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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-25 00:00:00",
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  "notes": "The slide uses a sarcastic tone ('VitekCoin') to frame the financial transactions as absurd and potentially fraudulent.",
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      "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. 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.",
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      "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.",
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      "text": "share price: €0.54",
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      "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.)",
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      "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.",
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      "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.",
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      "kind": "title",
      "text": "Pietroni — The Case for Creating VitekCoin",
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