nr36 schreef op 3 februari 2024 13:41:
We generated our returns by actively supporting the company through its restructuring»
Finally, nearly two years after our first investment, we participated in a placement as an anchor investor to round off the refinancing and to provide the resources necessary to fund the company’s growth strategy.
A few months ago, we concluded that an activist investor was no longer needed as the company had resolved its stress factors, the value had been created, and the market had started to recognize it. Consequently, we gradually exited the investment through the market. The share price on the day of the sale of our last share in Fugro was 15.3 euros, from 4.8 euros paid for the initial investments in 2020 and 11.3 euros for the issue in 2022.
In a nutshell, we generated our returns by actively supporting the company through its restructuring and growth journey. We are convinced that without the combination of a cooperative Board, a very competent and open management, and constructive activist shareholders, the result would have been vastly different.
«Constructive activism exists, and it is very successful, even if nobody speaks about it»
This is what we call «constructive activism». It exists, and it is very successful, even if nobody speaks about it. Without this article, you may never have known that behind the successful restructuring of Fugro, there was, among others, an activist investor.
I hope this article sheds light on a significant misperception: activists are often seen as vultures due to public campaigns and aggressive tactics. However, in some cases, they may be considered angels.
Massimo Pedrazzini is, among others, Chairman of Sterling Active Fund, Fidinam Group and of ST Real Estate. He graduated in law in Geneva 1985. He specializes in contract law, M&A, corporate law, governance, international tax and financial law.