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  "presentationDate": "2023-11-21 00:00:00",
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  "notes": "This slide is part of an activist short report by Muddy Waters Research.",
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      "text": "This retroactive adjustment allowed the Viteks to cream an additional €52.1 million cash.",
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      "text": "cash extraction: €52.1 million",
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      "text": "After CPI's purchase of Immofinanz shares from Patrick Vitek had closed at a price of €18.56 / share, CPI retroactively adjusted the purchase price to €23.00 / share.",
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      "text": "This retroactive adjustment allowed the Viteks to cream an additional €52.1 million cash.",
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      "text": "Using his then-23-year-old son, Patrick Vitek, as an intermediary, Vitek appears to have manipulated the price CPI PG paid for ~11% of the outstanding shares of Immofinanz AG, causing CPI PG to overpay his son by at least €52.1 million.",
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      "text": "1 Immofinanz Financial Statements H1 2021, Pg. 10: “9.13% via shares and 0.88% through mandatory convertible bonds.” 2 We give an approximate ownership figure because the ownership stake in Immofinanz is reported inconsistently across contemporaneous sources. 3 Consideration €261.2 million / 14,071,483 shares, average price per share €18.56.",
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