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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-21 00:00:00",
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      "text": "We found several instances of curious changes in the shareholder makeup of some of Ströer’s subsidiaries. These oddities heighten our accounting related concerns about the company.",
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      "text": "Christoph Vilanek, Martin Diederichs, Julia Flemmerer, Michael Remagen, Dirk Ströer, Ulrich Voigt",
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      "text": "Why was Hammerath offered a minority stake in Business Advertising? Why did Ströer contribute capital in order to allow Hammerath in while avoiding dilution?",
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      "text": "Pacemaker Targeting GmbH / Pacemaker AOS GmbH: Ströer Digital Group GmbH (SDG) owned 100% of Pacemaker as of 16 August 2013. On 9 October of that year, SDG was diluted to 80%.",
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      "text": "ADselect GmbH: On 15 June 2015, Business Advertising GmbH became a 100% shareholder of ADselect. Former ADselect CEO Ralf Hammerath became a minority shareholder of Business Advertising GmbH.",
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      "text": "149 Liste der Gesellschafter der ADselect GmbH und Business Advertising GmbH obtained from Unternehmensregister.",
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