Black Box: The meetings of bankers with investors, Kokkalis, the Vardinogiannis deal and the crypto bandit

Black Box: The meetings of bankers with investors, Kokkalis, the Vardinogiannis deal and the crypto bandit
Black Box: The meetings of bankers with investors, Kokkalis, the Vardinogiannis deal and the crypto bandit

Sokratis Kokkalis appeared at the general meeting of Intralot in a loud voice, acknowledging both verbally and through what has been done in the companies of his interest recently with the restructuring, asset sales, company shares and capital increases. that “the spirit of the times” shows the stock exchange of funds. Or as he said “we figured out the most modern way to increase the value of our companies”.

So in the same spirit, his reference, even if it is just a touch, about the planning and the correlation of the American subsidiary that is heading towards an IPO, with the step-by-step movements, with the “mother” listed on the ASE.

The move hinted at by Sokratis Kokkalis, and fully confirmed by the column’s sources, is that the design goes through the process of reverse merger, or Hellenistic reverse merger, i.e. a change of relationship between parent and subsidiary.

If this scenario prevails, then it is not excluded that the shareholders of the company listed here will receive shares of the American subsidiary during its listing on the NYSE or Nasdaq, at a valuation of more than 1 billion dollars.

But with Intracom Holdings also back in the spotlight, Intralot’s chairman’s mention that he plans to invest in industries he has some objective knowledge of, such as gaming, technology and energy, gave a taste of what to expect. Intralot’s news may be timed in the next quarter, but Intracom’s will be shorter and involve more than one move.

The recent positive evaluation and upgrade by Goldman Sachs, as well as the effective policy of dealing with non-performing exposures, are for the four systemic banks the best recommendations for all the conference events and Road Shows scheduled for the next two months.

Specifically, on September 7, Greek banks are expected to participate in the financial conference of Goldman Sachs. Between September 12 and 16, they will participate in the HSBC conference in London. On September 20, the representatives of the Greek banks will visit the City again for the BofA – Merrill Lynch conference.

Also, on October 5 in New York, Greek banks will be invited to the Wood conference. On the agenda of discussions with investors will be positive developments in the non-performing loan sector, such as the single-digit rate of non-performing exposures, with the average NPE ratio in the first half at 6.8%.

Furthermore, among the positives of the Greek banks is the monitoring, on a daily basis, of the loan portfolios with increased readiness and without room for complacency, as they move, like all of Europe, in an environment of increased uncertainty.

Additionally, a number of factors allow the Greek systemic banks to be optimistic that banking normality, despite any turbulence, will not ultimately be overturned.

Regarding the loan portfolios, the administrations are expected to focus on the very important credit expansion in the second quarter of 2022 where the four systemic banks granted around 4 billion euros, but also on household and business deposits which are at very high levels and will continue to absorb shocks.

By the end of the year, the management of Motor Oil wants to finish the deal with Ellactor, and next week they have the general assembly, in order to get this approval from the shareholders, which Ellactor has already done. The spin off and the new company that will be created are running in parallel, said Mr. Tzanetakis, financial director of the group, in yesterday’s teleconference to inform analysts about the results.

The financing is agreed and on very good terms as noted. Upon completion it will have 800MW in operation giving an EBITDA of €130m and another 2.3GW in various stages, while it is looking for opportunities to further strengthen the sector. Analysts asked whether the very positive results will bring something more in dividends for shareholders, with management noting that it is not in its philosophy to pay an extraordinary dividend, but history shows that it pays good dividends and wants to continue. However, it intends to make more purchases of its own shares, while it also wants to look at the structure of the balance sheet. The new naphtha unit will be ready for operation from October and is expected to help revenues.

Among the things that are heard in the general meetings, where the minority shareholders also take the floor, and especially in those that continue to be held by electronic means exclusively, due to the pandemic, is that they should be held live. The small shareholders are therefore asking not to do so by electronic means, since the restrictions have been lifted. They are not wrong, but perhaps the fairest is somewhere in the middle. The coffee, the canapés, the chat are nice, but a company based in, for example, Athens can have investors from all over Greece or even from all over the world, depending on its size. The right thing is to do it both ways. And at the company’s offices with the presence of shareholders, but also by electronic means, so that a shareholder from London, Thessaloniki, Crete or Evros can follow it and why not submit his questions. Technology has made leaps and bounds. Listed companies must take advantage of it for better information and dissemination of information.

Goldman Sachs predicts the European Central Bank will raise its key interest rate by 75 basis points next week after the latest data showed inflation in the euro zone accelerated to a new high.

Based on higher-than-expected inflation and hawkish statements from ECB officials, its board will raise the cost of money by 75 bp, the investment bank said in a report.

Goldman Sachs economists revised upward where they see interest rates peaking, to 1.75% in February 2023 from 1.50% previously forecast. Markets have been raising bets on such a move since Friday, when sources told Reuters the ECB’s board is likely to discuss a 75 basis point hike. And other banks such as Nordea and Deutsche Bank see a 75 basis point increase.

Inflation in the 19 eurozone economies accelerated to 9.1% in August from 8.9% in July and beat forecasts as inflationary pressures widened. Analysts estimate that inflation will move higher in September and consequently the pressure on the ECB to raise interest rates will continue to be intense.

Wien Energie is the largest electricity generation and distribution company in Austria. According to the data it lists on its corporate website, it supplies electricity to more than two million residential and two hundred and thirty thousand business customers, mainly in the Vienna area as its name suggests. It belongs to the municipal utility Wiener Stadtwerke and is included in the list of the 30 largest Austrian companies in terms of turnover. In 2020 it achieved a turnover of 1.948 billion euros and at the end of that year it employed 2,167 employees.

The company had to “raise” 1.75 billion Euros, which it secured with the help of the city of Vienna and the federal government of Austria. The extremely large amount of money was necessary to enable the company to continue participating in the energy trading system (energy exchange). As she explained in her statement, the large increase in the price of electricity, which last Friday broke all records, created a huge margin call that had to be covered immediately.

In essence, the company had to dramatically increase the amount of “guarantee letters” that it has deposited in the energy exchange in order to be able to sell its production to its customers, since the value of electricity has also increased dramatically as a side effect of the price increase of natural gas.

To dispel any misunderstandings, the company clarified that its participation in the energy exchange has nothing to do with profit-making activities, but is rather mandatory since the large amounts of energy that Wien Energie produces and trades cannot easily be sold bilaterally. Going into more detail, Wien Energie explained that it has currently pre-sold 4.48 Twh of electricity until the end of 2024 (1 Twh= 1,000 Gwh = 1,000,000 Mwh), pointing out that its annual production amounts to 6, 28 Twh. Continuing the update, which was made on Tuesday afternoon, the company said that due to the drop in the price of electricity from Monday onwards, it had already been reimbursed approximately 800 million euros of the 1.75 billion it needed.

But he added the following: How the calculations he made in collaboration with the city of Vienna and the federal government showed that in the hypothetical case that the price of electricity doubles again, the company would need another five billion Euros. So here is another reason for the reforms of the European Union to proceed in the energy sector and to stop the continuous rise in the price of electricity, which, as can be seen from the example of Wien Energie, does not discriminate between public and private enterprises private sector.

The founder of the Turkish cryptocurrency exchange Thodex, one of Turkey’s largest that proceeded to steal customers’ cryptocurrencies, has been arrested in Albania, according to a statement from the Turkish Interior Ministry.

Faruk Fatih Özer’s exchange suddenly became inaccessible last year and the founder and CEO fled to Albania, leaving nearly 400,000 customers in the dark and without access to their funds. Users had deposited $2 billion in cryptocurrencies on the exchange, Cumhuriyet reported on Tuesday.

Albanian Interior Minister Bledar Çuçi told his Turkish counterpart that Özer was arrested in Avlona and his identity was confirmed by biometric results. The procedures for his extradition have now begun.

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This material is provided for informational purposes only. In no case should it be taken as an offer, advice or solicitation to buy or sell the mentioned products. Although the information contained is based on sources believed to be reliable, no assurance is given that it is complete or accurate and should not be relied upon as such.

The article is in Greek

Tags: Black Box meetings bankers investors Kokkalis Vardinogiannis deal crypto bandit

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