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Prospekt Izdanja Programa KZ Institut IGH d.d. INFORMACIJSKI MEMORANDUM IZDAVANJA KOMERCIJALNIH ZAPISA INSTITUT IGH D.D. Ukupan iznos Programa: HRK 250.000.000,00 Agent izdanja 2. lipanj 2011. Institut IGH d.d. Informacijski memorandum izdanja komercijalnih zapisa Društvo Institut IGH d.d. (“IGH“” ili “Društvo” ili “Izdavatelj”) prihvaća odgovornost za sadržaj ovog Informacijskog memoranduma. Prema uvjerenju, svim saznanjima i podacima kojima IGH raspolaže, podaci iz ovog Informacijskog memoranduma čine cjelovit i istinit prikaz imovine i obveza, gubitaka i dobitaka i financijskog položaja Društva i prava sadržanih u komercijalnim zapisima te ni jedna činjenica koja bi mogla utjecati na potpunost i istinitost ovog Informacijskog memoranduma prema najboljem saznanju IGH-a nije izostavljena. Sukladno odredbi članka 343. točke 1. Zakona o tržištu kapitala (Narodne novine br.88/08, 146/08, 74/09), komercijalni zapisi iz ovog Informacijskog memoranduma ne predstavljaju vrijednosne papire na koje se odnosi obveza izrade i objave Informacijskog memoranduma sukladno odredbama Dijela trećeg, Glave I. Zakona o tržištu kapitala. Nitko nije ovlašten davati podatke i izjave u vezi s ponudom i prodajom komercijalnih zapisa, a koji nisu sadržani u ovom Informacijskom memorandumu. Ako bi se takvi podaci ili izjave dali, na njih se ne smije osloniti kao na podatke i izjave čije je objavljivanje odobrio IGH kao Izdavatelj ) . Nikakva jamstva, izričita ili implicitna, nisu dana od strane Zagrebačke banke d.d. (“Zagrebačka banka” ili “ZB” ili “Agent izdanja”) kao Agent izdanja za točnost i potpunost takvih podataka. TakoĎer, ništa iz ovog Informacijskog memoranduma ne smije se smatrati jamstvom Zagrebačke banke. Izdavanje ovog Informacijskog memoranduma niti prodaja ili kupnja komercijalnih zapisa ne impliciraju da se okolnosti vezane uz IGH nisu izmijenile od datuma izdavanja ovog Informacijskog memoranduma. Ovaj Informacijski memorandum ne smije se smatrati preporukom za kupnju ili ponudom za prodaju, od strane ili za račun IGH, Zagrebačke banke ili od strane ili za račun druge osobe koja je s njima povezana, njihovih povezanih društava ili predstavnika, komercijalnih zapisa u bilo kojoj zemlji u kojoj je davanje takvih ponuda ili poziva od strane takvih osoba protuzakonito. Svaki ulagatelj koji razmatra kupnju komercijalnih zapisa upućuje se na vlastitu ocjenu i prosudbu financijskog položaja IGH te uvjeta komercijalnih zapisa, uključivo inherentne rizike sadržane u Poglavlju 3. “Čimbenici rizika”. Ako drugačije nije navedeno, sve godišnje informacije, uključujući informacije o financijskim izvještajima, temelje se na kalendarskim godinama. Brojevi u Informacijskom memorandumu su zaokruživani; prema tome, brojevi prikazani za istu vrstu informacije mogu varirati i zbrojevi možda nisu aritmetički agregati. Upućivanje u ovom dokumentu na “EUR” označava euro, “USD” američki dolar, a “kn” ili “HRK” hrvatske kune. Ovdje objavljeni tekst Informacijskog memoranduma u cijelosti zamjenjuje odredbe Informacijskog memoranduma objavljenog u lipnju 2010. pri pozivu na upis 3. tranše komercijalnih zapisa IGH. 2 Institut IGH d.d. Informacijski memorandum izdanja komercijalnih zapisa SADRŢAJ SADRŢAJ ................................................................................................................................................. 3 1 UVJETI PROGRAMA IZDAVANJA KOMERCIJALNIH ZAPISA .................................................... 5 1.1 Program izdavanja komercijalnih zapisa ................................................................................ 5 1.2 Pravni status komercijalnih zapisa ......................................................................................... 5 1.3 Tranša komercijalnih zapisa................................................................................................... 5 1.4 Izdavatelj ................................................................................................................................ 5 1.5 Agent izdanja ......................................................................................................................... 6 1.6 Vrijeme i trajanje Programa izdavanja komercijalnih zapisa .................................................. 6 1.7 Oblik i denominacija Programa komercijalnih zapisa ............................................................ 6 1.8 Denominacija i nazivna vrijednost izdanja tranši komercijalnih zapisa .................................. 6 1.9 Rok dospijeća pojedinih tranši komercijalnih zapisa .............................................................. 6 1.10 Prinos na komercijalne zapise ............................................................................................... 6 1.11 Izraĉun diskontirane cijene..................................................................................................... 7 1.12 Ponuditelj i podnositelj zahtjeva za uvrštenje ........................................................................ 7 1.13 Izdavanje i upis tranši komercijalnih zapisa ........................................................................... 7 1.13.1 Postupak izdavanja i upis pojedinih tranši izdanja komercijalnih zapisa ........................... 7 1.13.2 Uvrštenje komercijalnih zapisa u usluge depozitorija, prijeboja i namire .......................... 8 1.14 Uvrštenje tranše komercijalnih zapisa na organizirano trţište kapitala ................................. 8 1.15 Iskup komercijalnih zapisa ..................................................................................................... 8 1.16 Prijevremeni iskup komercijalnih zapisa ................................................................................ 8 1.17 Kašnjenje s iskupom komercijalnih zapisa ............................................................................. 9 1.18 Isplate iz komercijalnih zapisa................................................................................................ 9 1.19 Izjave i obveze IGH ................................................................................................................ 9 1.20 Sluĉajevi povrede obveza Izdavatelja .................................................................................. 11 1.21 Skupština imatelja (vlasnika) komercijalnih zapisa .............................................................. 11 1.22 Upis u Depozitorij SKDD i prijenos prava vlasništva ........................................................... 12 1.22.1 Upis u Depozitorij ............................................................................................................. 12 1.22.2 Prijenos prava vlasništva ................................................................................................. 13 1.23 Trgovanje na sekundarnom trţištu ....................................................................................... 13 1.24 Platni agent .......................................................................................................................... 13 1.25 Obavijesti vlasnika komercijalnih zapisa .............................................................................. 13 1.26 Zastara ................................................................................................................................. 14 1.27 Mjerodavno pravo i nadleţnost ............................................................................................ 14 2 HRVATSKO TRŢIŠTE DUŢNIĈKIH VRIJEDNOSNIH PAPIRA .................................................... 15 2.1 Trţište dugoroĉnih duţniĉkih vrijednosnih papira ................................................................ 15 2.2 Trţište kratkoroĉnih duţniĉkih vrijednosnih papira .............................................................. 17 2.3 IGH na trţištu kapitala .......................................................................................................... 18 3 ĈIMBENICI RIZIKA ......................................................................................................................... 19 3.1 Općenito o rizicima ............................................................................................................... 19 3.2 Sistemski rizik ...................................................................................................................... 19 3.3 Trţište kapitala ..................................................................................................................... 20 3.4 Rizici poslovanja i industrije ................................................................................................. 22 3.5 Financijski rizik ..................................................................................................................... 22 3.5.1 Kreditni rizik ..................................................................................................................... 22 3.5.2 Rizik likvidnosti................................................................................................................. 23 3.5.3 Rizik kamatnih stopa ........................................................................................................ 23 3.5.4 Valutni rizik ....................................................................................................................... 23 4 DJELATNOST ISTRAŢIVANJA I RAZVOJA U GRADITELJSTVU .............................................. 24 4.1 Kretanja i trendovi na trţištu................................................................................................. 24 4.2 Trţišni poloţaj IGH ..............................................................................................................
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