13.09.2017
Zugemailt von / gefunden bei: Petrus Advisers (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Dear Mr. Zielke,
Petrus Advisers are the second largest shareholder in comdirect. As an actively engaged fund manager we contribute to value creation for the benefit of all shareholders. While research analysts nearly unanimously favour financial services stocks, they shun comdirect – your leadership of the company scares off analysts: six research houses have a “Hold/Sell” on comdirect, nobody recommends a “Buy”. Furthermore, we perceive Commerzbank as a dominating shareholder who has no smart ideas. You have no domination agreement in place yet run comdirect as a Commerzbank department and apparently see it as a shelter for your former Dresdner Bank colleagues rather than taking an interest in a dynamic growth strategy. Retail investors who have been with comdirect since its IPO are choked by Commerzbank’s cost structures and stand no chance of seeing the stock return to its historical price level if this continues - outside investors lose out on value.
The comdirect Cost Problem
comdirect’s cost / income ratio is higher than peers by a mind-boggling c.20%. Its core operations and administration are housed within Commerzbank on terms not supportive to value creation for comdirect who appears to have no say. The Commerzbank cost savings programme of €1.1bn will not end value destruction – no savings are shared.
eBase
There are no material synergies between eBase and comdirect. eBase is kicking the can around with the same net result since 2013 – despite its c.29% growth in assets under custody contributing to Commerzbank’s own growth targets. In a well-run bank managers enjoying life so lavishly get fired.
Management, Performance-related Variable Compensation and Supervisory Board
comdirect’s Management and Supervisory Boards are effectively composed of your circle of friends from your Dresdner Bank days. Notably, management’s share incentive programme is based on Commerzbank AG stock! We see this as an utter and disconcerting violation of corporate governance best-practices, and a slap in the face for long-suffering minority shareholders.
Lack of Dynamic Growth Strategy
The capital market despises your leadership and goals for comdirect: There is no growth strategy worth mentioning; the business is run provincially, with a sole focus on Germany; Commerzbank cannot leave all its customer groups to the superior online-business model of comdirect; and international growth is not actively pursued by comdirect. You position comdirect in the capital markets as a mere option on rising interest rates – a far cry from the promises of the old comdirect at the time of its IPO as dynamic poster child of German shareholder culture.
We demand that you immediately focus on comdirect or hand the business over to owners with better ideas. Hence, we call for: (1) a comprehensive review and assessment of the management team, including the potential addition of non- Commerzbank executives, (2) the strengthening of the Supervisory Board with independent members who can embrace German and international equity market culture, (3) the immediate conversion of all share-based incentive plans to comdirect AG stock, (4) cost savings of at least €25 million, (5) the sale of eBase or alternatively a focussed and profit- driven growth strategy, and (6) the expeditious development of a convincing growth strategy for comdirect including plans for international growth.
Should you as the dominating shareholder be unwilling to or incapable of accomplishing this, we demand that you offer a fair alternative to minority shareholders in the form of a domination agreement.
Yours sincerely,
Klaus Umek
Till Hufnagel
7672
petrus_advisers-partner_schreiben_kritischen_brief_an_commerzbank-ceo
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)184900
inbox_petrus_advisers-partner_schreiben_kritischen_brief_an_commerzbank-ceo
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
13.09.2017, 4311 Zeichen
13.09.2017
Zugemailt von / gefunden bei: Petrus Advisers (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Dear Mr. Zielke,
Petrus Advisers are the second largest shareholder in comdirect. As an actively engaged fund manager we contribute to value creation for the benefit of all shareholders. While research analysts nearly unanimously favour financial services stocks, they shun comdirect – your leadership of the company scares off analysts: six research houses have a “Hold/Sell” on comdirect, nobody recommends a “Buy”. Furthermore, we perceive Commerzbank as a dominating shareholder who has no smart ideas. You have no domination agreement in place yet run comdirect as a Commerzbank department and apparently see it as a shelter for your former Dresdner Bank colleagues rather than taking an interest in a dynamic growth strategy. Retail investors who have been with comdirect since its IPO are choked by Commerzbank’s cost structures and stand no chance of seeing the stock return to its historical price level if this continues - outside investors lose out on value.
The comdirect Cost Problem
comdirect’s cost / income ratio is higher than peers by a mind-boggling c.20%. Its core operations and administration are housed within Commerzbank on terms not supportive to value creation for comdirect who appears to have no say. The Commerzbank cost savings programme of €1.1bn will not end value destruction – no savings are shared.
eBase
There are no material synergies between eBase and comdirect. eBase is kicking the can around with the same net result since 2013 – despite its c.29% growth in assets under custody contributing to Commerzbank’s own growth targets. In a well-run bank managers enjoying life so lavishly get fired.
Management, Performance-related Variable Compensation and Supervisory Board
comdirect’s Management and Supervisory Boards are effectively composed of your circle of friends from your Dresdner Bank days. Notably, management’s share incentive programme is based on Commerzbank AG stock! We see this as an utter and disconcerting violation of corporate governance best-practices, and a slap in the face for long-suffering minority shareholders.
Lack of Dynamic Growth Strategy
The capital market despises your leadership and goals for comdirect: There is no growth strategy worth mentioning; the business is run provincially, with a sole focus on Germany; Commerzbank cannot leave all its customer groups to the superior online-business model of comdirect; and international growth is not actively pursued by comdirect. You position comdirect in the capital markets as a mere option on rising interest rates – a far cry from the promises of the old comdirect at the time of its IPO as dynamic poster child of German shareholder culture.
We demand that you immediately focus on comdirect or hand the business over to owners with better ideas. Hence, we call for: (1) a comprehensive review and assessment of the management team, including the potential addition of non- Commerzbank executives, (2) the strengthening of the Supervisory Board with independent members who can embrace German and international equity market culture, (3) the immediate conversion of all share-based incentive plans to comdirect AG stock, (4) cost savings of at least €25 million, (5) the sale of eBase or alternatively a focussed and profit- driven growth strategy, and (6) the expeditious development of a convincing growth strategy for comdirect including plans for international growth.
Should you as the dominating shareholder be unwilling to or incapable of accomplishing this, we demand that you offer a fair alternative to minority shareholders in the form of a domination agreement.
Yours sincerely,
Klaus Umek
Till Hufnagel
7672
petrus_advisers-partner_schreiben_kritischen_brief_an_commerzbank-ceo
Was noch interessant sein dürfte:
Inbox: Hausdurchsuchung bei voestalpine
OÖ10: Rosenbauer-Serie hält an
Nebenwerte-Blick: Agrana, FACC und S Immo gut unterwegs
Inbox: Kontron-Manager Carlos Queiroz kommt in den S&T-Vorstand
Inbox: FMA warnt vor YF Asset Management Limited
Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und grossem Neukundenpaket, alle Details Börsentag Wien 4.6.
1.
Commerzbank
, (© photaq.com) >> Öffnen auf photaq.com
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A2YNV5 | |
AT0000A2TTP4 | |
AT0000A2APC0 |
Clark Madness
Das Sporttagebuch mit Michael Knöppel - 27. März 2024 E-Mail: sporttagebuch.michael@gmail.com Instagram: @das_sporttagebuch Twitter: @Sporttagebuch_
Das Sporttagebuch mit Michael Knöppel - 27. ...
Igor Chekachkov
NA4JOPM8
2021
ist publishing
Sebastián Bruno
Ta-ra
2023
ediciones anómalas
Helen Levitt
A Way of Seeing
1965
The Viking Press