QueSera schreef op 26 oktober 2020 14:25:
Heb de daad maar bij het woord gevoegd. Ik heb dit naar URW gestuurd, met het consortium in de cc.
Dear Sir, madam
I am writing to voice my deepest concerns about URW policy. I list here only the most pressing:
The latest figures, as per your official press release of 29 July, informed us about the following:
- Liquidity: €12.7 Bn of cash and undrawn lines,
- Average cost of debt 1.7%; average debt maturity extended to a record 8.5 years and
- LTV: 41.5%, leaving ample headroom to covenants.
Being an analyst myself, it is, therefore, a mystery to me why we would need to have such a dilutive emission exactly at this moment, at the worst possible moment. Yes, Covid puts the company under a lot of strain, but in my eyes, you have not come up with óne valid counter-arguments for the plan B of the consortium. On the contrary, URW regrettably showed only a condescending attitude against both its former CEOs. By now, the only logical explanation I can think of is that there might be more skeletons in the closet we still need to hear about.
Management has shown to care only about rating agencies and not about the rights of the owners of the company, us, the shareholders.
Finally, I want to share my deepest concerns about corporate governance. Take only the many roles that Goldman Sachs plays in this scheme: shareholder for 10%, meanwhile providing the market with strong advice to sell, underwriter for the emission, and possibly more. The reputation of GS is well known, the recent 5 billion US$ fines - and counting - for the 1MDB fraudulent scheme is only one example.
By now I have lost confidence in the current management completely. Consequently, I will vote against raising additional capital. I simply do not trust the current management with the money. I will also vote for the seats in the supervisory board for Mr. Bressler, Mr. Niel, and Ms. Gallardo. I sincerely hope that they will turn every stone, so we can hear the whole story, not fairytales.