May 16, 2019
- Lucerne Capital is in full support of the management team and its strategy as outlined at today’s AGM. Lucerne recognizes that Intertrust’s operational excellence has returned the company onto a solid growth trajectory.
- We urge the board and shareholders to adopt and implement an appropriate remuneration scheme for management and key employees as soon as possible to the benefit of all stakeholders.
- However, Lucerne believes that Intertrust is still operating under an outdated capital allocation framework adopted by previous management at time of IPO.
- We believe this antiquated framework is causing a deeply discounted valuation for Intertrust. On our estimates, Intertrust is one of Europe’s cheapest listed stocks, despite strong operational prospects.
- Lucerne believes that Intertrust should adopt a predictable capital allocation framework with a focus on buybacks and bolt on M&A instead of fixed dividends today, allowing an acceleration of management’s strategic agenda.
- We believe that Lucerne’s proposed capital allocation framework as outlined in the attached presentation would benefit all stakeholders, and simultaneously be highly accretive to long term intrinsic value per share.
April 17, 2019
December 11, 2018
Ahlsell receives all cash offer- Lucerne’s comments/analysis
Lucerne Capital, a >2% holder in Ahlsell has been proactively engaged with management (Link To Presentation) over the last 12 months to address the company’s significantly depressed valuation.
November 14, 2018
November 12, 2018
October 12, 2018
September 26, 2018
Lucerne comments in respect of 26 September 2018 Telenet EGM and minutes
(Click here for the full version of the minutes including the oral Q&A in Appendix 3)
September 13, 2018
September 4, 2018
Lucerne Capital's proposed agenda items for Telenet's EGM on September 26th 2018 (English version for information purposes)
August 21, 2018
July 20, 2018
June 26, 2018
June 11, 2018
May 8, 2018
Lucerne Capital Management
35 Mason Street
Greenwich, Connecticut 06830
+1 203 983 4455
Chief Marketing Officer
+1 203 983 4455