Recent News

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. As recently as last month, in a discussion with senior management, we voiced our concerns that Ahlsell could easily become a takeover target reflecting Ahlsell’s steep discount to intrinsic value and its shareholder structure with CVC still owning 25% of Ahlsell. We suggested a proactive approach, including but not limited to a 10% buy back, as buybacks offer superior risk-adjusted returns while simultaneously increasing Ahlsell’s intrinsic value on a per share basis to long-term minority shareholders. On our estimates, Ahlsell’s leverage framework of 2 – 3x ND/EBITDA offers scope for buybacks in excess of 25% of Ahlsell’s market cap until 2020. We regret that Ahlsell could disappear as a public company and do not believe this would be in the interest of all stakeholders including Ahlsell’s employees, customers and minority shareholders. We are currently analyzing the SEK 55 all-cash offer.

November 14, 2018

Letter to Board of Directors regarding capital allocation framework

November 12, 2018

Lucerne issues writ of summons on Telenet, asking the Belgian courts to step in and to appoint an expert

October 12, 2018

Letter to Board of Directors following Telenet's special general meeting

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

Lucerne: Telenet denies shareholders their basic rights without legal merit

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

Lucerne addresses Telenet Board in new letter

July 20, 2018

Lucerne addresses Telenet board and statutory auditor KPMG in new letter

June 26, 2018

Letter to Telenet’s legal counsel

June 11, 2018

Lucerne Capital’s legal concerns regarding Telenet’s Corporate Governance

May 8, 2018

Letter to Telenet’s Board Of Directors

Lucerne Capital Management
35 Mason Street
Greenwich, Connecticut 06830
USA
+1 203 983 4455

Jonathan Larken
Chief Marketing Officer
+1 203 983 4455
irelations@lucernecap.com