Guía para principiantes: ¿Qué son los scrip dividends o dividendos flexibles?
Los scrip dividends, dividendos flexibles, dividendos elección o similares en realidad no son dividendos, sino ampliaciones de capital liberadas.
En los scrip dividends los accionistas tienen que elegir una de estas tres alternativas:
- Acudir a la ampliación de capital liberada
- Vender los derechos de la ampliación de capital en el mercado, al precio que puedan
- Vender los derechos de la ampliación de capital a la empresa, a un precio fijo marcado por esta.
La alternativa que suele conocerse como “cobrar el dividendo en acciones” en realidad consiste en acudir a la ampliación de capital liberada.
Y la alternativa de “cobrar el dividendo en efectivo” (vender los derechos, en el mercado o a la empresa) en realidad consiste en reducir la participación del inversor en la empresa, de forma que a partir de ese momento le corresponderá una menor parte de los futuros beneficios de la empresa, y de los dividendos que esta reparta. El inversor que “cobra el dividendo en efectivo” sigue teniendo el mismo número de acciones, pero como el número total de acciones del capital social de la empresa ha aumentado (por la ampliación de capital liberada que supone el scrip dividend), ese “mismo” número de acciones representa un porcentaje menor de los futuros beneficios y dividendos de la empresa.
En una ampliación de capital liberada normal y corriente todo el mundo se queda como está.
Por ejemplo, si una empresa que tiene un capital social de 1.000.000 de acciones hace una ampliación de capital liberada en la proporción de 1 acción nueva por cada 10 que se tengan, el capital social pasa a estar formado por 1.100.000 acciones. Y el accionista que tuviera 1.000 acciones, por ejemplo, pasa a tener 1.100 acciones.
Todos los accionistas pasan a tener un 10% más de acciones, pero como el capital social de la empresa también lo forman un 10% más de acciones, nada ha cambiado. Todos los accionistas son igual de ricos que antes de hacer la ampliación de capital liberada.
La diferencia respecto a esto de los scrip dividends es que los derechos que la empresa compra en el mercado no los suele ejercitar. Es decir, no los convierte en acciones. Esto supone que se emita un número de acciones inferior al máximo previsto, lo cual supone que:
- Los accionistas que acuden a la ampliación de capital liberada no se quedan como están, sino que aumentan ligeramente su participación en la empresa, y les corresponder una parte un poco mayor de los futuros beneficios y dividendos de la empresa.
- Los accionistas que venden sus derechos, a la empresa o en el mercado, sí reducen su participación en la empresa, pero no tanto como si se hubiera emitido el número máximo de acciones previsto.
¿Por qué hacen algunas empresas este tipo de operaciones?
Es una forma de reducir la salida de dinero de la empresa, cuando esta tiene una deuda elevada que quiere reducir con rapidez, por ejemplo. Y, a la vez, facilita la planificación financiera a aquellos accionistas que necesiten imperiosamente la renta de los dividendos para cubrir sus gastos. Es una solución de compromiso, por tanto, en situaciones especiales. No debería ser lo habitual en ninguna empresa sólida que pretenda estar en las carteras de los inversores de largo plazo.
Si deseas tener esta "Guía para principiantes" en formato de libro para leerla más cómodamente, puedes adquirirla en Amazon en el siguiente enlace:
Comprar libro "Conoce la Bolsa y deja de tenerle miedo (Todo el mundo puede aprender a invertir en Bolsa)"
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