{ "docId": "019dd923-622c-750b-8b97-7713cb2db73c", "docSlug": "db6aaeefee70", "documentTitle": "CPI Property Group (CPIPGR)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-21 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 38, "pageCount": 51, "prevPage": 37, "nextPage": 39, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 6, "notes": "The slide uses a narrative structure to expose potential market manipulation/fraud.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-7713cb2db73c/38", "deckHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c#slide-38", "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.41 }, "kind": "callout", "text": "It appears that the Viteks \"painted the tape\" to justify the retroactive reprice of the remaining 14,071,483 shares and €52.1 million additional profit.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a65ddbaa-36a8-4d7a-b56d-7bc276b53110", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "paragraph", "text": "However, CPI PG's FY2021 management report disclosed that on the same day it acquired InvestCo from Mountfort, it also purchased a small amount of shares—just 150,800 shares— for €23.00 / share, from Patrick Vitek's Mountfort. These 150,800 shares amount to only 1% of the total shares obtained via Mountfort. The stock had closed the prior day, November 30th, at €20.50.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f887581-ee55-465c-9b7a-d55045779a70", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "paragraph", "text": "In 2022, CPI PG claimed to raise the per-share purchase price for the Immofinanz shares acquired to €23.00, retroactively, following an agreement with CEE Immobilien GmbH. It isn't clear why the CEE Immobilien transaction should have impacted the price of Immofinanz shares sold in the preceding year by a different seller (Patrick Vitek) and prior to the take-over bid announcement.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ee6af5c-524f-486c-886c-f9c320e37080", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The ultimate beneficial owner of Mountfort Investments S.à r.l. was Patrick Vítek (eldest, adult and not dependant son of the Company main shareholder). — CPI PG Annual Management Report 2021", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f41-721f-9e54-c054470d38a3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 CPI PG Annual Management Report 2022, Pg. 126. 2 CPI PG Annual Management Report 2021, Pg. 170. The purchase of these 150,800 shares from Mountfort was not carried over in the FY2022 management report's version of the Immofinanz acquisition reporting. 3 14,071,483 shares from WXZ1 + 150,800 shares purchased from Mountfort = 1.06%.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "49195469-9277-4d64-99ac-1a5a3d9fd63c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.52 }, "kind": "table", "text": "IMMOFINANZ AG shares: In the period from 13 July 2021 to 2 December 2021, the Company acquired 12,369,047 shares of IMMOFINANZ AG on the market in the total amount of EUR 255,670 thousand. On 1 December 2021, the Company purchase 150,800 shares of IMMOFINANZ AG from Mountfort Investments S.à r.l. in the total amount of EUR 3,474 thousand. The Company acquired indirectly 14,071,483 shares of IMMOFINANZ AG by purchase WXZ1 a.s. from Mountfort Invetments S.à r.l. on 1 December 2021. The ultimate beneficial owner of Mountfort Investments S.à r.l. was Patrick Vítek (eldest, adult and not dependant son of the Company main shareholder).", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9c9ae136-d649-4728-aad5-f6e330e3e09a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Painting the Tape to Justify the Retroactive Increase", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d8afcb3f-533f-47f3-b135-9d9abdf35748", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "a3b95462-fe09-470d-aa8a-87d35edec027", "evidence": "The slide explicitly frames a series of transactions as 'painting the tape' to justify an illicit profit.", "confidence": 0.9 } ], "arcBeats": [ { "to": 51, "from": 7, "beatId": "710bc55b-2a40-47b4-94c4-ec2b7d194a9a", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The majority of the document's slides are labeled as expose_contradiction, indicating a focus on revealing inconsistencies and questionable actions.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }