{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-7ded5e578fea", "slug": "631c22c05486", "title": "CPI Property Group (CPIPGR)", "subtitle": "Muddy Waters Research · 2024-01", "author": "Muddy Waters Research", "date": "2024-01-25 00:00:00", "pageCount": 35, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "CPI Property Group", "targetTicker": "CPIPGR", "document": { "id": "019dd923-622c-750b-8b97-7ded5e578fea", "slug": "631c22c05486", "title": "CPI Property Group (CPIPGR)", "rawTitle": "CPI Part III 20240125", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "authorDisplay": "Muddy Waters Research", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2024-01-CPI_Part-III_20240125.pdf", "sourceUrl": null, "sourceDate": "2024-01-25 00:00:00", "presentationDate": "2024-01-25 00:00:00", "ingestedAt": "2026-04-22 20:02:26+00", "status": "ready", "pageCount": 35, "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "CPI Property Group", "targetTicker": "CPIPGR", "metadata": { "local_root": "/tmp/legacy-images/631c22c05486", "activist_firm": "Muddy Waters Research", "origin_corpus": "contrarian", "extraction_seconds": 104.88698220252991 } }, "coverage": { "pageCount": 35, "pagesIndexed": 35, "pagesWithImages": 35, "pagesWithMetadata": 35, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 196, "chartCount": 0, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 3, "frameworkMatches": 19, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "e2439409-6a36-46c3-82e7-5fb6652db27d", "evidence": "The document follows a narrative arc of identifying a problem (financial discrepancies and governance issues), presenting evidence, and concluding with a call to action for investors and regulators.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:58:50.817926+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Monster", "beatId": "a89acbea-6e92-4cf9-9a45-ba3a75f95a4a", "matchId": "e2439409-6a36-46c3-82e7-5fb6652db27d", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The introduction of the problem, highlighting CPI Property Group S.A.'s financial discrepancies and governance issues.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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20:47:10.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "fraud-exposure" }, { "matchId": "3ad7bc2a-fc46-4041-842c-d5249d7dfc00", "evidence": "The slide uses a narrative of 'dodgy' transactions and auditor turnover to signal potential fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:47:10.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "4f4e1738-67ac-41cd-9d33-5d0a8a2a3351", "evidence": "The slide contrasts two legal documents to expose potential irregularities in auditor appointments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:47:10.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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the transaction as an absurd and arbitrary valuation exercise to expose potential self-dealing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:47:12.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Part III of a multi-part Muddy Waters short campaign on CPI PG credit (bonds); references prior Part I/II reports that covered asset stripping and inflated property values. Author credited only as 'Muddy Waters Research' on the cover; Carson Block not explicitly signed. Heavy use of pop-culture imagery (The Laundromat poster, F1 driver meme, Pokemon cards) to frame wrongdoing accusations; editorial tone sarcastic and accusatory. CEO-quote-contradiction flag is set because the deck quotes CPI PG's own management report and then contradicts it with the subsidiary filings. Sum-of-parts/peer-gap not used because this is a fraud-exposure thesis, not a valuation thesis. No explicit price target or upside number disclosed. Source docs quoted in Italian, French, Czech and Polish with translations provided.", "kpisCited": [ { "detail": "€35.3M total, of which €28.5M to settle bank loans (per CPI PG 2021 Annual Management Report)", "metric": "Collina Muratella reported acquisition consideration" }, { "detail": "€8.54M vs. €28.5M reported by parent — ~€20M discrepancy", "metric": "Cash actually paid by CPI Italy 130 SPV for the loan receivables" }, { "detail": "€25.3M vs. €103.9M originally outstanding — €78.6M unexplained", "metric": "Gross Book Value of receivables actually acquired by SPV" }, { "detail": "€104.1M still outstanding to 'companies controlled by parent'", "metric": "Collina Muratella entities' loan payables as of 31 Dec 2022" }, { "detail": "€35.5M of new bank loans plus €10.1M paid to Vitek, vs. disclosed €1 purchase price", "metric": "Pietroni transaction debt assumed" }, { "detail": "€13.6M total — €6.5M at Les Mas du Figuier + €7.1M at SCP Reflets", "metric": "Property impairments the year after Pietroni acquisition" }, { "detail": "€4.0M vendor loan at 3.39% on €12.5M purchase, from Kaloikos (Mossack Fonseca-linked)", "metric": "St. Tropez villa seller financing" }, { "detail": "67,000,000 CPI PG shares bought back at ~€0.54 vs. Vitek's €0.10 cost — €29.8M premium", "metric": "Share repurchase from Vitek via Pietroni" } ], "closingAsk": "Treat CPI PG equity and credit as tainted by repeated related-party transactions with Vitek in which bondholder money appears to fund inflated or laundering-linked asset purchases.", "extraction": { "at": "2026-04-22 20:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": 104.886986, "promptVersion": null }, "scqaReward": "If the discrepancies reflect a real cash hole and ongoing misappropriation, CPI PG credit spreads should widen materially and bonds decline as the true leverage and related-party leakage are priced in.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "€20M cash discrepancy and €78.6M missing receivables in the Collina Muratella landbank deal", "St. Tropez villa purchase from Vitek carries money-laundering hallmarks, funded by bondholders", "Pietroni €1 'acquisition' saddled CPI PG with €45M+ debt; assets impaired €13.6M the following year" ], "scqaSituation": "CPI Property Group is a large Luxembourg-listed real estate bond issuer controlled by Radovan Vitek, whose prior Muddy Waters reports already flagged asset-stripping and inflated investment property valuations.", "thesisSummary": "Muddy Waters is short the credit of Luxembourg-listed real estate group CPI PG, arguing that controlling shareholder Radovan Vitek is using bondholder money to strip assets through self-dealing transactions. In Part III of the campaign, MW examines the 2021 Collina Muratella landbank acquisition in Rome: CPI PG reported paying €28.5M to buy bank receivables, but the acquiring SPV's own financials show it paid only €8.5M against €25.3M of gross book value — leaving a ~€20M cash discrepancy and ~€78.6M of receivables unaccounted for. MW also revisits the Pietroni transaction: disclosed as a €1 acquisition, it actually loaded CPI PG with €45M+ of debt (including €10.1M paid to Vitek) and delivered assets — including a St. Tropez villa with suspicious Mossack Fonseca-linked prior ownership — that were impaired by €13.6M the next year.", "primaryDemands": [ "Short the credit (bonds) of CPI Property Group", "Investigate the ~€20 million cash discrepancy in the Collina Muratella acquisition", "Investigate the Pietroni transaction and the St. Tropez villa as potential money laundering vehicles funded by CPI PG bondholders" ], "scqaResolution": "Muddy Waters maintains its short position in CPI PG credit and urges bondholders, rating agencies, and regulators to scrutinize the Collina Muratella accounting and the Pietroni/St. Tropez chain of transactions.", "thesisOneLiner": "CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.", "precedentsCited": [ "Panama Papers / Mossack Fonseca", "Muddy Waters CPI Property Group Part I and Part II reports" ], "scqaComplication": "Part III uncovers a ~€20M cash hole and ~€78.6M of missing receivables in the Italian Collina Muratella landbank deal, plus a St. Tropez villa bought from Vitek with hallmarks of money laundering funded by CPI PG bondholders.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 10, 11, 30, 35 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses a satirical image of a piggy bank with glasses on money to imply financial impropriety.", "function": "front_matter", "imagePath": 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Below is CPI PG's disclosure from its 2021 report (emphasis added):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:08.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a608b75-ddbf-4a9b-bbaa-cf4ef82ce1b4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.35 }, "kind": "quote", "text": "3.6 Property asset acquisitions in 2021\nCollina Muratella Complex\nOn 12 March 2021, the Group acquired 100% share in three Italian companies Millenium S.r.l., Freccia Alata S.r.l. and Peabody Lamaro Roma S.r.l. forming Collina Muratella Complex, a landbank for a planned residential complex in Rome, Italy. 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Each Collina Muratella entity's financials report the acquisition of the loan receivables by CPI Italy 130 SPV, which occurred prior to the acquisition of the holdcos' equity by CPI PG.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a6-4d34ecd46c16", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "CPI Italy 130 SPV acquired the loan receivable for each entity. Each Collina Muratella entity's financials report the acquisition of the loan receivables by CPI Italy 130 SPV, which occurred prior to the acquisition of the holdcos' equity by CPI PG. These disclosures are substantially similar to one another. The disclosure below is from Millennium S.r.l. (Google translation, emphasis added):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82b7dd1b-4052-4d27-98b4-63929076cc9e", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.85, "x": 0.08, "y": 0.4 }, "kind": "quote", "text": "\"As at 31 December 2019, the Company had an overdue debt towards the banks... On 29 December 2020, this debt... was purchased without recourse by CPI Italy 130 SPV Srl...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:08.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce909602-f44f-4cf9-9eef-e4a34e549f52", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As at 31 December 2019, the Company had an overdue debt towards the banks BNP Paribas SA, Banca IFIS SpA, Unione di Banche Italiane SpA, AMCO – Asset Management Company SpA, Banca Monte dei Paschi di Siena SpA and Banca Carige SpA for an amount equal to Euro 22,196. On 29 December 2020, this debt, within the broader process of acquiring the shares of the Companies by the CPI group, was purchased without recourse by CPI Italy 130 SPV Srl, a vehicle controlled by the parent company CPI PG, and, therefore, it was reclassified among “Payables to companies subject to the control of the parent companies.” The formalization of the debt renegotiation beyond the 2022 financial year is underway.\" — Millennium S.r.l. 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At the time of transfer, Les Mas du Figuier (the entity) was owned by Pietroni. Pietroni owned two other assets: A problematic entity called SCP Reflets (Monaco), discussed infra; 67 million shares of CPI PG, which is also problematic and discussed infra", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:10.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7aafad62-6b58-4ea1-bc93-358417c9af12", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "CPI PG bought Vitek's splendid St. Tropez vacation villa from him in 2019 through the Pietroni acquisition. The estate, named Villa Mas du Figuier, fittingly is owned by an entity called Les Mas du Figuier SAS (France). When CPI PG bought the vacation villa from him, CPI PG paid Vitek €10.1 million cash and seemingly assumed tens of millions of Euro of debt on the property. (It's unclear the exact amount of debt outstanding at the time because Vitek, as he frequently does, bundled the home with other entities and assets.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:10.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cddf5af-e243-4a20-b0d7-f1f82ad85521", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "paragraph", "text": "The home is now available for rent for ~€150,000 per week. (We are unsure whether bondholders would get a discount.) A well-placed source said the owner's children occasionally still use the home. We assume that refers to Vitek's children.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:10.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f563e7b-2e9d-4723-b0c6-e7f1ad817856", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 CPI FIM 2022 Management Report, Pg. 23; 2 CPI PG Annual Management Report 2019, Pg. 138; 3 CPI FIM SA 2019 Financials, Pg. 23, Note 3.2...; 4 Web archive link; 5 CPI PG Annual Management Report 2019, Pg. 117.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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CPI PG paid off the receivable, handing Vitek over €10 million cash.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a7-6e15c25f3139", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Pietroni also had €35.5 million of third-party debt, which CPI PG assumed with the acquisition. It's unclear how much of the debt was Les Mas de Figuier's because it last filed financial statements for 2016. 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With the valuations seemingly being so arbitrary, Vitek and CPI PG might as well conduct these transactions with Pokeman trading cards, VitekCoin, or some other pointless asset.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:12.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d724134-a5c1-4894-8121-71bd31616371", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Given that Vitek is constantly issuing himself CPI PG shares and then having CPI PG buy them back at a premium, the whole exercise strikes us as slightly absurd.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a8-2c4f5f01d10f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: €0.54", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a8-325c2d78a973", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Through the Pietroni acquisition, CPI PG also re-acquired 67,000,000 of its own shares from Vitek purportedly at ~€0.54/share, which was a €29.8 million premium to Vitek's original purchase price. The shares were originally acquired in June 2016 and September 2017 by Vitek’s company Efimacor Sarl for €0.10 / share. (The shares were transferred to Pietroni in December 2018. These were initially set up as a loan, but in January 2019, the accounting was changed to be recorded as an equity contribution by Vitek.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:12.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "217815e0-e4e6-40a8-98b9-5cc0117f8a7e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.46 }, "kind": "paragraph", "text": "In contrast, CPI PG’s two previous share buybacks, including one which occurred on July 1 of that year, were made at just €0.30/share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:12.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c1943f0-8841-4ea0-8c5d-872b5ca3f0a3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 CPI PG Annual Management Report 2019, Pg. 127. 2 Efimacor 2017 Financial Statements, Pg. 3. 3 Pietroni 2019 Annual Report p.9. The debt-to-equity conversion was made by Vitek’s company Efimacor Sarl, which marked up the value of the shares in the process from €0.10/shr to €0.23/shr. 4 CPI PG Annual Management Report 2019, Pg. 128.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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