Fit Investment Ideas

THE NEWS: Acceleration of the fourth buy-back programme by means of a Public Tender Offer initiated by Fondul Proprietatea SA Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch (“the Fund Manager”), in its capacity as Sole Administrator and Fund Manager of Fondul Proprietatea SA (“the Fund”), informed shareholders that today it has submitted forContinue reading “Largest closed end fund makes a tender offer for its shares”

Summary: Two weeks ago short fund Kerrisdale started a campaign against GSAT. Their presentation was a good show but disappointing on facts. GSAT shares are oversold – down more than 50% in last two weeks. Good opportunity to buy before the forthcoming catalysts. What happened? On Wednesday 1/10 a rumor was circulated that Kerrisdale, aContinue reading “GLOBALSTAR – DO NOT BET ON KERRISDALE”

Fondul reported it bought back 17.3m of own shares between Oct 6-10. As per Bloomberg has total 49m shares were traded in that period. If that is right than Fondul is buying up 35% of daily volumes. Unprecedented buyback strength. Click to access FP131014A_en.pdf

Romanian energy fund Fondul Proprietatea announced that it started its 4th buyback round on 1 October. This time the fund aims to buyback 990 million shares, which represents 8% of the capital. With current daily volumes of around 15 million shares, the buyback represents about three months of trading volumes. In the previous buyback roundsContinue reading “Fondul Proprietatea aims to buyback 50% of daily volumes to drive up the price”

Best time to buy is when people run. Good example is Getinge, a Swedish medical devices company. The company has a good track record – strong medical devices brand, good organic and acquisition growth. On March 7 the company reported a profit warning. The warning was affected by the FDA inspection findings that raised issuesContinue reading “Long Getinge – profit from panic”

Summary Goodyear might be an attractive short-term and long-term opportunity. In 1H15 Goodyear plans industrialisation of its new AMT technology. A success could mean a material upside for Goodyear. Downside is limited as market assigns zero value to the project. On 7/30 Goodyear reported its results. The market over-reacted to weak revenue guidance and gaveContinue reading “A FREE CALL OPTION ON GOODYEAR´S NEW GAME CHANGING PRODUCT”

Another positive news from Fondul Proprietatea, the Romanian energy fund that is under pressure from activist investor Paul Singer. The Elliot Associates managed by Singer is the largest investor in Fondul with 15.22% stake. The local FSA has approved the changes to the Fund’s share capital after the cancellation of the 1.1bn shares bought in the second buyback programme.Continue reading “Fondul Proprietatea: 4th Buyback on The Way”

Paul Singer gained fame by pushing Argentina into a default. His activist transactions are worth looking at too. His Romanian venture is a text book case of activist investing that generates return for all shareholders. Elliot Associates is the largest investor in a Romanian USD 4.4 bln. energy fund Fondul Proprietatea. The fund was createdContinue reading “PAUL SINGER text book activism”

Swiss capital just reported: * Local media mentions FP RO may sell its entire 19% stake in OMV Petrom (SNP RO) in the next few days according to uncited sources, local news website economica.net wrote today. * FP’s stake in SNP RO is currently valued at EUR 1.1bln (USD 1.4bln), that would be largest dealContinue reading “FONDUL PROPRIETATEA BUYBACK ACCELARATION?”