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- What are Vzajemna shares?
- This is a security issued by Vzajemna health insurance company d.d. Vzajemna is a joint-stock company, which means that its share capital is divided into shares.
Share capital is the first and fundamental form of financing and provides the company with the funds for its existence, operations, and development. This is a type of financing where the funds in the company generally remain permanent. The company uses these funds on a daily basis, while at the same time the share capital also represents the company's obligation to its shareholders.
In a joint-stock company, the share capital is divided into shares, with each share representing a small portion of the share capital. At the beginning of 2026, Vzajemna's share capital is divided into 73,501,750 shares. Each Vzajemna share has a nominal value (share of share capital) of EUR 1.
- How were Vzajemna shares created?
- In the past, Vzajemna has operated in the form of a "mutual insurance company", where policyholders are also "members" of the company. This is one of the more common forms of insurance companies in the past, whereas today joint stock companies are more common.
Vzajemna became a public limited company on the basis of the Act on status transformation of Vzajemna health insurance company d.v.z. (ZSPVZZ). Under the Act, beneficiaries of a share of Vzajemna received either cash or Vzajemna shares. Members with a shareholding of more than EUR 120 received shares, while members with a shareholding of up to EUR 120 were paid cash unless they expressly wished to receive shares.
The shares were calculated by a certified business valuator and the calculation was certified by a certified auditor.
- What additional provisions does the ZSPVZZ provide for?
- The law prohibits the disposal of Vzajemna shares until they are listed on the stock exchange. Until then, the shares cannot be traded or entered into any other transaction that could lead to a disposition. The only exception is the transfer to family members in accordance with Article 15 of the ZSPVZZ. After listing, holders may dispose of their Vzajemna shares freely.
The ZSPVZZ has provided for tax advantages for holders of shares. The beneficiary does not pay income tax on the payment received or on the shares received. Similarly, no income tax is payable on any capital gain (which is generally the difference between the value at which the shareholder sold the shares and the value at which the shareholder acquired the shares). These benefits do not apply to family members to whom the beneficiary has transferred the shares.
- How can I take over my Vzajemna shares?
- You can take up your shares in your trading account. A trading account is an account used to acquire, hold and dispose of financial instruments. If you already have a trading account, you should arrange to take up your shares with the provider of that trading account. If you do not already have a trading account, you will need to open one first, which you can certainly do with one of the Ljubljana Stock Exchange's members based in Slovenia (check the list at List of exchange members). It may also be possible to do so with some other licensed providers.
It is not possible to open a trading account with entities not licensed to provide investment services and transactions (entities other than banks or brokerage houses). Do not fall for such promises!
To open a trading account, you need a valid ID, a personal transaction account, an EMN and a tax number.
If a family member is transferring shares to you, you will also need a declaration of intent to transfer the right to the shares, which must be notarised or signed at a Vzajemna office.
- By when do I have to take up my shares?
- The right to the shares expires two years after the start of trading on the stock exchange, i.e. by 4 March 2028.
- I have read that Vzajemna shares are "vinculated. What does this mean?
- The restriction on the transfer of shares (vinculation) means a limitation on their transferability. In accordance with its Articles of Association, Vzajemna may, under certain conditions, withdraw voting rights from shareholders holding more than 5% of the shares (3,675,088 or more shares). This restriction on transferability does not have a direct impact on the ability of small shareholders to trade; however, it may affect the interest of certain larger shareholders in purchasing Vzajemna shares and thus influence the market price of the share.
- Where can I obtain information about the business operations of Vzajemna?
- For every company listed on the stock exchange, information about its operations must be publicly available. Prior to its listing, Vzajemna published a prospectus, which constitutes a comprehensive document on Vzajemna approved by the Securities Market Agency. The prospectus provides, among other things, information on Vzajemna’s risks, operations, and results.
Following the listing, Vzajemna will be required to publish at least an annual audited report (by 30 April) and a semi-annual unaudited report (by 30 September) each year. Vzajemna will also be required to disclose any significant events occurring between the publication of reports (inside information).
All information and announcements must first be published on the SEOnet portal of the Ljubljana Stock Exchange and on Vzajemna’s website. SEOnet is freely accessible at LJUBLJANA STOCK EXCHANGE - SEOnet, and Vzajemna will publish its announcements on their website.
