Sintercast: Penseranalys & insiderfsg

2013-12-17 14:44, Edited at: 2013-12-18 09:13

Erik Penser FK släppte i förra veckan en analys där slutsatsen är att Sintercast har en premievärdering på känd information. Tråkigt. Ännu tråkigare blir det om de optioner som anställda har inte bytts till långsiktigt ägande av nya aktier. Det verkar inte så enligt en mailkonversation som aktieägaren och sintercastföljaren sign willy redovisat idag. Man cashar hem helt enkelt. Vad ger det för signaler?

Här är Pensers engagemanslösa s.k analys.

http://epaccess.penser.se/sintercast/analys

Här är Willys mailkonversation publicerad på placeras forum idag. Den handlar om de optioner till anställda och där slutdatum för inlösen var den i förra veckan. Kan det vara dessa optioiner som omvandlats i december och nu pressat kursen eftersom anställda tar hem vinsten? Är vi åter på väg ned i kursträsket?

Willy,

**The rules of the stock exchange state the conclusion of the option programme must be announced in a press release on the last trading day of the month in which the programme concluded. We will therefore issue a press release on the last trading day in December. This is the same as the procedure that we followed in 2010.

As we must issue a press release to inform to the market, I¿m sure that you will understand that I can¿t give any additional information in this e-mail and I also can¿t post a reply to Urban¿s Ask the President question.

Unfortunately, we seem to have the same discussion every time an incentive programme becomes due, with some of the shareholders wanting to influence the employees to invest rather than receive the benefit. My position on this has been very consistent: the incentive programmes are offered to the employees to motivate them and to encourage them to commit to SinterCast as long time employees. The initial spirit of the programmes is that the employees can receive a benefit at the conclusion of the programme. This is perfectly normal throughout industry. I don¿t think that it is right to try to change the spirit of the programme at the end, and ask the employees to invest rather than realising the benefit.

I have also been consistent in saying that I won¿t interfere with the personal finances of the employees. The employees give their livelihood and their family¿s livelihood to SinterCast and it isn¿t appropriate for the management, the Board or the shareholders to pressure the investment decisions of the employees. There are many ways to see that the employees believe in the company, especially through their work, sacrifices, contributions and achievements. It would be wrong to evaluate the commitment of the employees in terms of their personal investment.

As both of you know, SinterCast has had many incentive programmes over the years, and most of them have concluded with little or no benefit to the employees. It would be sad now to be critical if an incentive programme provided a reward to the employees.

I trust that you will understand my position in this matter,

Steve**