Whatever’s bothering you, let’s recap:
-Piippo announces that the net debt-free value would be approx. 3.9 MEUR
\-from the above figure, 1.4 MEUR in total for the Outokumpu industrial property and the Lempäälä plot. I.e., a value exceeding approx. 2 EUR/share.
\-Outokumpu industrial property 8730 m2 (warm and cold spaces combined), where 160 EUR/m2 would yield 1.4 MEUR. Purely to give an indication that a very high price level would not be needed. If a buyer is found.
\-The Lempäälä plot of 18,000 m2 is in the immediate vicinity of the city center, train station approx. 500m, grocery stores 300/500m. Trivially, almost all cities have an interest in utilizing the proximity of city centers and rail traffic for construction, and typically infrastructure is nearby. Of course, it is possible that Lempäälä would be different, and since politics is present, various follies are possible. The said plot owned by Piippo Oy, 418-431-3-33, is not zoned, so everything is theoretically possible.
\-if one looks at the master plan 2040 (explanation), the idea in Lempäälä at the time of its drafting was to significantly increase the city’s population, and more than double it in the city center area, i.e., +5300 people.
\-of course, the Piippo Oy plot does not have to be taken for residential use; the municipality can designate it as a city recreational area and expropriate it at the price of forest land. In that case, the value would be close to zero.
-another option is zoning with a coefficient of 0.2, in which case the building right would be 18,000 x 0.2 = 3600 m2. For example, 20 single-family house plots of 800m2 each, with a building right of 160m2 each. In Lempäälä, the typical plot price is 60-80 KEUR. Let’s use that, even though the location is actually in the city center and by the water at the same time. 20 pcs x 70 KEUR = 1400 KEUR. Of that, 40-60% of the benefit to the city, so for example, 1400 x 40% = 640 KEUR would remain for Piippo. But - due to the schedule - it is sold to a speculator to await better times, for example, -50% => 320 KEUR for Piippo
-or apply for an exemption for a residential / holiday home, and get price X for it.
=> The price of the Lempäälä plot can be about zero, or with this timeline, perhaps 320 KEUR, or something else.
As said, one can choose according to one’s own view and risk tolerance.
What worries me most is what will happen to the Outokumpu property, and on the other hand, the delisting, which seems absurd. Why couldn’t the shell company be sold even at some reasonable price, especially since delisting takes time? Is some scheming being prepared here, or a negotiation tactic to maximize the shell price? Although the shell is a FirstNorth shell, there are still fine large companies on First North, and one can certainly upgrade oneself from those lists if desired.
https://aaltodoc.aalto.fi/server/api/core/bitstreams/8e5f21b1-e6c9-4fa1-bdf8-2a5f34319b42/content