The chain is very quiet; yesterday, we had the L&T annual general meeting(https://www.inderes.fi/releases/lassila-and-tikanoja-oyjn-varsinaisen-yhtiokokouksen-paatokset-ja-hallituksen-jarjestaytyminen-2 ), which is one of the best meeting venues, by the way, if you disregard its somewhat remote location. Of course, from Huopalahti station, for example, it’s only about a 10-minute walk to the White House, whose auditorium’s comfortable seats are a nice change from the traditional chairs at most annual general meetings. By my rough estimate, there were 50-60 shareholders present (I’ll have to check when the meeting minutes are published in April), and the company’s staff was also well represented.
The Chairman of the Board, Jukka Leinonen, and CEO Eero Hautaniemi gave quite good presentations. The persistent problem continues to be the Swedish property services, whose turnaround seems to be taking a long time; it took about five years for the Finnish property services to turn around. Sweden was also burdened by the loss of one major client. However, a stricter line has now been adopted there, and it is made clear to clients at what price the company is willing to make agreements, and so-called unprofitable agreements are not entered into. Of course, one would think this is self-evident. The piloting of the new ERP system has gone well, and it is being done in pieces, meaning the entire system will not be relied upon until it has been thoroughly tested.
After the strategic assessment, it was indeed decided last December to separate Property Services into a separate listed company, and during the assessment, the usual method of market perception of its price was used, but as we can see, at least no viable buyer candidate emerged. As an estimate for the company’s market capitalization of 350 million yesterday, one could suggest that Property Services (Sweden and Finland) account for 50 million and Environmental and Industrial Services for 300 million. In my opinion, there is a great danger that Property Services will become an outcast company, whose share value could fall even below one euro, as larger funds cannot own such mini-companies according to their rules. Environmental and Industrial Services, of course, get to shine, and their returns on capital are in a completely different league than those of Property Services, which are placed in a tight spot. However, both the Chairman of the Board and the CEO assured that the separation was the best option for shareholders. The final decision on the matter will naturally be made by an extraordinary general meeting to be held at the end of the year.
What I find encouraging is the increase in foreign ownership; for a long time, it hovered below 10%, and according to the latest ownership list, the share is now slightly over 14% https://www.lt.fi/sijoittajat/osake/osakkeenomistajat . Hopefully, it’s not about vultures, though!? Inderes unfortunately stopped maintaining the list of nominee-registered owners, so in addition to the Norwegian fund mentioned earlier in the chain, interesting names might be hidden there. Could the Bloomberg terminal provide an answer? I’m not currently paying the rather hefty annual fee for access 
Hint Hint @Rauli_Juva, you probably have access through the company!?
The coffee service was good; there were both sweet and savory snacks, and both were also vegan, which is, of course, appropriate for a company that cares about the environment:
One more thing to add is that people from Flik (not Flix, as I sometimes remembered, because I’ve used FlixBus a couple of times abroad in the last year ) were present, so it’s likely that we’ll still get to see the CEO’s review.
