131mlar\u0131nda mevcut ortaklar taraf\u0131ndan al\u0131nan paylar nedeniyle veya miras, geri al\u0131nan paylar, oy haklar\u0131n\u0131n donmas\u0131 gibi sebeplerle satma ve ortakl\u0131ktan \u00e7\u0131karma hakk\u0131 do\u011fmayacakt\u0131r.Oy haklar\u0131na ili\u015fkin oran\u0131n tesptinde ise hakim orta\u011f\u0131n sahip oldu\u011fu do\u011frudan ve dolayl\u0131 paylar\u0131n dikkate al\u0131nacag\u0131, imtiyazlar\u0131n dikkate al\u0131nmaycag\u0131 ve intifa ve aal\u0131m hakk\u0131na dayal\u0131 paylarla \u00e7\u0131karma hakk\u0131n\u0131n kulln\u0131lamayacag\u0131 d\u00fczenlemesi M\u00fclga Tebli\u011f\u2019deki haliyle bu Tebli\u011f\u2019de de korunmu\u015ftur.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bu Tebli\u011f\u2019le ek olarak, Ortakl\u0131ktan \u00e7\u0131karma ve satma hakk\u0131n\u0131n do\u011fmas\u0131 ile ayn\u0131 anda y\u00f6netim kontrol\u00fcn\u00fcn elde edilmesi halinde, pay al\u0131m teklifi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc do\u011fmayaca\u011f\u0131n\u0131 d\u00fczenlenmi\u015ftir. Ortaklar\u0131n hak kayb\u0131n\u0131 \u00f6nlemek i\u00e7in de \u00e7\u0131karma\/satma haklar\u0131 kullan\u0131m bedelinin belirlenmesine ili\u015fkin kriterler aras\u0131na pay al\u0131m teklifi d\u00fczenlemeleri \u00e7er\u00e7evesinde hesaplanmas\u0131 gereken fiyat da dahil edilmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ayr\u0131ca, haklar\u0131n kullan\u0131lmas\u0131nda de\u011ferleme raporu haz\u0131rlat\u0131ld\u0131ktan sonra satma hakk\u0131n\u0131 kullanmak isteyen az\u0131nl\u0131\u011f\u0131n talepte bulunma hakk\u0131 3 aydan 2 aya d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. Satma hakk\u0131n\u0131 kullanmak isteyen az\u0131nl\u0131\u011f\u0131n taleplerinin hakim orta\u011fa bildirilmesine ili\u015fkin s\u00fcre de \u00f6nceden en ge\u00e7 1 ay; her hal\u00fckarda kamuya a\u00e7\u0131klanmadan sonra 3 g\u00fcn i\u00e7erisinde iken, Tebli\u011f\u2019le 2 g\u00fcne d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bu Tebli\u011f\u2019le bir de ge\u00e7i\u015f h\u00fckm\u00fc belirlenmi\u015ftir. Buna g\u00f6re, Tebli\u011f y\u00fcr\u00fcrl\u00fc\u011fe girdi\u011fi tarihten \u00f6nce h\u00e2kim ortak konumunun kazan\u0131ld\u0131\u011f\u0131n\u0131n veya bu durumda iken ek pay al\u0131nd\u0131\u011f\u0131n\u0131n kamuya a\u00e7\u0131klanm\u0131\u015f olmas\u0131 durumunda, ortakl\u0131ktan \u00e7\u0131karma ve satma hakk\u0131 kullan\u0131m bedeline ili\u015fkin olarak m\u00fclga II-27.2 say\u0131l\u0131 Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131 Tebli\u011fi h\u00fck\u00fcmleri uygulanaca\u011f\u0131 h\u00fckme ba\u011flanm\u0131\u015ft\u0131r.<\/span><\/p>\n<p><b>1- Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131n\u0131n Do\u011fmas\u0131<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Tebli\u011f\u2019de 4 numaral\u0131 \u201cHaklar\u0131n do\u011fmas\u0131 ve oy haklar\u0131n\u0131n hesaplanma usul\u00fc\u201d ba\u015fl\u0131kl\u0131 maddede hangi hallerde ortakl\u0131ktan \u00e7\u0131karma ve satma haklar\u0131n\u0131n do\u011faca\u011f\u0131 ve bu haklar\u0131n do\u011fumunda dikkate al\u0131nacak oy haklar\u0131n\u0131n ne \u015fekilde hesaplanaca\u011f\u0131 d\u00fczenlenmi\u015ftir. \u00d6ncelikle maddede hakim ortak a\u00e7\u0131s\u0131ndan durum de\u011ferlendirilmi\u015ftir. \u015e\u00f6yle ki;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pay al\u0131m teklifi ile veya birlikte hareket etmek de d\u00e2hil, sahip olunan paylara ili\u015fkin oy haklar\u0131n\u0131n, ortakl\u0131\u011f\u0131n oy haklar\u0131n\u0131n %98&#8217;ine ula\u015fmas\u0131 veya bu durumda iken ek pay al\u0131nmas\u0131 durumunda,<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u00e2kim ortak a\u00e7\u0131s\u0131ndan sahip olduklar\u0131 paylar\u0131n imtiyazl\u0131 olup olmad\u0131\u011f\u0131 dikkate al\u0131nmaks\u0131z\u0131n di\u011fer pay sahiplerinin tamam\u0131n\u0131 ortakl\u0131ktan \u00e7\u0131karma hakk\u0131,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Di\u011fer ortaklar a\u00e7\u0131s\u0131ndan ise paylar\u0131n\u0131 h\u00e2kim orta\u011fa satma hakk\u0131 do\u011facakt\u0131r.<\/span><\/li>\n<\/ul>\n<p><b>2- Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131n\u0131n Kullan\u0131lmas\u0131<\/b><span style=\"font-weight: 400;\">Tebli\u011f&#8217;in 5 inci maddesinde h\u00e2kim ortak d\u0131\u015f\u0131ndaki ortaklar taraf\u0131ndan satma haklar\u0131n\u0131n kullan\u0131lmas\u0131na ili\u015fkin usul belirlenmi\u015ftir. Buna g\u00f6re:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00d6ncelikle, h\u00e2kim ortak konumunun kazan\u0131lmas\u0131 veya bu durumda iken ek pay al\u0131nmas\u0131 durumunda hakim ortak taraf\u0131ndan Sermaye Piyasas\u0131 Kurulu\u2019nun \u00f6zel durumlar\u0131n kamuya a\u00e7\u0131klanmas\u0131na ili\u015fkin d\u00fczenlemeleri \u00e7er\u00e7evesinde, kamuya a\u00e7\u0131klama yap\u0131lmas\u0131 gereklidir. Bu a\u00e7\u0131klama yap\u0131ld\u0131ktan sonra en ge\u00e7 1 ay i\u00e7erisinde de Sermaye Piyasas\u0131 Kurulu&#8217;nun ilgili d\u00fczenlemeleri uyar\u0131nca pay de\u011ferlerinin tespiti yap\u0131lmal\u0131d\u0131r. Bunun i\u00e7in de SPK d\u00fczenlemeleri gere\u011fi, de\u011ferleme raporu\u2019nun haz\u0131rlat\u0131lmas\u0131 ve bunun \u00f6zetinin kamuya ilan edilmesi gereklili\u011fi de ayr\u0131ca belirtilmi\u015ftir.<\/span><\/p>\n<ol>\n<li><b> Satma Hakk\u0131n\u0131n Kullan\u0131lmas\u0131na \u0130li\u015fkin D\u00fczenlemeler<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Satma Hakk\u0131 S\u00fcrecindeki De\u011fi\u015fiklikler:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Satma hakk\u0131n\u0131n kullan\u0131lmas\u0131nda, ilgili ortakl\u0131\u011f\u0131n pay de\u011ferinin tespiti amac\u0131yla de\u011ferleme raporunun haz\u0131rlanmas\u0131 i\u00e7in \u00f6ng\u00f6r\u00fclen s\u00fcre h\u00e2kim ortak taraf\u0131ndan yap\u0131lacak \u00f6zel durum a\u00e7\u0131klamas\u0131n\u0131 takip eden en ge\u00e7 1 ay, satma hakk\u0131n\u0131n kullan\u0131lmas\u0131 i\u00e7in \u00f6ng\u00f6r\u00fclen s\u00fcre ise de\u011ferleme raporunun \u00f6zetinin kamuya a\u00e7\u0131klanmas\u0131n\u0131 takip eden 2 ay olarak belirlenmi\u015ftir.\u00a0 Ayr\u0131ca satma hakk\u0131 bedelinin pay sahiplerine \u00f6denmesine ili\u015fkin s\u00fcre\u00e7 k\u0131salt\u0131lm\u0131\u015ft\u0131r.\u00a0 Ortakl\u0131klar\u0131n Merkezi Kay\u0131t Kurulu\u015fu A.\u015e.\u2019den (MKK) bilgi teminini kolayla\u015ft\u0131rmak ad\u0131na kayden izlenen paylar i\u00e7in ortak bilgilerinin MKK\u2019dan teyit edilece\u011fine ili\u015fkin h\u00fck\u00fcm eklenmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Satma Hakk\u0131n\u0131n Kullan\u0131lmas\u0131:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">H\u00e2kim ortak d\u0131\u015f\u0131ndaki di\u011fer ortaklar\u0131n satma hakk\u0131n\u0131 kullanmak istemesi halinde, yukar\u0131da bahsetti\u011fimiz pay de\u011ferlerine ili\u015fkin haz\u0131rlanan de\u011ferleme raporunun \u00f6zetinin kamuya a\u00e7\u0131klanmas\u0131ndan iki ay i\u00e7erisinde satma hakk\u0131 kullan\u0131m taleplerini ortakl\u0131\u011fa yaz\u0131l\u0131 olarak iletmelidir. Bu iki ayl\u0131k s\u00fcrenin hak d\u00fc\u015f\u00fcr\u00fcc\u00fc s\u00fcre oldugunu ve bu s\u00fcrede talebin iletilmemesi durumunda haklar\u0131n\u0131 bu \u00f6zet rapora g\u00f6re kullanamayacaklar\u0131n\u0131 ise \u00f6zellikle belirtiriz.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Satma hakk\u0131 kullan\u0131m s\u00fcresi hakim orta\u011f\u0131n varl\u0131\u011f\u0131na ba\u011flanmam\u0131\u015f olup, bu s\u00fcrenin bitimine kadar h\u00e2kim orta\u011f\u0131n h\u00e2kim ortak konumunu kaybetmesi durumunda dahi satma hakk\u0131n\u0131n kulland\u0131r\u0131lmas\u0131na devam edilecektir. Tebli\u011f&#8217;de, satmadan farkl\u0131 ve ek pay al\u0131mlar\u0131n\u0131n d\u0131\u015f\u0131nda s\u00f6z konusu s\u00fcre i\u00e7erisinde h\u00e2kim orta\u011f\u0131n, ek pay al\u0131m\u0131nda bulunamayaca\u011f\u0131 a\u00e7\u0131k\u00e7a d\u00fczenlenmi\u015ftir. Hakim ortak ise kullan\u0131m talebinin kendisine ula\u015fmas\u0131n\u0131 izleyen en ge\u00e7 iki i\u015f g\u00fcn\u00fc i\u00e7inde pay bedellerini ortakl\u0131k hesab\u0131na yat\u0131rmas\u0131 gereklidir. Pay devir i\u015flemlerinin ise ne \u015fekilde yap\u0131laca\u011f\u0131 maddenin devam\u0131nda d\u00fczenlenmi\u015ftir. Buna g\u00f6re, satma hakk\u0131n\u0131 kullanmak isteyen ortaklar\u0131n sahip olduklar\u0131 paylar\u0131n bedeli, pay bedellerinin ortakl\u0131k hesab\u0131na yat\u0131r\u0131lmas\u0131n\u0131 takip eden ilk i\u015f g\u00fcn\u00fc ortakl\u0131k taraf\u0131ndan \u00f6denecek ve \u00f6deme ile birlikte pay devir i\u015flemleri de kayden sonu\u00e7land\u0131r\u0131lacakt\u0131r. Satma hakk\u0131n\u0131n, yat\u0131r\u0131m kurulu\u015fu vas\u0131tas\u0131yla kulland\u0131r\u0131labilece\u011fi de ayr\u0131ca d\u00fczenlenmi\u015ftir.\u00a0<\/span><\/p>\n<ol>\n<li><b> Ortakl\u0131ktan \u00c7\u0131karma Hakk\u0131n\u0131n Kullan\u0131lmas\u0131na \u0130li\u015fkin\u00a0D\u00fczenlemeler<\/b><\/li>\n<\/ol>\n<p><b>\u00c7\u0131karma Hakk\u0131 S\u00fcrecindeki De\u011fi\u015fiklikler:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">H\u00e2kim orta\u011f\u0131n ba\u015fvurusu \u00fczerine, di\u011fer ortaklar\u0131n paylar\u0131n\u0131n iptali ile s\u00f6z konusu paylar\u0131n yerine ge\u00e7mek \u00fczere \u00e7\u0131kar\u0131lacak ve h\u00e2kim orta\u011fa verilecek yeni paylar\u0131n ihrac\u0131 amac\u0131yla ortakl\u0131k y\u00f6netim kurulu taraf\u0131ndan al\u0131nacak karar ve bu karar\u0131 takiben ihra\u00e7 belgesi onay\u0131 i\u00e7in Sermaye Piyasas\u0131 Kurulu\u2019na ba\u015fvuru yap\u0131lmas\u0131 i\u00e7in s\u00fcreler s\u0131ras\u0131yla 5 ve 10 i\u015f g\u00fcn\u00fc olarak belirlenmi\u015ftir. Ayr\u0131ca paylar\u0131 borsada i\u015flem g\u00f6rmeyen ortakl\u0131klar i\u00e7in pay senetlerinin teslimi s\u0131ras\u0131nda verilecek tutana\u011fa ili\u015fkin d\u00fczenleme yap\u0131lm\u0131\u015f ve pay senetlerinin imhas\u0131n\u0131n en az y\u0131lda iki kez yap\u0131lmas\u0131na imk\u00e2n tan\u0131nm\u0131\u015ft\u0131r. Di\u011fer yandan \u00fc\u00e7 y\u0131ll\u0131k s\u00fcre boyunca \u0130stanbul Takas ve Saklama Bankas\u0131 A.\u015e.\u2019nde, bloke edilmesi gereken \u00e7\u0131karma hakk\u0131 bedelinin nakit yerine teminat mektubu suretiyle yerine getirilmesi uygulamas\u0131 kald\u0131r\u0131lm\u0131\u015ft\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00c7\u0131karma Hakk\u0131n\u0131n Kullan\u0131lmas\u0131:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ortakl\u0131ktan \u00e7\u0131karma hakk\u0131n\u0131 kullanmak isteyen hakim ortak ise de\u011ferleme raporunun \u00f6zetinin kamuya a\u00e7\u0131klanmas\u0131ndan sonra ge\u00e7irilen iki ayl\u0131k s\u00fcre sona erdikten sonra di\u011fer ortaklar\u0131n imtiyazl\u0131 veya imtiyazs\u0131z t\u00fcm paylar\u0131 i\u00e7in kullanmak \u00fczere ortakl\u0131\u011fa ba\u015fvurabilecektir. S\u00f6z konusu ba\u015fvuruda toplam bedeli kar\u015f\u0131layacak tutarda banka teminat mektubunun veya bu tutardaki nakdin bankada \u00f6zel bir hesapta bloke edildi\u011fine ili\u015fkin bilgi ve belgelerin ortakl\u0131\u011fa sunulmas\u0131 gerekmektedir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ortakl\u0131ktan \u00e7\u0131karma i\u015flemlerinin devam\u0131nda,\u00a0 ortakl\u0131k y\u00f6netim kurulu, en ge\u00e7 be\u015f i\u015f g\u00fcn\u00fc i\u00e7erisinde h\u00e2kim orta\u011f\u0131n ba\u015fvurusu \u00fczerine, paylar\u0131n iptali ile s\u00f6z konusu paylar\u0131n yerine ge\u00e7mek \u00fczere \u00e7\u0131kar\u0131lacak ve h\u00e2kim orta\u011fa verilecek yeni paylar\u0131n ihrac\u0131 amac\u0131yla karar al\u0131r ve karar al\u0131nmas\u0131ndan itibaren on i\u015f g\u00fcn\u00fc i\u00e7erisinde ihra\u00e7 belgesinin onaylanmas\u0131 i\u00e7in Sermaye Piyasas\u0131 Kurulu&#8217;na ba\u015fvuracakt\u0131r. Ba\u015fvuru esnas\u0131nda ibraz edece\u011fi belgeler de Tebl\u011f ekinde yer almaktad\u0131r. Unutmay\u0131nz\u0131 ki Tebli\u011f uyar\u0131nca, paylar\u0131 borsada i\u015flem g\u00f6ren ortakl\u0131klar, e\u015f zamanl\u0131 olarak ayr\u0131ca paylar\u0131n\u0131n borsa kotundan \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in de borsaya ba\u015fvuracakt\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00c7\u0131kar\u0131lan ortakl\u0131\u011f\u0131n pay bedeli ise Sermaye Piyasas\u0131 Kurulu&#8217;nun onay\u0131ndan itibaren \u00fc\u00e7 i\u015f g\u00fcn\u00fc i\u00e7inde, h\u00e2kim ortak taraf\u0131ndan ortakl\u0131\u011f\u0131n banka hesab\u0131na yat\u0131r\u0131lacakt\u0131r. Ve b\u00f6ylece, ortakl\u0131k taraf\u0131ndan iptal edilecek paylar\u0131n yerine ge\u00e7mek \u00fczere \u00e7\u0131kar\u0131lacak ve h\u00e2kim orta\u011fa verilecek paylar\u0131n bedeli, h\u00e2kim orta\u011f\u0131n \u00e7\u0131karma hakk\u0131n\u0131 kullanmak i\u00e7in ortakl\u0131k hesab\u0131na yat\u0131rm\u0131\u015f oldu\u011fu tutardan kar\u015f\u0131lanacakt\u0131r. Ayr\u0131ca, ortakl\u0131klar taraf\u0131ndan \u00e7\u0131karma hakk\u0131 kullan\u0131m bedelinin ortakl\u0131k hesab\u0131na yat\u0131r\u0131lmas\u0131n\u0131 takip eden \u00fc\u00e7 i\u015f g\u00fcn\u00fc i\u00e7erisinde Kurulca onayl\u0131 ihra\u00e7 belgesinin tescili ve TTSG&#8217;de yay\u0131mlanmas\u0131 i\u00e7in ticaret siciline ba\u015fvurulacak olup, ortakl\u0131ktan \u00e7\u0131karma hakk\u0131n\u0131n kullan\u0131m\u0131na konu olan paylar, tescil tarihi itibar\u0131yla iptal edilmi\u015f say\u0131lacakt\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tebli\u011f uyar\u0131nca, ortakl\u0131ktan \u00e7\u0131karma ve satma hakk\u0131n\u0131n do\u011fmas\u0131 ile ayn\u0131 anda y\u00f6netim kontrol\u00fcn\u00fcn elde edilmesi halinde, pay al\u0131m teklifi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn do\u011fmad\u0131\u011f\u0131 kabul edilir.<\/span><\/p>\n<p><b>3- Haklar\u0131n Kullan\u0131m Bedelinin Hesaplanmas\u0131<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Kullan\u0131m bedelinin hesaplanmas\u0131nda dikkate al\u0131nacak hususlar, paylar\u0131 borsada i\u015flem g\u00f6ren ortakl\u0131klar ve paylar\u0131 borsada i\u015flem g\u00f6rmeyen ortakl\u0131klar i\u00e7in ayr\u0131 ayr\u0131 belirlenmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Paylar\u0131 borsada i\u015flem g\u00f6ren ortakl\u0131klar i\u00e7in durum y\u0131ld\u0131z pazarda i\u015flem g\u00f6renler a\u00e7\u0131s\u0131ndan da d\u00fczenlenmi\u015ftir<\/span><span style=\"font-weight: 400;\">;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paylar\u0131 Y\u0131ld\u0131z Pazarda i\u015flem g\u00f6ren ortakl\u0131klarda haklar\u0131n do\u011fmas\u0131n\u0131n kamuya a\u00e7\u0131kland\u0131\u011f\u0131 tarihten \u00f6nceki son bir ayl\u0131k; paylar\u0131 Y\u0131ld\u0131z Pazar d\u0131\u015f\u0131ndaki pazar ve platformlarda i\u015flem g\u00f6ren ortakl\u0131klar i\u00e7in ise bu tarihten \u00f6nceki son alt\u0131 ayl\u0131k d\u00f6nem i\u00e7inde borsada olu\u015fan g\u00fcnl\u00fck d\u00fczeltilmi\u015f a\u011f\u0131rl\u0131kl\u0131 ortalama fiyatlar\u0131n aritmetik ortalamas\u0131 ile her bir pay grubuna ili\u015fkin fiyat\u0131n tespiti amac\u0131yla haz\u0131rlanan de\u011ferleme raporunda belirlenen de\u011ferin ortalamas\u0131 ve<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u00e2kim ortak konumunun kazan\u0131lmas\u0131n\u0131n e\u015f anl\u0131 olarak y\u00f6netim kontrol\u00fc de\u011fi\u015fikli\u011fine yol a\u00e7mas\u0131 durumunda pay al\u0131m teklifi d\u00fczenlemeleri \u00e7er\u00e7evesinde hesaplanmas\u0131 gereken zorunlu pay al\u0131m teklifi fiyat\u0131ndan y\u00fcksek olan\u0131<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">pay bedeli olarak dikkate al\u0131nacakt\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Paylar\u0131 borsada i\u015flem g\u00f6rmeyen ortakl\u0131klar i\u00e7in ise;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Her bir pay grubuna ili\u015fkin fiyat\u0131n tespiti amac\u0131yla haz\u0131rlanan de\u011ferleme raporunda belirlenen de\u011fer ve<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">H\u00e2kim ortak konumunun kazan\u0131lmas\u0131n\u0131n e\u015f anl\u0131 olarak y\u00f6netim kontrol\u00fc de\u011fi\u015fikli\u011fine yol a\u00e7mas\u0131 durumunda pay al\u0131m teklifi d\u00fczenlemeleri \u00e7er\u00e7evesinde hesaplanmas\u0131 gereken zorunlu pay al\u0131m teklifi fiyat\u0131ndan y\u00fcksek olan\u0131<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">pay bedeli olarak dikkate al\u0131nacakt\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Son olarak, ortakl\u0131k paylar\u0131n\u0131n ilk defa borsada i\u015flem g\u00f6rmeye ba\u015flamas\u0131ndan itibaren iki y\u0131l s\u00fcreyle ortakl\u0131ktan \u00e7\u0131karma veya satma hakk\u0131 kullan\u0131lamayaca\u011f\u0131 a\u00e7\u0131k\u00e7a d\u00fczenlenmi\u015ftir. Tebli\u011fin y\u00fcr\u00fcrl\u00fc\u011fe girdi\u011fi tarihten \u00f6nce h\u00e2kim ortak konumunun kazan\u0131ld\u0131\u011f\u0131n\u0131n veya bu durumda iken ek pay al\u0131nd\u0131\u011f\u0131n\u0131n kamuya a\u00e7\u0131klanm\u0131\u015f olmas\u0131 durumunda, ortakl\u0131ktan \u00e7\u0131karma ve satma hakk\u0131 kullan\u0131m bedeline ili\u015fkin olarak, y\u00fcr\u00fcrl\u00fckten kald\u0131r\u0131lan M\u00fclga Tebli\u011f h\u00fck\u00fcmleri uygulanacakt\u0131r.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Avukat Hilal \u015eim\u015fek<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>31 Aral\u0131k 2020\u00a0tarih ve\u00a031351\u00a0say\u0131l\u0131 Resm\u00ee Gazete&#8217;de Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan II-27.3 say\u0131l\u0131 Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131 Tebli\u011fi (\u201cTebli\u011f\u201d) yay\u0131mlanm\u0131\u015f olup, 12 Kas\u0131m 2014 tarihinde yay\u0131mlanan uygulanmakta olan II-27.2 say\u0131l\u0131 Ortakl\u0131ktan \u00c7\u0131karma ve Satma Haklar\u0131 Tebli\u011fi (\u201cM\u00fclga Tebli\u011f\u201d) y\u00fcr\u00fcrl\u00fckten kald\u0131r\u0131lm\u0131\u015ft\u0131r. Toplamda 3 b\u00f6l\u00fcmden olu\u015fan Tebli\u011f\u2019de, M\u00fclga Tebli\u011f\u2019de oldu\u011fu gibi &#8220;ortakl\u0131ktan \u00e7\u0131karma ve satma haklar\u0131n\u0131n kullan\u0131m\u0131&#8221;, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-4710","post","type-post","status-publish","format-standard","hentry","category-sirketler-ve-ticaret-hukuku"],"acf":[],"_links":{"self":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/4710"}],"collection":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/comments?post=4710"}],"version-history":[{"count":2,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/4710\/revisions"}],"predecessor-version":[{"id":4712,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/posts\/4710\/revisions\/4712"}],"wp:attachment":[{"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/media?parent=4710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/categories?post=4710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.cukurpartners.com\/tr\/wp-json\/wp\/v2\/tags?post=4710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}