Tag Archives: Total Produce

Some half year updates – Poujoulat, Total Produce, Dart Group, Installux

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Poujoulat:

Quite surprisingly, Poujoulat announced a stock split 1:4,, this is the release from Poujoulat:

En date du 21 juin 2012, l’Assemblée Générale de la société POUJOULAT a décidé la division par 4 de la valeur nominale de l’action POUJOULAT négociée sur le marché ALTERNEXT Paris. Cette mesure permettra de fluidifier les échanges et de rendre le titre POUJOULAT plus accessible (son cours étant actuellement supérieur à 130€) En pratique, l’opération de division par 4 sera réalisée sur les soldes EUROCLEAR du vendredi 7 septembre prochain et sera effective le lundi 10 septembre à l’ouverture du marché. Les détenteurs d’actions POUJOULAT se verront attribuer automatiquement 4 actions nouvelles pour une ancienne.
Les droits antérieurs rattachés aux actions ne seront pas modifiés, notamment le bénéficie du droit de vote double pour toute action gérée au nominatif pur depuis plus de 24 mois. Le nombre d’actions POUJOULAT en circulation sur ALTERNEXT Paris sera ainsi porté de 489 750 à 1 959 000.

Let’s wait and see if this somehow helps the stock or not.

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Quick updates: Praktiker, Total Produce and Vivendi

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Praktiker

Praktiker just announced that they will delay the AGM until mid of June. The claim to be in “advanced talks” with capital providers and that they need some more time to prepare the necessary approvals from the AGM.

I am pretty sure, we will see a massive diluting capital increase exercise presented in the AGM. However, the Bond now is back into buying levels (<= 41%) and I will increase the position if possible to 2.5% of the portfolio.

Total Produce

Total produce has released its annual report. I have to dig deeper into the report at some point in time.

Vivendi

“Caque”, a French blogger has commented on yesterdays post. He has up a very very good post about Vivendi, including his personal experiences as a customer.

Also his original Vivendi post from 2011 is really worth a read. Seems to be a high quality blog to me and the only French one I know so far.

Total Produce, EMAK, Austostrada

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Total Produce

For some reason, the stock price of Total Produce climbed significantly over the last few days. Now a part of this increase seem to be explained: Total Prduce joins the ISEQ 20, the main Irish stock index:

Total Produce plc, Europe’s leading fresh produce company, is pleased to announce that it has been advised by the Irish Stock Exchange that following the quarterly ISEQ 20 review, Total Produce will be joining the ISEQ 20 Indices, (ISEQ 20, ISEQ 20 Capped and ISEQ 20 Leveraged), with effect from close of business on Friday, 16th March 2012.

I don’t know how many index trackers exist and the weight is only 0.29%, but maybe it helps a little bit to attract some new investors.

EMAK

EMAK released preliminary 2011 results last week.

“Pro forma” results of the combined EMAK would have been 13 mn EUR, a P/E of ~ 7.5. Results of “old” EMAK were surprisingly weak, whereas the “new” EMAK companies were doing a lot better. SO maybe the deal wasn’t such a rip off at all ? Let’s wait and see, but EMAK still looks very cheap at this levels despite the problems in the home market.

Autostrada

What a shame, Autostrada reported really solid numbers for 2011. Interestingly the Impregilo share price rose already above the level of 3 EUR which Autostrada paid for the share from it’s parent. I tios still below the 3.65 for the Fondiaria package, but the “loss” is definitely smaller.

Autostrada, Total Produce, Piquadro

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Autostrada

As mentioned yesterday, I sold my full Autostrada position at yesterday’s VWAP of 6.34 EUR per share, resulting in a loss of -7,88%. I will revisit Autostrada and especially SIAS, the operating subisidiary, once the cpaital increase is underway. Looking at EMAK and Unicredit, this could provide a more interesting entry point and compensating for the risk of unexpected transactions…..

Piquadro

Since yesterday, Piquadro trades below 1,50 EUR, which was my threshold for additional purchases. However, as I am currently much more pesimistic about China I will for the time being not purchase more Piquadro shares.

Total Produce

Total Produce issed preliminary annual fugures (thanks for the link to best_choice). Wexboy and Philipp O’Sullivan already commented on the results.

Positives were the turnaround in the Health foods segment, whereas the rest of the business slightly contracted. The “EHEC scare” was most likely contributing significantly to this decline.

What I don’t really like are the debt financed acquisitions. However the guidance for 2012 (7-8 cents a share) still leaves the company in the “dirt cheap” category.

Total Produce – Capespan show down

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Blogger Wexboy has a very interesting post about the Capespan bid war.

In a nutshell, it looks like that the two South African investors Zeder and Bidvest are fighting for control over Capespan, where Total Produce now holds a stake of 20% (Value ~ 15 mn EUR).

Based on a link I have posted in the comments at valuetock inquisition it looks like that Total Produce is actually the “overseas partner” of Zeder investment.

Just a couple of hours ago, Capespan reported that something is happening soon:

Capespan Group Ltd., South Africa’s biggest fruit exporter, said its investors are in undisclosed talks that may cause its share price to move.
“There are ongoing talks among shareholders,” Angelo Peterson, Capespan’s spokesman, said by phone from Cape Town today, declining to provide more details.

So it looks like the final show down will happen now any time.

Personally, I hope that Total Produce will not go for full control of the entity, as this would be quite dilutive for the shareholders. My best case scenario would be that Total Produce sells out with a nice profit and keep its cooperation agreement.