Reuters reports that, following Ahold Delhaize’s decision to give shareholders more rights if a poison pill is ever activated, CIAM has dropped its request for an extraordinary shareholders’ meeting to vote on the mechanism as well as its warning that it would seek legal action if its demand were ignored by the company.Read More
Tandis que l’on vante souvent les entreprises familiales et leur vision sur le long terme, contrairement à la Bourse et aux actionnaires financiers obsédés par un rapide retour sur investissement, un nouvel épisode sur la place parisienne vient de remettre ces a prioris en question.
While family businesses and their long-term approaches are often touted in contrast to the short-term approach often taken by the stock market and financial shareholders, the Parisian market has just experienced a new period where the roles are not as well defined.
At its AGM, Dutch-Belgian supermarket group Ahold Delhaize said that a defence mechanism could be extended indefinitely and without investor approval, rejecting calls from CIAM and others for a shareholder vote on whether to retain a “poison pill” defence option. Reuters reports that CIAM and other shareholders in opposition of this could ask a judge at Amsterdam’s Enterprise Chamber to call an EGM to vote on the matter.Read More
CIAM critique la gouvernance d'Alès Groupe, le spécialiste en produits cosmétiques et capillaires. Les Echos rapporte que le hedge fund français a réclamé lors de l'assemblée générale de juin la nomination d'un nouveau membre du conseil de surveillance.
Les Echos reports that CIAM has criticised the governance of Alès Groupe, the cosmetics and hair product specialist, and that CIAM requested the appointment of a new member of the supervisory board at the company’s AGM in June.Read More
WanSquare rapporte que CIAM reproche au conseil de surveillance d'Alès Groupe d'être composé de membres familiaux ayant peu d'intérêt et de temps pour s'occuper sérieusement de l'entreprise de produits cosmétiques.
WanSquare reports that CIAM criticizes Alès Groupe’s supervisory board for being composed of family members with little interest and no time to properly manage the cosmetics company.Read More
L’Agefi rapporte qu’à l’aube de l’Assemblée Générale d’Ahold Delhaize, l’activiste CIAM, l’association néerlandaise d’actionnaires individuels VEB et le gestionnaire Bernstein ont demandé que l’éventuelle reconduction de la pilule empoisonnée soit soumise au vote lors de l’AG du groupe belgo-néerlandais de grande distribution.
L’Agefi reports that, ahead of Ahold Delhaize’s AGM, the activist CIAM, the Dutch association of individual shareholders VEB and the manager Bernstein have asked that the possible renewal of the poison pill be put to a shareholder vote.Read More
A Lex article reports on the troubles in Ahold Delhaize’s boardroom and underlines the fact that a company which is bigger in terms of market value than either Tesco or Carrefour and which operates in a consolidating sector, should not need to hide behind poison pills, and should at least give its shareholders a chance to vote on whether they have such a structure in place, as requested by CIAM.Read More
The association for Dutch retail investors (VEB) joins CIAM in demanding that Dutch-Belgian supermarket operator Ahold Delhaize submits any decision about renewing its poison pill structure to shareholders’ vote. Reuters also reports that CIAM wrote in a letter to management that the poison pill structure depresses shareholder value in Ahold.Read More
DutchNews reports that CIAM has criticised Ahold Delhaize’s plans to renew a governance structure which acts as a poison pill to potential buyers and which it believes keeps its share price depressed. It quotes Anne-Sophie d’Andlau saying that “anything that looks like a poison pill is a problem of governance”.
EuroHedge reports that CIAM is set to launch a Satellite Event Driven UCITS Fund, inspired by its flagship strategy, in March. The publication reports that they are “lining up early-stage investors, to build a solid investor base”, and that they are hoping to reach c.€50 million in launch assets before the fund goes live.
Les activistes tirent profit de la reprise du M&A et de la sous-valorisation boursière des grands groupes en Europe. Les activistes « constructifs » se posent en chevaliers blancs. CIAM offre son point de vue sur le marché français.
Les Echos reports that activists are taking advantage of the recovery of M&A and the under-valuation of large groups in Europe. "Constructive" activists are welcome for companies in this environment. CIAM offers its point of view on the French market.Read More
by Suzy Waite, Nishant Kumar
With the biggest names in hedge funds about to gather for the annual Sohn London conference, it’s a good time to assess how their calls from last year fared during a boom time for global stocks.
From bullish bets on Euro Disney to shorting Australian banks, hedge funds made diverse calls at last December’s gathering. But it was the star traders’ long recommendations that proved to be the most profitable.
An investor betting an equal amount on each manager’s long idea would have seen a return of 19 percent -- more than the gains in the Stoxx Europe 600 and S&P 500 share indexes.
The best-performing long call was Ciam executive Anne- Sophie D’Andlau’s bullish forecast on Euro Disney. Although it made less than a third of the 300 percent she predicted, the shares soared after Walt Disney Co. announced plans to acquire the company in February.
The heaviest loss came from Michel Massoud’s bullish call on Opera Software ASA, whose shares fell amid a drop in revenue. That didn’t stop his Melqart Asset Management hedge-fund firm from returning 18 percent this year through October. Massoud declined to comment.
Shorts were less profitable in a market buoyed by quantitative easing. Four out of five bearish calls were more or less flat, the exception being Masroor Siddiqui of Naya Capital’s short on Aryzta AG. This ended up as a win as the Swiss baker’s shares tumbled amid concerns about lower earnings, rising debt and competition from the revamped Twinkie treat.
Speakers due to tout their investment ideas at this year’s conference at the Marriott Hotel in London on Thursday include oil trader Pierre Andurand; Paul Ruddock of Lansdowne Partners; and Pelham Capital founder Ross Turner.Read More
by William Mace
SFR Group [EPA:SFR] activist investor CIAM has claimed Altice’s [AMS:ATCT] EUR 34.50 squeeze-out offer as a “victory for minority shareholders”, according to CIAM Managing Partner Anne-Sophie D’Andlau.
Altice announced on Thursday morning (10 August) that it had acquired 95.9% of SFR’s share capital and would therefore launch a buy-out offer followed by a squeeze-out for the remaining shares.
SFR’s stock closed at EUR 31.45 per share on Wednesday, but shot up 9% on news of the offer to EUR 34.35 per share on Thursday afternoon.
The company will file the offer with the French market regulator Autorité des marchés financiers’ (AMF) in September.
“We note that the offered price is much higher than the price we challenged when the first offer was announced in September 2016,” D’Andlau told this news service. “From this point of view, this is a victory for minority shareholders,” she added.
Asked whether CIAM would accept the squeeze-out, D’Andlau said all of its options were open at this stage.
On 5 September last year, Altice launched an all-share take-out offer for the 22.25% of SFR shares that it did not own, but faced substantial opposition.
It offered eight new Altice shares in exchange for five SFR shares, corresponding to EUR 24.02 per SFR share, based on Altice’s closing share price on 15 September 2016 of EUR 15.01, according to this news service’s analysis.
The offer was eventually deemed non-compliant by the AMF and Altice subsequently began buying shares off-market.
CIAM anticipated the squeeze-out, telling this news service in December that when the offer came the fund would look very closely at its appropriateness and reserve its rights to challenge the offer in court.
In the meantime, CIAM publicised a campaign to have Altice pay SFR around EUR 1bn for the right to rebrand its businesses.
Speaking today, D’Andlau said that CIAM always considered that SFR should be delisted if Altice wanted to impose a change in the name of the SFR brand or at some point charge management fees.
CIAM would not speculate as to whether the AMF would accept the latest offer.Read More
Le Figaro rapporte qu’après une première tentative un an auparavant, Altice s'apprête à retirer SFR de la Bourse de Paris. Le groupe de Patrick Drahi, qui détient plus de 95 % des titres de l'opérateur, s'apprête à déposer une nouvelle offre de retrait de la cote, cette fois en numéraire.
Le Figaro reports that after a first attempt a year ago, Altice is preparing to delist SFR from the Paris Stock Exchange. Patrick Drahi's group, which holds more than 95% of the operator's shares, is preparing to file a new offer, this time in cash.Read More
Novethic dresse le portrait de CIAM. "Nous sommes une société de gestion alternative et indépendante et nous nous définissons comme des activistes au sens propre du terme. Nous travaillons activement à ce que nos actionnaires ne soient pas lésés et bénéficient du meilleur retour sur investissement possible. C’est comme ça que nous appréhendons notre métier de gestionnaire de fonds", explique Anne-Sophie d’Andlau.
Novethic writes a profile on CIAM. "We are an alternative and independent management firm and we define ourselves as activists in the true sense of the term. We actively work to ensure that our shareholders are not harmed and have the best possible return on investment. That is how we apprehend our fund management business,” explains Anne-Sophie d'Andlau.Read More
Next Inpact rapporte qu’après avoir obtenu l'annulation de l'OPE sur SFR Group en octobre 2016, en pointant un défaut d'information à l'AMF, CIAM se penche désormais sur les méthodes de la maison-mère Altice vis-à-vis de SFR.
Next Inpact reports that after having obtained the cancellation of the public exchange offer for SFR Group in October 2016, by pointing out a lack of information to the AMF, the French equivalent of the FCA, CIAM is now looking into the practices of the parent company Altice with SFR.