Catching up: Praktiker, Aire KGaA, Tonnelerie, Fortum

Time to catch up on my portfolio shares…

Praktiker:

As announced, I sold out the Praktiker bonds right after the annula shareholder meeting. Including accrued interest, I realised 43.65%, a small gain against the initial (“dirty”) Price of 41.62%.

I will do a more detailed “post mortem” analysis later as I think that Praktiker implies some important lessons for senior bond investors.

AIRE KGaA

The AIRE KGaA tender offer was finally settled on July 17th for EUR 18.25. Cash quota for the portfolio is now above 20%.

Just right now, the bidder again increased the offer to 19.75 EUR per share

They really seem to want to delist the company. The nice thing about the offer is the fact that the increase applies also to those who have tendered the shares at 18.25 EUR !!! Thank you !

Tonnelerie

Tonnelerie issued a rather vague but positive outlook for the next year. s they ussually don’t do this at all, this might be the reason behind the recent positive stock price developement.

Fortum

Fortum issued relatively weak half year interim results. The stock price since then dropped by more than 20% bellow the 2009 lows. Buying opportunity or value trap ? Somthing I have to analyse further. However it is clear that my initial investment thesis (higher oil prices, higher energy prices, higher profit) didn’t really work out. Same for EVN and OMV.

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