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International Press Coverage of CIAM

Sohn London: Here’s How Hedge-Fund Managers’ Ideas Have Fared

Bloomberg

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.

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BloombergCIAM
SFR squeeze-out bid from Altice is a 'victory' for minorities – activist CIAM Story

Deal Reporter

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.

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Deal ReporterCIAM
Altice veut retirer SFR de la Bourse

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.

Article

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Le FigaroCIAM
Le fonds activiste français CIMA, porte-voix des petits actionnaires

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.

Article

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NovethicCIAM
SFR : un actionnaire minoritaire porte plainte pour abus de biens sociaux

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.

Article

 

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Next InpactCIAM
Le fonds CIAM conteste en justice l’abandon de la marque SFR

L’Agefi rapporte que Le fonds spéculatif CIAM a déclaré avoir porté plainte à Paris au nom d’actionnaires minoritaires de SFR Group concernant la manière dont Altice, la maison mère de l’opérateur télécoms, a utilisé les actifs d’entreprise de sa filiale.

 Agefi reports that CIAM has filed a complaint in Paris on behalf of minority shareholders of SFR Group about how Altice, the parent company of the telecom operator, used the corporate assets of its subsidiary.

Article

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L'AgefiCIAM
Le fonds activiste CIMA attaque en justice les méthodes d'Altice vis-à-vis de SFR

Les Echos rapporte que le fonds spéculatif CIAM, qui est actionnaire très minoritaire de SFR, a porté plainte devant le tribunal de grande instance de Paris contre Altice pour abus de bien social sur l'opérateur télécoms. CIAM s'est par ailleurs insurgé de l'abandon prochain de la marque SFR, au profit d'Altice.

Les Echos reports that the hedge fund CIAM, which is a minority shareholder of SFR, filed a complaint to the Tribunal de Grande Instance of Paris against Altice for misappropriation of corporate assets. CIAM also protested the forthcoming trading of the SFR brand for Altice.

Article

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Les EchosCIAM
Ces fonds activistes qui inquiètent les patrons français

Le Monde consacre un article au fonds activistes et relate notamment l’implication de CIAM dans le combat d’un autre fonds, TCI, pour convaincre Safran de revoir son offre pour le rachat du groupe aéronautique Zodiac.

Le Monde devotes an article to investor activism and recounts in particular the involvement of CIAM in the fight of another fund, TCI, to convince Safran to revise its offer for the acquisition of the aerospace group Zodiac.

Article

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Le MondeCIAM
Taking the Mickey (Mouse): Walt Disney Co. delists Euro Disney after several bailouts

City AM reports on the fresh acquisition of 11.01% of Euro Disney for 2 euros a share by Walt Disney Company, bringing its total ownership to 97%, meaning it will have to complete a mandatory buyout of the remaining shares. City AM references CIAM’s lawsuit against the company denouncing the 1 billion euros licensing fees it received while the Parisian park was still indebted by almost 1.2 billion euros by the end of March that same year.

Article

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City AMCIAM
CIAM: Walt Disney $2 offer ‘not fair’

HFM Week reports that CIAM has referred to Walt Disney’s offer to takeover Euro Disney for 2 euros per share as “not fair” for minority shareholders, stating that the minimum acceptable price would be 2.50 euros, because of ongoing legal action and the valuation of land rights owned by Euro Disney.

Article

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HFM WeekCIAM
Anne-Sophie d 'Andlau et Catherine Berjal, droites dans leurs bottes

Le Figaro dresse le portrait d’Anne-Sophie D’Andlau et Catherine Berjal, les cofondatrices de CIAM, la société de gestion alternative indépendante qui s'est distinguée dans la défense des actionnaires minoritaires.

Le Figaro profiles Anne-Sophie d'Andlau and Catherine Berjal, the co-founders of CIAM, which has made a name for itself in the defence of minority shareholders.

Article

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Le FigaroCIAM