Fitzroy has also pledged the 45 convertible capital notes (VVKs) it paid for a month ago.
Tecnotree Oyj - Management transactions
It is certain that Fitzroy is taking out a loan. Otherwise, it wouldn’t be making pledges. It certainly looks bad, as if Fitzroy will subscribe to the rest of the VVKs. This would be the bad news that has been included in Inderes’ analysis for a couple of years now. The value of the shares would be fully diluted. The question is: What does Tecnotree need those 20 million euros for? Hopefully, it won’t start buying back its own shares. It doesn’t (yet) have the authorization from the general meeting for that. An acquisition is a more likely option.
By the way, at the end of November, Nieminen had 1,258,354 shares, or 7.38% of all votes. Luminos had 1,498,729 shares, or 8.79% of the votes, at the spring general meeting. If Nieminen keeps buying just a little more, they will join the ranks of the three largest shareholders. And the 10% threshold is also approaching. Then Nieminen alone could demand an extraordinary general meeting and also block the company from being delisted from the stock exchange. This, in turn, means that Nieminen could already be negotiating for a board position.
Shares can only be subscribed with VVKs next summer after the general meeting, so there might still be exciting times ahead to follow the power struggle. Time to buy popcorn. 