Mitsotakis and Maximou, SYRIZA and the festivals, the apotheosis of Tsipras

Mitsotakis and Maximou sleeping

Kyriakos Mitsotakis will plow the country until the European elections, however the wounds caused by the government’s unfortunate handling of a number of issues do not close easily. And there is a murmur in the blue parliamentary group that for several months there is no one in the Maximos Palace to talk to. Speaking of which, they are right, since it is as if Maximos is operating on autopilot. And maybe Mitsotakis can take it upon himself in the difficult times, but some people also need to wake up…

SYRIZA and the festivals

SYRIZA again thinks that with the festivals, the laughter and applause will convince the citizens. Come on, comrades, you don’t understand that the world is tired of partygoers. And SYRIZA may be biting in the polls, but we don’t think there are many officials who share Comrade Stefanos’ optimism that they will break in the European elections. Let us learn that the words of Kasselakis about his baptisms and the Cross that was created in the swimming pool made several people in Koumoundourou take off their clothes.

The apotheosis of Tsipras

Alexis Tsipras went to the presentation of the SYRIZA European ballot and was applauded. They smothered him in hugs and kisses. You want Stefanos to be jealous? Because such applause and such a manifestation of love so far has not been manifested for Kasselakis. Now you will tell me what I am comparing and you will be right. We don’t continue so you don’t call us malicious and prejudiced…

PASOK, the European elections and the deep congress

In PASOK, you don’t need to be Einstein to understand that a gloom prevails. All the latest opinion polls show that the party is not gaining ground, that it is losing strength and that it is very difficult to claim second place. For this image, there are not a few who place the blame on Nikos Androulakis and the opposition strategy he has followed throughout the last months. The bad language tells us that PASOK officials in their private discussions state that if the result of the European elections is negative, they will request an extraordinary congress and raise the issue of changing the president. Oh, feast…

Treatment … luxury

Gledia seems to be doing in Greece and the CVC which seems to have advanced treatment. For example, in food, and specifically in Delta Foods, things have not gone as hoped since in 2022 the company closed with negative working capital and despite the sale of United Milk, it is not certain that the problems have been solved. However, the banks showed tolerance and waived the loans despite the fact that the covenants were broken. Loans that if one sees their course from the day CVC bought the Vivartia group, it is clear that they are recycled through refinancing and are also a balloon that is constantly transferred. But the most impressive thing is that while the loans are being recycled and the overwhelming part of them is being transferred, the banks are reducing the interest rates, which were already very low and it is worth wondering if this happens in general to the companies that are groaning from the high interest rates or if the CVC is simply treated as “luxury” ».

Miami vice

Something strange is coming to the ears of a major American hotel investor who is organizing a press tour this week. Strange that they have to do with raids on debtors’ houses with thugs and bailiffs without the necessary documents, who in the end “spend money” in front of the thugs’ cameras, but also the law enforcement agencies. And these oddities have come to justice, but are kept as the apple of the eye out of the public eye. Miami vice we became.

The blind and … incorruptible Laura

I have a feeling that we will see some nice episodes unfolding soon with the famous Laura Covesi, the European Prosecutor investigating the 717 contract. And the … episodes will be related to the manipulations that are done to protect France’s national supplier, Alstom which does not we have to forget that he had signed a private agreement with TOMI to break the 717 project in two and then he didn’t sign the studies knowing that TOMI would be stuck in order to get a dowry. It should be noted that Alstom has been partying in the Romanian market for many years, but during Kovesi’s reign its activities were never investigated. After all, when the awards come from the French, you don’t find time to look for French companies.

Routed sale

The purchases of Intralot shares by the main shareholder are continuous after the share retreated to levels slightly higher than 1 euro. That the principal shareholder buys his interest. More interesting, however, is that the information states that the purchases are not random as the sale of the company has been launched. Steps have already been taken in this direction and hardly until the end of 2024 the company will not have changed owners.

They burned in the count

It sounds like a company from Denmark was brought in by Avramar’s lenders to… count the fish. And after the company counted them, the banks realized that they had made the wrong account, believing that if you have a pledge on the fish, you are secured. However, you are not insured when a company is stuck due to lack of liquidity and sells the fish underweight in the market, resulting in large losses in revenue. Why should a fish weighing half a kilo be sold and another weighing three hundred grams. In this way the value of the inventory is sharply reduced and the pledges become insufficient. This happens when any arrangements are made exclusively with the so-called banking criteria and not purely business.

Not even in …2031

We stay at the constructions where it seems that the progress of METRO’s work has started to deviate from the project schedules. The management of AVAX has started talking about expensive daily wages, about the non-possibility of overtime due to the labor legislation even though the workers “wish it!!! showing that it paves the way for excuses for delays. It should be noted that he has received advance premiums for timely implementation and it seems that … timely implementation is going well since the delivery date which is 2029 goes to 2030 but it is doubtful whether the project will be completed in 2031 as well.

The tangle of the Entersoft takeover

I’m really starting to get confused with the case of Entersoft being acquired by the Olympia Group and Rucio joint venture Verdalite. And I’m confused because Verdalite has formed another company called Unity which will do the public offering. The new company has a share capital of 86.167 million euros. And the share capital was formed by the contribution of 11,177,078 Entersoft shares which have been acquired by Verdalite through the Stock Exchange (contribution in kind) and a cash payment of 2.45 million euros. It is obvious that cash of 2.45 million euros does not cover the requirements for the completion of the mandatory public offer for the acquisition of all the shares of Entersoft. And the question is whether the buyer will pay more cash, whether he has given guarantees to cover the acquisition and whether in the end the balance of the acquisition, which is about 150 million euros, will be done with equity or with loans. And if the loans that will be given will contain guarantees and what kind, or even if we will see the balance sheet of the company under acquisition being leveraged, that is, if we have an acquisition that is partially financed by the acquired company.

Collects … opinions

In the end, the Capital Market Commission did not pass the New Exchange Regulation even last week, but it seems that it will do so as the President’s trips preceded it. Of course, the time of approval of the Regulation is no longer important, since anyway the crucial provisions will be implemented from the middle of 2025 if they are finally implemented. Because as we learn, President Kontopoulos has begun to smell that he is eating too much fairy tales from his executives and is going out to the market again to gather opinions on what needs to be done to improve the ASE. This is also a type of management, and a highly paid one at that.

New leadership through ASEP

Since we mentioned the Capital Market Commission, let us point out that for those who do not know, the term of the Executive Committee (Chairman and two Vice-Chairmen) expires next September. And as far as we know, the announcement for the appointment of an Executive Committee has not yet been published. The interesting thing is that for the first time the selection of the members of the Executive Committee will be done with ASEP procedures based on the new legislation. As far as we know, the current President Ms. Lazarakou and Vice President Natassa Stamou are also interested in keeping the position of President. However, to what extent they will be included in ASEP’s suffering is a question because ASEP can hide surprises although from what the bad tongues say, the process is relatively controlled since three persons are chosen, one of which is chosen by the competent Minister.

Alumil’s bets

The continuous fall in Aluminum prices had the effect of sinking Alumil’s profits in 2023 to 4.1 million euros from 27.7 million euros in the previous year despite the increase in sales volume, especially in Greece. And this is because the stocks actually put pressure on the company. The cash flows from operating activities, however, continue to be significantly positive in fiscal year 2023 and at Group level and amount to approximately Euro 24.8 million. Net borrowing, although reduced, remains high at 145 million euros from 150 million euros in 2022, while financial expenses were also increased by 3 million euros due to the increase in interest rates, reducing profits. The company’s bet is at least the stabilization of the price of Aluminum or its rise in order to increase profitability as well as the reduction of interest rates. Although it seems that in this year’s quarter due to the positive course of sales, profits show an increasing trend again.

About banking criteria

In the end, it’s about not having Barba in Koroni. So we are told that a non-systemic bank has a significant exposure to a television production company which shows a negative financial picture but also sins from the relatively recent past. And we honestly look for the criteria to create the openings when there are such issues. Because we don’t imagine that someone can claim that the criteria are the so-called banking ones according to their convenience.