Dear Chairman Luca Cordero di Montezemolo,
noted with some surprise that Italy is spreading the art of "spin doctors" who, as such, allows alleged multi-faceted talents in various disciplines to quench thirst. In any event, regarding its statements on the price of Sole 24 Ore ("If it were not for the resources of the listing of the Sun today, the situation would be very difficult, to say the least) and more generally on the opening market access to small savers, allow me to recall to his memory and some facts circumstances.
noted with some surprise that Italy is spreading the art of "spin doctors" who, as such, allows alleged multi-faceted talents in various disciplines to quench thirst. In any event, regarding its statements on the price of Sole 24 Ore ("If it were not for the resources of the listing of the Sun today, the situation would be very difficult, to say the least) and more generally on the opening market access to small savers, allow me to recall to his memory and some facts circumstances.
On October 23, 2006 was admitted to listing on the Italian stock exchange " Poltrona Frau SpA, the IPO price fixed in 2 , 10 € , the money collected from investors 103.70000000 of € , for a total capitalization of € 294.00000000.
The negative tangible net worth of € 13.8 million (a Because of the high value of goodwill and trademarks) and debt of approximately EUR 110 million, recognizing that higher had been gathering fresh medium, the results would be more beneficial for Poltrona Frau spa, but things did not go so: of the 49.1 million shares admitted to listing, only 8.9 million (18.1%) will be newly issued, in other words, € 103.7 million collected, only 18.7 million ended up in the coffers of the company (actually even less if you look at the commissions received from advisors), the remainder, amounting to € 85.0 million well, the old shareholders will be forfeited.
Among the shareholders who sold, earning a hearty appreciation, the fund House, the elite of Italian entrepreneurs, including Luca Cordero di Montezemolo. Dear President
the operation was more than lawful , I must point out that this fund was established in Luxembourg (then numbered with the tax havens) that if the basics of tax law that compared I know I am not misleading, provided just a preferential treatment for capital gains arising from financial operations.
The Fund House, which had always closed the accounts at a loss, has created the first (and only) year in profit , buying shares of € 0.76 at Poltrona Frau and selling them to small investors at 2.1 €, other news of good earnings, thanks to the cash flows, not I we recall.
whole operation "Frau" was full of conflicts of interest: Unicredit was the largest creditor group finance Frau and the global coordinator of placement, the board of directors included such independent Marco Piccinini (manager of the Fiat Group Montezemolo was referred to the President) and Andrea Pininfarina (with it engaged in a number of delivery), Fiat and Ferrari, after all, were and are important customers.
If the criminal law providing for rules with the same ratio of the Consolidated Finance Act, plead guilty confession would be enough to earn absolution: indeed it is sufficient that the criticisms are set out in the Prospectus, as Consob is well. The 496-page document filed with the listing of Poltrona Frau, in lowercase, everything is reported; also that the range of stock price, compared to profits, it was more expensive than 8 times the average of the 13 comparables identified (including Bulgari, Tod's, Hermes, LVMH) and 4 times the most overrated of these is (Safilo)
On 13 September 2010, after nearly four years with the IPA and prices to € 0.78, Unicredit issue a report evaluating the title € 0.86.
the financial year subsequent to listing today (45 months) the group has accumulated a loss of € 4.3 million, the action has lost 53% of the value . Certain investments are also evaluated in terms of returns: fact, the total dividends distributed in four years amounted to 0.04 cents, slightly less than 2% of capital invested in the IPO , not bad considering that the same amounts invested in long-term government bonds would have made in 4 years around 15%, obviously more than refund the capital.
Dear President, the Sovereign State of Italy has a thousand faults, but often make money savers, better than many private entrepreneurs.
John Edwards
0 comments:
Post a Comment