AFRIKAANS: Die doel van hierdie verhandeling is om die proses van kapitaalverkryging deur die maatskappy te ondersoek en om veral op die begrip “aanbod van aandele aan die publiek” en verbandhoudende aangeleenthede klem te lê. Om hierdie doel te bereik was dit nodig gewees om op die verskillende kapitaalvorme te let soos wat dit ten opsigte van aandelekapitaal en leningskapitaal voorkom. Daar is in hierdie verband ook op enkele faktore gewys wat die maatskappy in ag moet neem in die keuse tussen die kapitaalvorme. Die regsreëls wat die aanbod van aandele aan die publiek reguleer is geskiedkundig nagespoor om sodoende die doel daarvan vas te stel en ook om te bepaal of daar nog aan hierdie doel voldoen word. Daar is ook ‘n regsvergelykende studie gedoen om sodoende perspektief ten opsigte van die effektiwiteit en wenslikheid van hierdie reëls te verkry. Die drie elemente wat die openbaarmakingsvereistes van die Maatskappywet 61 van 1973 in werking stel is in besonderhede ontleed om sodoende te bepaal of daar enige moontlike leemtes bestaan. Oplossings vir hierdie leemtes is dan ook in gepaste gevalle aan die hand gedoen, met die uitgangspunt steeds in gedagte dat die verkryging van aandelekapitaal deur middel van die aanbod van aandele aan die publiek sover moontlik vereenvoudig moet word om sekerheid ten opsigte van die maatskappy daar te stel. Die teenkant hiervan is egter ook in gedagte gehou, naamlik dat die belegger in aandele die mees effektiewe beskerming moet geniet. Dit het veral duidelik geblyk dat die onderskeid tussen die begrippe “inskrywing op” en “koop van” aandele vir sover dit die Suid-Afrikaanse situasie betref, uitgedien is en dat daar slegs voorsiening gemaak moet word vir die koop van aandele op die primêre sowel as op die sekondêre mark. As gevolg van die eng omskrywing van “aandeel” in die Maatskappywet blyk dit dat daar ‘n aantal prosedures van kapitaalverkrying is wat nie deur openbaarmaking gereguleer word nie en die benadeling van die betrokke beleggers tot gevolg het. Die laaste element wat die openbaarmakingsvereistes van die Maatskappywet in werking stel, naamlik die begrip “publiek”, is in wese ondefinieerbaar as gevolg van die vaagheid daarvan en gevolglik die element van sekerhied by kapitaalverkryging benadeel. Die verband tussen die prospektus en die voornoteringsverklaring is onduidelik en verwarrend veral ten opsigte van die dualistiese benadering wat ten opsigte van aanspreeklikheid vir onware verklarings in hierdie dokumente gevolg word en behoort opgeklaar te word ten behoewe van die belegger. ENGLISH: The purpose of this thesis is to investigate the process of the acquisition of capital by a company and in particular emphasis will be placed on the concept “an offer of shares to the public” and matters incidental thereto. In order to achieve this purpose it was necessary to distinguish the different forms of capital as manifested in share and loan capital. The different factors which the company should take into account in the exercise of the choice regarding the various forms of capital are also analyzed. The legal rules regulating the offer of shares to the public are historically investigated in order to establish their purpose and also to determine whether they still achieve this purpose. A comparative study was also done in order to place the desirability and efficacy of these rules in perspective. The three elements which make the disclosure requirements of the Companies Act 61 of 1973 operative are analyzed in detail in order to ascertain whether any shortcomings exist. Solutions for these shortcomings are suggested in appropriate cases but against the background of the concept that the acquisition of share capital by the offer of shares to the public must be simplified as far as possible in order to promote certainty from the viewpoint of the company. Against this however, the principle that the investor in shares should enjoy the most effective protection was also highlighted. It especially became apparent that the distinction between the concepts “subscription for” and “sale of” shares have become redundant in so far as they are applied in the South African experience and that provision should be made for the sale of shares on the primary as well as the secondary market. As a result of the narrow definition of “share” in the Companies Act it is apparent that there are a number of procedures for the acquisition of capital which are not regulated by disclosure and consequently have the effect of prejudicing the investors. The last element which makes the disclosure requirements in the Companies Act operative, namely the concept “public”, is in essence indefineable because of its uncertainty, with the effect that the element of certainty in the acquisition of capital is detracted from. The relationship between the prospectus and the prelisting statement is uncertain and confusing especially in respect of the dualistic approach with regards to untrue statements in these documents and should be clarified on behalf of the investor. / Thesis (LLD)--University of Pretoria, 1987. / Mercantile Law / unrestricted