Alpen schreef op 1 maart 2023 18:23:
[...]
Nu je het er toch over hebt, hieronder nog wat details van Heinz over bedrijfsstructuur en het creëren van aandeelhouderswaarde.
[
Webcast Q4-2022, Martijn den Drijver]
An IPO seems less likely; you said that a strategic sale is still under consideration, but if an OEM were to value not only the current operations but also train 2, train 3, train 4 and the Brasilian conversion plant, would you then change your opinion in terms of your strategic options, or will you remain in control?[
H. Schimmelbusch, 34:50]
The future of AMG - and we will announce that I think more specifically in the Annual General Meeting - is a parent company with three particular subsidiaries. And these particular subsidiaries will be not segments but subsidiaries which are commanding managements.
One of them will be AMG Lithium. AMG Lithium has been formed; it is a company, it has a board, it has a management.
And the other parts, Vanadium and Technologies, to be announced later, will be then following as the other two subsidiaries.
You should note that at one point in the past, we were planning to take Technologies public. It was running into the covid-wall, and was therefore put on ice, as the aerospace industry was practically going to a standstill.
The aerospace industry is far from a standstill right now. We experience a very strong recovery.
So I want to say this, not in order to predict something, the revitalisation of such an IPO; I want to say it because we are wide open to utilize valuation discrepanties in the context of such big trends: the aerospace trend which was interrupted, the lithium trend and the vanadium trend which is now emerging in light of the vanadium battery search.
So, that's the background. We are wide open to .... now this is all a very complicated question you know, I don't want to hypothetically say what .... I don't want to comment what would happen if somebody comes and has a wonderful price on one of our assets, and if then we would do all sorts of calculations, yes, but we wouldn't have a dogma, we wouldn't have a dogma, we are opportunistic people.
All guided by that we want to increase the longterm value of AMG critical materials as an enterprise which has shareholders we want to make happy.-------------------------------
Zoals ik het begrijp:
- De structuur van AMG zal bestaan uit een moederbedrijf met drie specifieke en zelfstandig opererende dochterondernemingen, elk met een eigen board en management.
- AMG Lithium is reeds op deze wijze gestructureerd en in de nabije toekomst volgen "Vanadium" en "Technologies"; aanvullende info op de a.s. aandeelhoudersvergadering.
- Door de impact van covid op de luchtvaartindustrie werd een geplande IPO van Technologies dus blijkbaar niet uitgevoerd en dat was voor mij nieuw. Heinz zegt niets te willen voorspellen, zoals het heractiveren ervan, maar hij vermeldt het dus ongevraagd wel om aan te geven (net als in de Q3-2022 webcast) dat wordt gewerkt aan de huidige onderwaardering van AMG en dus van genoemde drie bedrijfsonderdelen.
- "We are wide open to..." en "we wouldn't have a dogma" leest als: in geval van interesse in een van de bedrijfsonderdelen en de geboden prijs is in overeenstemming met de verworven positie van het betreffende bedrijfsonderdeel in de groeimarkt, in principe grote strik erom en deal afronden.