woodpeckerbird schreef: ↑17 november 2020, 18:11 Nadat ik hoorde over het delisting-bod van 109 euro, dacht ik, ach, laat me eens iets proberen. Ik zette een limit op 113 euro om al mijn aandelen te verkopen. Ze hangen toch maar wat te bungelen, zonder veel opbrengst noch dividend. En guess what? Vandaag zijn ze allemaal verkocht geraakt.

Ben ik gek of zijn de kopers gek? Ik weet 't niet, maar ik denk dat je toch wat gek moet zijn om dit nog te kopen voor 113 euro als je weet dat de overname slechts 109 euro kan zijn?

Brecht_V schreef: ↑18 november 2020, 06:48
Klopt, alleen vind je nergens nieuws (of ik toch niet in al dat Spaans) hoe het bod verloopt?
Ik had dit gisteren opgemerkt en was eigenlijk hetzelfde van plan Al 2 jaar 0% stijging van het aandeel, jammer, maar er zijn andere mogelijkheden.

The small shareholders of Barón de Ley demand that the price of the takeover bid rise by 44%
The minority investors of the group denounce that the valuation report provided by Mazuelo Holding is full of "inconsistencies".
The small shareholders of Barón de Ley are up in arms. They just add up to 9.6% of the capital of the winery, but they are willing to make their voice heard so that the company can improve up to 44% the price it is willing to pay to buy their shares and proceed to its own stock market delisting.

The operation, which was announced more than two months ago, has already been formally referred to the National Securities Market Commission (CNMV) for it to grant its approval. And that is what the minority want to avoid at all costs. They consider that the 109 euros per share that Barón de Ley has agreed to pay is "a very low price" and they consider that the minimum amount to be paid should be around 157 euros.

The figure comes from the calculations carried out by the manager Marc Garrigasait, head of the Spanish investment fund Panda Agriculture & Water Fund, of the Catalan firm Gesiuris. Speaking to Invertia, the creator of these numbers denounces that "there is a total lack of credibility about the valuation reports, which no one reads because they are documents of at least 200 pages."

First to report

Garrigasait criticizes that this is where the “trap” of Barón de Ley's exclusion bid is located. However, as it has commented with this portal, it even more regrets that it is “an extended practice” in operations of this type in the Spanish market. So much so that, in his opinion, it constitutes one of the weaknesses that "explains why the Ibex 35 is much worse than other indices."

The manager of the Panda Agriculture & Water Fund, one of the funds that form part of the 9.561% of Barón de Ley's capital that still escapes the control of the majority shareholder of the wine-producing company, Mazuelo Holding, has become the standard bearer of the still dissolute group of minority investors who demand a fairer bid for their interests. Although other voices have already been raised as well.

In this sense, the shareholders' meeting held on September 18 as a mere administrative procedure to carry out the operation has been a first point of contact for investors who promise to fight. And they are expected to do so by joining forces.

"Now is the time", sentence Garrigasait, knowing that if the CNMV is good enough to listen to their claims, it will be while reviewing the documentation that the listed company has sent to obtain approval of their plans. And that review has already begun on Wednesday, September 30.

Exorbitant rates

It should be remembered that, according to current law, the supervisor has 20 business days to announce its final opinion on the operation once it has accepted the prospectus for processing. And to say if this happens, only a period of seven business days is established from when the institution considers that the documentation presented is complete and consistent.

Here, as the Gesiuris manager points out, is where the analysis of the auxiliary documentation provided for the process comes into play. Thus, he denounces that in the valuation report prepared by Renta 4 “it is said that the interest rate for risk-free money is 2.9% when we are in a market with negative rates and Spanish ten-year bonds have slightly higher yields. 0.2%. ”This report focused on justifying the goodness of the 109 euros per share is not taken into account either. That is what the minorities have denounced in a letter that they have already sent to the CNMV. They say that Barón de Ley is "one of the globally listed wine companies with the best profit margins and Ebitda", even more than double the industry average.

In such a way, they consider it "inexplicable" that a valuation multiple has been indicated "lower than that of all its listed competitors" and even lower than that used in recent takeover bids for the sector in the Spanish market, such as CVNE and Bodegas Bilbainas.

The right price

The independent firm Avantage Capital is an advisor to another of the funds that are part of the minority shareholding of Barón de Ley, whose management is precisely entrusted to Renta 4. In a report of his dated April 2019, it was already denounced that “the founder and CEO of the winery increased the weight of his stake to 48% in 2017 without putting a euro out of his pocket ”. In this sense, the successive repurchases and redemptions of own shares are recalled, which were increasing their relative weight.

Garrigasait's calculations, which criticizes the “defenselessness of minorities” in the face of an operation that could even end up being settled with forced sales, establish a reasonable minimum price of between 151.63 and 157.43 euros per share, depending on the method used among those that are recognized in Spanish regulations.

In his opinion, a rise of even 30% on the price established now (up to 141.7 euros) would be "insufficient to cover the value of the company."

No premium

However, his view is that no price should be allowed or accepted that does not imply a certain premium over a company's market price. "It is something that does not happen in any other market," he laments in statements to this portal. And he knows what he is talking about, because the fund that he manages and is a shareholder of the Rioja wine cellar has already participated in 21 takeover bids in its seven years of history.

At the moment, the process is in its early stages, but time is running against the interests of the investors targeted by the bid. They share slightly less than 317,160 shares of the company, since Mazuelo Holding, the investment group controlled by Eduardo Santos-Ruiz, president and CEO of the listed company, owns 90.439% of the winery and 1.73% additional is locked in treasury stock.

Umi schreef: ↑22 november 2020, 04:02

Brecht_V schreef: ↑18 november 2020, 06:48
Klopt, alleen vind je nergens nieuws (of ik toch niet in al dat Spaans) hoe het bod verloopt?
Ik had dit gisteren opgemerkt en was eigenlijk hetzelfde van plan Al 2 jaar 0% stijging van het aandeel, jammer, maar er zijn andere mogelijkheden.

Je moet natuurlijk goed zoeken hé

El tomar controle + baron de ley + zoeken op laatste 3 maand; 1ste artikel & klaar is kees

https://www.elespanol.com/invertia/merc ... 053_0.html

The small shareholders of Barón de Ley demand that the price of the takeover bid rise by 44%
The minority investors of the group denounce that the valuation report provided by Mazuelo Holding is full of "inconsistencies".
The small shareholders of Barón de Ley are up in arms. They just add up to 9.6% of the capital of the winery, but they are willing to make their voice heard so that the company can improve up to 44% the price it is willing to pay to buy their shares and proceed to its own stock market delisting.

The operation, which was announced more than two months ago, has already been formally referred to the National Securities Market Commission (CNMV) for it to grant its approval. And that is what the minority want to avoid at all costs. They consider that the 109 euros per share that Barón de Ley has agreed to pay is "a very low price" and they consider that the minimum amount to be paid should be around 157 euros.

The figure comes from the calculations carried out by the manager Marc Garrigasait, head of the Spanish investment fund Panda Agriculture & Water Fund, of the Catalan firm Gesiuris. Speaking to Invertia, the creator of these numbers denounces that "there is a total lack of credibility about the valuation reports, which no one reads because they are documents of at least 200 pages."

First to report

Garrigasait criticizes that this is where the “trap” of Barón de Ley's exclusion bid is located. However, as it has commented with this portal, it even more regrets that it is “an extended practice” in operations of this type in the Spanish market. So much so that, in his opinion, it constitutes one of the weaknesses that "explains why the Ibex 35 is much worse than other indices."

The manager of the Panda Agriculture & Water Fund, one of the funds that form part of the 9.561% of Barón de Ley's capital that still escapes the control of the majority shareholder of the wine-producing company, Mazuelo Holding, has become the standard bearer of the still dissolute group of minority investors who demand a fairer bid for their interests. Although other voices have already been raised as well.

In this sense, the shareholders' meeting held on September 18 as a mere administrative procedure to carry out the operation has been a first point of contact for investors who promise to fight. And they are expected to do so by joining forces.

"Now is the time", sentence Garrigasait, knowing that if the CNMV is good enough to listen to their claims, it will be while reviewing the documentation that the listed company has sent to obtain approval of their plans. And that review has already begun on Wednesday, September 30.

Exorbitant rates

It should be remembered that, according to current law, the supervisor has 20 business days to announce its final opinion on the operation once it has accepted the prospectus for processing. And to say if this happens, only a period of seven business days is established from when the institution considers that the documentation presented is complete and consistent.

Here, as the Gesiuris manager points out, is where the analysis of the auxiliary documentation provided for the process comes into play. Thus, he denounces that in the valuation report prepared by Renta 4 “it is said that the interest rate for risk-free money is 2.9% when we are in a market with negative rates and Spanish ten-year bonds have slightly higher yields. 0.2%. ”This report focused on justifying the goodness of the 109 euros per share is not taken into account either. That is what the minorities have denounced in a letter that they have already sent to the CNMV. They say that Barón de Ley is "one of the globally listed wine companies with the best profit margins and Ebitda", even more than double the industry average.

In such a way, they consider it "inexplicable" that a valuation multiple has been indicated "lower than that of all its listed competitors" and even lower than that used in recent takeover bids for the sector in the Spanish market, such as CVNE and Bodegas Bilbainas.

The right price

The independent firm Avantage Capital is an advisor to another of the funds that are part of the minority shareholding of Barón de Ley, whose management is precisely entrusted to Renta 4. In a report of his dated April 2019, it was already denounced that “the founder and CEO of the winery increased the weight of his stake to 48% in 2017 without putting a euro out of his pocket ”. In this sense, the successive repurchases and redemptions of own shares are recalled, which were increasing their relative weight.

Garrigasait's calculations, which criticizes the “defenselessness of minorities” in the face of an operation that could even end up being settled with forced sales, establish a reasonable minimum price of between 151.63 and 157.43 euros per share, depending on the method used among those that are recognized in Spanish regulations.

In his opinion, a rise of even 30% on the price established now (up to 141.7 euros) would be "insufficient to cover the value of the company."

No premium

However, his view is that no price should be allowed or accepted that does not imply a certain premium over a company's market price. "It is something that does not happen in any other market," he laments in statements to this portal. And he knows what he is talking about, because the fund that he manages and is a shareholder of the Rioja wine cellar has already participated in 21 takeover bids in its seven years of history.

At the moment, the process is in its early stages, but time is running against the interests of the investors targeted by the bid. They share slightly less than 317,160 shares of the company, since Mazuelo Holding, the investment group controlled by Eduardo Santos-Ruiz, president and CEO of the listed company, owns 90.439% of the winery and 1.73% additional is locked in treasury stock.