Sum of assets 6.0 EUR, of which Alma Media shares are worth 4.6 EUR.
If you look at that very roughly and critically, the value of the core business is nullified by group costs. The earnings from internal operations are consumed by group administration.
In that case, the company’s value consists of its holdings, i.e., Alma Media shares, net cash, the stake in Kaleva365 Oy (35%), and other holdings like Arena Partners Oy (minority stake 45%).
Positive:
-They have managed to move newspaper and printing operations into care / arrangements that generate money in a declining industry.
-Alma has been held. It would be time to distribute it to Ilkka’s owners for safekeeping now that it has risen well.
Super negative:
-Nothing really develops from the businesses kept in their own hands, just losses.
-The operating profit from their own businesses is consumed by administration.
The voting power issue is fortunately resolved; I can IMAGINE that it was done to make it possible to distribute Alma’s shares to owners, at least to a large extent, 75% or similar.
Or perhaps Alma’s major shareholder wants to make a strategic move.
