“The company purchased a total of 355,619 shares on Friday, March 6.” (From KL news)
The volume is so high that the list of potential sellers is quite narrow:
2
Kari Joki-Hollanti
4 779 533
26,17
26,17
25.02.2026
3
Alcur Fonder
1 152 553
6,31
6,31
31.01.2026
4
Handelsbanken Fonder
697 066
-9 410
3,82
3,82
28.02.2026
5
eQ Asset Management Oy
563 578
76 349
3,09
3,09
25.02.2026
6
TIN Fonder
503 582
2,76
2,76
31.01.2026
7
Lemonsoft Oyj
468 401
69 876
2,56
2,56
25.02.2026
The company is unlikely to have sold its own shares to the majority owner, so it is either Joki-Hollanti, eQ, or one of the Funds (Fonder).
It will be interesting to see whether they are starting a serious takeover bid or just taking the easily available shares off the market.
If Rite seriously wants to corner the minority shareholders, it is already possible with that ownership stake. After that, it could certainly be quite challenging to arrange any more IPOs for their portfolio companies.
I previously looked into the company’s listed holdings: Nelly Group, CDON, Söder Sportfiske, and Lemonsoft. In the longer term, the share price performance doesn’t look too festive (except for Nelly, which only recently collapsed but has risen significantly in the long run). Rite’s majority owner stated in a KL news article last autumn that the company had generated a 44% CAGR for its owners, so they certainly know how to generate high returns somehow.
In the cases of Lemonsoft and Söder Sportfiske, shares were sold at a good price during the IPO and then bought back cheaper from the market. I wonder if the intention is to increase the value of the companies on the exchange and buy undervalued stock, or to take the companies private at a discount? Given the stock exchange release that came in the middle of the night over the weekend, there is a slight fear of the latter.
I’m waiting with interest to see what the analysts think of this move. As a new owner, I’ll keep holding the shares and see how things progress. Buy the ticket, enjoy the ride.
Here are Ate’s comments on Rite Ventures making a mandatory tender offer for all Lemonsoft shares.
Rite Ventures has published a mandatory tender offer for all Lemonsoft shares at a price of 4.67 euros per share. The offer is an anticipated formal step following the previously announced exceeding of Rite Ventures’ ownership stake, which triggered an obligation under the Securities Market Act to make a mandatory public tender offer for the remaining shares. We still consider the offer consideration to be very modest relative to Lemonsoft’s long-term earnings potential and fundamentals, and we do not believe it will attract a wide range of shareholders. We commented on the tender offer earlier here.
Here is Atte’s preview as Lemonsoft reports its Q1 results on Wednesday, April 29th
We expect the company’s revenue and adjusted operating profit to have declined slightly from the comparison period, reflecting continued subdued organic growth. In the report, we are particularly following Lemonsoft’s comments on the development of the market situation. In its Q4 report, the company commented that it already sees small signs of recovery in the industrial and wholesale sectors, although since then, the war in Iran has increased uncertainty regarding the recovery of the Finnish economy. In our view, Lemonsoft’s valuation has fallen to very low levels due to AI fears. A mandatory takeover bid by the main owner Rite Ventures is also underway, as Rite Ventures increased its ownership in the company above the 50% threshold earlier this year.
Lemonsoft CEO Alpo Luostarinen was interviewed by Mikael after the Q1 results were released
Topics:
00:00 Start
00:15 Key highlights of the quarter
01:02 Organic growth development
02:15 Jakamo
03:07 Outlook on the M&A front
04:00 Profitability improved
05:29 Rite Ventures’ mandatory tender offer
Atte has released a new company report on Lemonsoft
We reiterate our Buy recommendation for Lemonsoft with a target price of EUR 6.5. The company’s Q1 results exceeded our expectations, and we have revised our forecasts slightly upwards. The completion of the technology platform transition and the brightening market outlook for industrial customers create a solid foundation for improving earnings growth in the coming years. In view of this, the stock’s current valuation (2026e EV/EBIT 10x) is, in our opinion, very attractive.
Quotes from the report:
In 2027-2028, we forecast Lemonsoft’s organic growth to pick up to the 5% level and the adjusted EBIT margin to improve to 29-30%. We expect growth to come especially from SaaS revenues and transactions, while consulting is expected to continue a gentle decline. Lemonsoft will very likely accelerate its growth in the coming years through new acquisitions, which the company is actively scouting.
I can’t immediately think of a case where 8% of the share capital would have accepted an offer below the market price It reflects the current SaaS sentiment. Perhaps at least some selling pressure within the ownership base was released through this operation.
Coincidentally, in 2016, Sampo also acquired 8% of the shares in the mandatory tender offer for Topdanmark, even though the offer included no premium and, if I recall correctly, the share price immediately rose above the offer price.
It reflects the current SaaS sentiment. Perhaps at least some selling pressure within the ownership base was released through this operation.