Clemens Scholl

Clemens Scholl
Contributor since: 2010
Company: Tolbiac Capital KG
Thanks for your comments!
As for your options to buy foreign shares from the US, I have no idea - check your broker's (or his competition's) terms and conditions.
Regarding Zhejiang Expressway (that I still hold), ZHEXY is the ADR, and ZHEXF is the "H"-share (Hong Kong listing).
A little anecdote regarding Brisa (Portugal, the stock was mentioned in the original article), there was a takeover a few years ago, but the acquirer didn't get hold of all shares, then delisted the shares. I held on to my shares. The consortium that acquired the company then began to milk it "private equity style". Just yesterday I received another distribution from them - since the delisting the company has paid more dividends than the takeover offer.
These stocks are great for the "long run". I still hold all the shares that I disclosed owning in the original article. Bangkok Expressway merged with Bangkok Metro a few months ago, so it's not purely toll road anymore, but mass transit is a good Addition.
Hello Brutti,
look it up in the annual reports, 20-F filings as well as recent regulatory statements regarding major holdings (especially the updates concerning rolling of total return swaps)
go_loe,
it's too late, the demerger has already been completed.
The companies are now separated, OCI NV (traded on Euronext/Amsterdam) is focused on fertilizers and Orascom Construcion on Construction/Infrastru... (traded on the Dubai/Egypt Exchanges).
Anglo owns 85% of de Beers, the rest is controlled by the Govt. of Botswana. The Oppenheimers sold their 40% to Anglo in 2012, after selling out of Anglo as well.
"(...) the Russian nuclear plant which must have a long life ahead"
There is no russian nuclear power plant in E.ON's portfolio.
Do you think Russia would let a foreign company run an NPP? Rosatom (Energoatom) has the monopoly on NPPs in Russia.
http://bit.ly/12zsQNE
All the power plants of E.ON Russia are coal or gas plants. E.ON Russia stock http://bit.ly/12zsQNI
is actually not bad at all, up 550% since 2009, and even up nearly 5% ytd and paying a nice dividend. They are way ahead of all the other state-controlled utilities which are terribly inefficient and suffer from asset stripping/stealing.
Bayer has a quality/production problem with Xofigo and has been unable to deliver it for over a month now.
http://bit.ly/1x30fdp
ok, here you go:
1) 15.06.2010 at 14:26CET
Investment in Knightsbridge Tankers Limited through sale of vessel
http://bit.ly/1wsmMA7
2) 27.09.2010 at 22:08CET
Increased investment in Knightsbridge Tankers Limited through sale of vessel
http://bit.ly/1wsmMA9
3) 14.03.2012 at 08:03CET
Sale of common shares in Knightsbridge Tankers Limited
http://bit.ly/1wsmMAb
I have followed the companies very closely for nearly a decade so I know that I'm not making stuff up.
please define "the public".
Frontline 2012 and Golden Ocean have shareholders, too...
also, the ships are not really being "flipped" (by JF himself, for cash), just put into another entity (by Frontline 2012, a public company) in exchange for shares, and this entity (Knightsbridge) will consist essentially of these assets.
Marine Harvest,
you are confused or you misunderstood me.
VLCCF *DID* buy vessels from Golden Ocean in exchange for shares. Golden Ocean had something like a 10-20% stake in VLCCF (I don't remember the exact number) but they sold it down on the open market. That was one or two years ago.
I am well aware of what is currently planned and how the merger will be arranged.
"I am pretty sure that the last chapter has yet to be written here."
the last chapter is usually the eleventh.
As a reminder, they have been quite careful about the timing.
VLCCF has for a long string of quarters announced their "looking at options" while selling off the tankers.
Then there was a first "toe-dipping" as they bought some ships from Golden Ocean in exchange for shares. It seems this was too early, Golden Ocean sold their VLCCF stake. I don't think the fact that they are going "all in" now is a sign of impatience, they probably think the timing is right. They may have missed the perfect time by a few months (hence the large decline in share price), but on a larger timescale it will probably be insignificant.
Some big changes are going on in the JF group. It looks like FRNT is the centerpiece - it will probably merge with FRO, and we'll have FRO 2.0 - spinning off stakes in gas tankers, product tankers and the "new" Golden Ocean (and a lot of dividends along the way).
nearly 3 years later, the demerger is once again on the agenda:
http://bloom.bg/1qi1kw7
(this time through an IPO in Egypt...)
interesting that the radioactivity issue isn't mentioned. It is conveniently ignored in most publications or conferences dealing with geothermal. Probably many people in the industry are not even aware of the issue, which makes it quite dangerous for the workers.
Geothermal energy produces a substantial amount of radioactive waste. (see e.g. http://1.usa.gov/1p8hwuT). If generation is strongly expanded, I expect this will cause a significant radiation protection problem - not necessarily for the workers at the plant (although individual exposures can be quite high if not handled correctly, the dose rates can reach >10µSv/h close to the heat exchangers and internal exposure can be a problem if the workers have no protective gear when cleaning the pipes from scales) then for the disposal of that waste. The scales have high concentration in Radium (Ra-226+,228+), Thorium (Th-228+) and Pb-210++, you can't pile this up indefinitely, and Radon emissions will also be a problem (Nr. 2 cause of lung cancer, after smoking).
You can avoid the problem by having closed water circuits, but this significantly reduces the efficiency of these plants and is only suitable for smaller operations (e.g. heating for individual houses).
"...from time-to-time maybe giving banks some money"
It's supposed to be written as "from time to time maybe giving BACK some money". It was badly transcribed.
The "results" they show in their release are disastrous and clearly show that there must have been some 'creative accounting' over the years. Blaming the issues around the trading suspension for the bad results is the silliest excuse ever.
With the next auditor resigning, I have little hope that there is any profitable business left. Maybe they can come clean and turn it around, but it's a long shot.
I highly recommend the "managing asia" episode with Andrew Brandler (CEO of CLP) on CNBC.
you're probably looking at the wrong website: http://www.ocinv.nl is the right one.
a good overview of the situation, thank you.
It seems the separation of fertilizer and construction segments is no longer on the table, for now.
The 2013 annual report http://bit.ly/1p2RJas doesn't mention it in their strategy.
They listed a LP interest in OCI Beaumont (OCIP) in the US, did an equity raise and even (it seems) got back their billion-dollar tax extortion from the muslim brotherhood.
I got back in at 28 EUR on Friday. The share price is not consistent at all with fundamentals, and the relative performance with peers in the construction and fertilizer industries.
no mention of their abandoned insurance business model?
Previously, that was the "huge next big thing" in Mongolia. Now it's real estate?
just days ago, Südzucker said ist was interested in making a South American acquisition in the order of 1bn EUR. Looks like this is the one they are looking at.
back in 2008, Kirin was in advanced discussions to buy Amatil for 8 billion AUD.
http://bit.ly/1poSz4C
The deal did not go through at the time (Amatil's new CEO, former Graincorp, has experience with those bid 'failures' in Australia, when the bidder is a foreign company), but maybe there is now renewed interested among the japanese drink industry trifecta (Suntory, Asahi, Kirin).
" I thought this was a dead investment... "
now it is.
A permanent loss for SND shareholders, and SSL gets the upside potential for free and has virtually no downside (as there was nearly none left after the epic value destruction engineered by the management). Instead of being fired for their horrible performance, I bet they'll soon be celebrated for the "value creation" at Sandstorm Gold. They killed the SND investor, buried the corpse, and soon will dig it up again and rejoice that they found a golden tooth in its skull.
I couldn't help but laugh out loud when I heard Mr Smith musing about the corporate governance improvements and how he believes reversing the shareholder-unfriendly measures he himself just put in place a few months earlier is a great thing. Peter Kellogg, who just a few weeks ago was a "serial violator of securities laws" and "improperly and unlawfully trying to take control" is now "a very good sign" and " his people have helped us in many ways and we respect that and look forward to working with him in the future".
Judging from the length of the call and the benign questions most people seem to have lost interest in this opaque outfit.
FRNT is not FRO but this was already pointed out.
VLCCF is the "cape yield" entity promised by JF we have all been waiting for. It's been a long transformation but it now is a done deal.
Interestingly, the stock did NOT "spike" on the news but only one day later.
I bought heavily into VLCCF as soon as the news broke and was suprised I could get in at virtually the same price as before the news. Only in the subsequent days did the stock rally some 30% or so.
The reason to buy is very simple: after the deal JF will control 30% of the company, while he didn't touch it before. If JF thinks it's time, you should listen.
We should expect nice dividends from VLCCF for the next years. The total return over the next few years will probably be well over 100%.
Nippon Gas (Nichigas) will consolidate all its subsidiaries soon, a move investors are clearly satisfied with. The new consolidated company should be an interesting investment.
"NIPPON GAS CO LTD, HIGASHINIHON GAS CORP and SHINNIHON GAS CORP:Says NIPPON GAS CO LTD will fully acquire HIGASHINIHON GAS CORP, SHINNIHON GAS CORP, TOSAI GAS, Inc. and Kitanihon Gas Co, Ltd through stock swap, effective Mar. 7, 2014.Says one share of HIGASHINIHON will be exchanged for 0.34 shares of NIPPON GAS, one share of SHINNIHON GAS will be exchanged for 0.40 shares of NIPPON GAS, one share of TOSAI GAS for 2.80 shares of NIPPON GAS and one share of Kitanihon Gas for 1.86 shares of NIPPON GAS.Says NIPPON GAS will pay 4,685,886 shares for the transaction.Says HIGASHINIHON GAS and SHINNIHON GAS will be delisted from Tokyo Stock Exchange on Mar. 4, 2014. "
This looks like the latest "me too" attempt of Anglo, which will most probably result in damage comparable to the other recent "strategies".
Even the Oppenheimers have abandoned ship after Cynthia C's disastrous management.
Selling the so-called "non-core-assets" acquired over centuries that added nice diversification to Anglo, and betting huge on iron and coal (the lastest fashion in the 2003-2008 era) was a major mistake.
Taking on Glencore, Trafigura etc head-on with zero experience does not sound like a great idea.
Otaki gas (9541) and Kanto Natural Gas development (1661) have merged to become K&O Energy group (1663).
There's a high probability that the interested parties will work something out. Both McKesson and Elliott should be interested in the deal going through. I think the current share price reflects that expectation. So I'd say hold, if you have the shares.