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  "docSlug": "cfe5ee328183",
  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "The slide uses a skeptical tone to highlight potential regulatory negligence and questionable share transfers.",
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      "text": "Müller appears to have acted with negligence at a minimum by not disclosing his voting rights accorded to him by the call options.",
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      "kind": "paragraph",
      "text": "Dirk Ströer transfers 2.8 million shares at EUR 0...",
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      "text": "Rumpelhardt does not notify Ströer of the call option acquisition in June 2013 until 23 November 2015, 3 days after their disposal. Furthermore, not until the voting rights notification of Udo Müller dated 24 November 2015 do we learn that Rumpelhardt’s voting rights were also attributed to Udo Müller due to a fiduciary agreement. This fiduciary agreement is not publicly available. We don’t know why Rumpelhardt would have agreed to this arrangement. Rumpelhardt is close to Müller, however: he is a former CEO of Ströer Media International GmbH, and a business partner of Müller.",
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      "kind": "paragraph",
      "text": "Rumpelhardt/Müller acquired the bulk of the instruments, but stayed below the minimum notification thresholds. In this potential event, such person might not be subject to disclosure obligations.",
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      "text": "On 29 May 2013, according to the below source, Dirk Ströer disposed of 2.8 million Ströer shares for no consideration. Based on the below voting rights notification by Sambara Stiftung (Liechtenstein) we assume that those shares were transferred to Sambara Stiftung (Liechtenstein). Sambara Stiftung acquired an additional 400,000 shares in Q4 2014, bringing its ownership to 6.65%. The foundation disposed all its shares on 20 November 2015. Was this a magnanimous donation to a foreign charitable foundation? Color us skeptical.",
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      "text": "Müller appears to have acted with negligence at a minimum by not disclosing his voting rights accorded to him by the call options. Rumpelhardt appears to have acted with negligence at a minimum by not disclosing to Ströer his voting rights until late November 2015, over two years after acquiring the call options and three days after selling them.",
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      "text": "Footnotes 90-97 detailing sources and legal context.",
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      "kind": "title",
      "text": "Did Dirk Ströer Give His Shares Away?",
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