(CercleFinance.com) – The SES-imagotag share soared 25% on Friday morning on the Paris Stock Exchange following the publication of the second part of the Gotham City Research report, the tone of which turns out to be less virulent than the first chapter published two weeks ago.
In this new note, entitled ‘The fish rots from the head’, the activist investor essentially attacks the governance of the French group, citing ‘serious faults’ as well as ‘conflicts of interest’.
According to the American fund, the R&D center based in Austria would thus be the property, on the basis of cadastral data, of members of the management team of SES-imagotag, who would then rent it to the specialist in electronic labels for stores. physical.
‘In other words, SES-imagotag is the tenant of the Austrian site, its managing members are the lessor, thus constituting so many related party transactions that have not been disclosed,’ explains Gotham.
According to the short seller, five independent members of the board of directors would not be, due to ‘massive’ investments made in SESIM, the French holding company owned by the management.
Therefore, from Gotham’s perspective, these administrators are “no longer worthy of office.”
Accusations which seem much less heavy than those relayed on June 22, when the ‘short seller’ estimated in the first part of his report that the financial statements of the company were ‘materially misleading, incorrect and incomplete’.
For the record, SES-imagotag recently refuted all the allegations contained in the report, while announcing significant new contracts in the United States.
SES also announced that it exceeded 200 million euros in revenue during its second quarter, a record performance.
In a study released yesterday, Portzamparc analysts spoke of a “very attractive valuation” and offering “a lot of potential” after the Gotham attacks.
On the Paris Stock Exchange, the SES-imagotag share jumped 25% on Friday morning after being temporarily suspended on the rise.
Copyright © 2023 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
