Eurocontrol Technics Ord EUCTF

RE:RE:RE:RE:What are you all smoking?

[kidl2]

endeavour: Instead of belabouring what you label “opinion” and “negative innuendo” while encouraging people to do their own DD, why don’t you show us  how it’s done? How about some DD of your own which disproves the facts I presented or the conclusions I reached?

Many theories have been spun about a potential SICPA buyout. In the end it always seems to come down to a simple conclusion: SICPA for whatever reason isn’t interested.

 

It seems like the only logic conclusion since they could have just as easily orchestrated a complete takeover in early 2015 instead of just buying GFI. Interestingly enough, they could have bought all of EUO at or below what they paid for GFI. If they had offered say $0.20 cash, they would have easily gotten the nod from the required 66.7% of shareholders. It would have made most of the very long term shareholders whole and given the more recent buyers a triple or better. Even if management / insiders had opposed such an offer, they did not have enough shares at that time to stop it.

 

One additional point … There was and maybe still is this belief amongst many EUO shareholders that SICPA has a winning master plan just because it’s a large and seemingly successful company. As history has shown time and time again, large companies aren’t immune to stumbling / making mistakes. If we look objectively at the SICPA / GFI two plus year history, they have little / nothing to show for except a ~13% ownership in EUO with an average cost of somewhere around $0.16/sh and a current paper loss of over $1 Mil. A good part of which SICPA can thank Bruce for since it was Bruce’s personal buys and his misguided share buyback which pushed the share price up while SICPA was accumulating. The fact that SICPA very suddenly stopped accumulating and hasn’t taken advantage of the current averaging down opportunity seems to confirm their “plan” did not work out as they had anticipated.

 

Those who are currently averaging down or are considering to do so may want to pay attention to the fact that SICPA isn’t and there’s no one with more insight than them. They not only know better than anyone else what’s in the GFI pipeline, they also know what’s going on inside EUO thanks to their seat on the BOD.