Monthly Archives: December 2011

EMAK SpA – results of subscription rights exercise period published

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Many thanks to Winter who linked in the AZ Forum to the results of the exercise period for the subscription rights.

In total almost 99% of the subscritption rights have been exercised.

During the subscription period, which began on 21 November 2011 and closed on 13 December 2011, 26,976,676 rights were exercised, corresponding to an aggregate of 134,883,380 Shares subscribed, equal to the 98.974% of the 136.281.335 Shares offered in the context of the Capital Increase, for a total amount of euro 57,325,436.50.

It looks like that my Paranoia Scenario was indeed only paranoia:

In accordance with the commitment undertaken on 5 August 2010, Yama S.p.A. has exercised all the rights to which it was entitled in the context of the Capital Increase and in relation to all Emak S.p.A. shares it owns (corresponding to the 74,285% of the share capital of Emak S.p.A. and to the 75,368% of the share capital excluding the treasury shares owned by Emak S.p.A.).

Consequently, Yama S.p.A. subscribed 102,712,500 Shares, for a total amount of euro 43,652,812.50.
Following the subscription of the Capital Increase, Yama S.p.A. will hold the 74.285% of the total share capital of Emak S.p.A. (corresponding to the 75.368% of the share capital excluding the treasury shares owned by Emak S.p.A.).

It looks like YAMA has exercised exactly the number of rights they got from their initial stake and they did not sell or buy any subscription on a net basis.

So for the moment it looks more like really bad execution than an evil genius trying to squeeze out the minority shareholders.

Imagine this: The ECB brought out the bazooka and no one noticed

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This is a very atypical post for this blog, however once in a while, also value investors have to look at macro themes as well.

In the past few weeks, all the issues around the Euro, Europe and the financial crisis accumulated in the following thesis:

The only way out is if the ECB brings out the bazooka (printing money by buying Government bonds)

After the summit, the market seems to dissapointed because the polititians and the ECB did not bring out the “bazooka” that was expected.

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Distressed debt Praktiker AG – Why not sell Max Bahr ?

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After writing yesterdays post about the Praktiker bond, I wanted to summarize my current thoughts about Praktiker in a more structured way.

My current take aways are:

1. The exercise of looking at Praktiker from a control distressed investor shows, that the plan from the CEO to invest an additional 300 mn EUR into Praktiker does not leave a lot of upside to investors due to the already high amount of net debt (~300 mn EUR).
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Autostrada Q3, EMAK and Microsoft

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Autostrada

Already some days ago, Autostrada has published their Q3 report and a corresponding Invetsor presentation.

In short, despite a small decrease in overall traffic, profits YTD increased in line with tarrif increases at around 9%, however with a lower increase YOY in Q3. In the quarterly report is mentioned, that the expected IPO of the South american participation seems to be delayed. The call it “examining all options”.
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Esso S.A.F. – less attractive at a second glance

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After having quickly analysed “Magix Six” stock Esso S.A.F a few days ago with some encouraging results, I dived a little bit into the company.

Despite beeing a subsidiary of ExxonMobil, the homepage is “french only”.

Luckily, I managed to understand at least the two investor presentations they have on their website.

Both, the 2011 and the 2010 show a quite depressing picture.

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