DISCLOSURE


Petrus Advisers Ltd (“Petrus”) is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom (“UK”). This website is only directed at those who are Professional Clients or Eligible Counterparties (as defined by the FCA).

Information provided on this website is confidential and should not be copied, reproduced or redistributed without the prior written consent of Petrus.

Nothing contained on this website is intended to constitute an offer, invitation or inducement to distribute or purchase shares or to enter into an investment agreement by Petrus in any jurisdiction in which such offer, invitation or inducement is not lawful or in which Petrus is not qualified to do so or to anyone to whom it is unlawful to make such offer, invitation or inducement. The contents of the website have not been prepared for the benefit of investors outside the UK, in particular not for investors in the United States of America.

It may be illegal to download the information contained in this website in certain countries and Petrus and its associated companies disclaim all responsibility if you download any information from this website in breach of any law or regulation of the country in which you are residing.

Securities will only be offered for purchase or sale pursuant to the relevant term sheet which must be read in its entirety.

No Advice: Nothing contained in this website is intended to constitute, and should not be construed as, investment, legal, tax or other advice, nor is it to be relied upon when making investment or other decisions. The information on this website is provided solely on the basis that potential investors in any of the funds referred to that are open for investment should seek their own independent financial advice. In particular, investors should make themselves aware of the risks associated with any investment before entering into any investment activity.

No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, expressed or implied, is given as to the accuracy or completeness of the information or opinions contained on this website (including any documents on the website).

Investment information: Any investment with Petrus should form part of a diversified portfolio and be considered a long term investment. Past performance should not be used as a guide to future performance, which is not guaranteed. The value of an investment and any income from it fluctuate and therefore an investor may not get back the amount invested. Prospective investors should be aware that returns over the short term may not match potential long term returns and should always seek independent financial advice before making any investment decision.

It may be illegal to download the information contained in this website in certain countries and Petrus and its associated companies disclaim all responsibility if you download any information from this website in breach of any law or regulation of the country in which you are residing.

Risks involved: Currency movements may affect both the income received and the capital value of investments in overseas markets. Where a fund or strategy invests in fast growing economies or limited or specialist sectors it may be subject to greater risk and above average market volatility than an investment in a broader range of securities covering different economic sectors..



Active Investments

2022

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June

Sale of strategic stake to J&T Finance Group SE
Prodej strategického podílu skupine J&T (CZ)

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May

Akvizice Air Bank konečně padá (CZ)
Air Bank acquisition finally dead

2021

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December

Výsledky valné hromady Monety – Vánoce přišly dřív pro PPF (CZ)

Result of the EGM – Christmas came early for PPF

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November

Clarifications to Moneta’s misstatements
Response to Revised Offer for PPF Asset Collection

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October

Výzva Monete k ukončení transakce s Airbank / Home Credit (CZK only)

Call for Moneta to remove its Airbank/Home Credit share price depression

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June
Petrus Advisers press release post the victory at the EGM
Petrus Advisers speech at the EGM
Legal considerations on the proposed transaction

Tisková zpráva po vítězství na valné hromadě (Czech version)
Projev na valné hromadě (Czech version)

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May
Moneta is keen on expensive Air – this entire saga smells (Presentation)

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April

Excerpt of Shareholder Counterproposal filed with Moneta Money Bank from 13th April 2021 (ENG version)
CV of Ms Nicola Northway (ENG version)

Protinávrh kandidáta – Moneta Valná Hromada 13. Duben 2021 (CZK)
Životopis Nicola Northway (CZK)

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February
PETRUS ADVISERS TALKS
Gernot Mittendorfer, former Erste Group CFO and Ceska Sporitelna CEO

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January
Letter to the Supervisory Board
Presentation – Reject the PPF attack

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2019

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February
Successful termination of the Home Credit / Air Bank takeover

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2018

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November
Letter to Moneta Money Bank

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May

Letter from Moneta Money Bank

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April

Letter to Moneta Money Bank

Please see our presentation for further information:
Moneta Money Bank: Creating a Leading Bank in Europe’s Dynamic Growth Zone

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January

Letter to Moneta Money Bank

2022

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April
We accept the improved offer for Aareal, 5 April 2022

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February

Letter to Aareal Bank AG, 18 February 2022

Press coverage: Finanzinvestoren verfehlten Annahmeschwelle für Aareal-Offerte deutlich, Handelsblatt, 7 February 2022 (Link to metered paywall)

Next steps for Aareal, 4 February 2022

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January

Letter to Aareal Bank AG, 17 January 2022 (in German)

Response to OLG ruling and update on Advent/Centerbridge offer, 17 January 2022

Press coverage: Aareal Bank’s $2 Billion Buyout Threatened by Hidden Tech Gem, Bloomberg, 14 January 2022 (Link to metered paywall)

Ignore Advent/Centerbridge offer, 12 January 2022

Presentation: Aareal valuation update

Response letter from Jochen Klösges, 5 January 2022 (in German)

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2021

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December

Letter to Aareal Bank AG, 28 December 2021

Response letter from Jochen Klösges, 27 December 2021 (in German)

Press coverage:Morgan Stanley verhindert Aktionärsrevolte bei Aareal Bank, Manager Magazin, 27 December 2021 (Link to Metered Paywall)

Letter to Aareal Bank AG, 20 December 2021

The result of today’s Extraordinary General Meeting of Aareal Bank AG, 9 December 2021

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November

When shareholder value destruction becomes a habit

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June

Letter to Aareal’s Supervisory Board, 1 June 2021 (in German)

Response letter from Marija Korsch, 10 June 2021 (in German)

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May

Presentation: Aareal – Q1/21 earnings analysis with focus on cost improvement opportunities

List of questions (in German), 18 May 2021

Petrus Advisers clarifications to investors, 4 May2021

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April

Presentation: Revive Aareal

Presentation: Cost savings potential analysis

Excerpt of the supplementary request filed with Aareal Bank AG, 12 April 2021

CVs of the three candidates Heinz Laber, Marion Khueny and Thomas Huerlimann

Letter to Aareal’s Supervisory Board, 30 March 2021

Response letter from Aareal’s Supervisory Board, 7 April 2021 (in German)

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February

Letter to Aareal Bank AG, 10 February 2021

Presentation: Additional Thoughts on Aareal and Aareon

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2020

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November

Letter from Aareal Bank AG, 30 November 2020 (in German)

Letter to Aareal Bank AG, 24 November 2020

Presentation: Aareal – Greed is not good

Letter to Aareal Bank AG, 6 November 2020

Presentation: Considerations on Aareal


2022

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January

A new era has arrived, exit to CPI Property Group S.A.


2021

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November

Letter to the Supervisory Board

Overview of Supervisory Board’s ESG shortfalls

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October

Letter to Immofinanz Supervisory Board on ESG

ESG comparison of DACH and CEE office real estate players

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March

Ad-hoc notification: Review procedure initiated by the Austrian Takeover Commission


2020

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March

Update on a Potential Immofinanz / S Immo Combination


2019

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April

Analysis of management board compensation


2018

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February

Chronology of value destruction

Letter to Immofinanz


2017

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November

Fair value for CA Immo

Letter to CA Immo

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March

Value Creation for Immofinanz

Letter to Immofinanz

2018

August

Letter to PKN Orlen

Please see our presentation for further information:
“Damage Suffered by Unipetrol Shareholdes Due to PKN Orlen Domination”

2017

August
Euro 23.0 conwert in squeeze out process

March
Petrus remains invested in conwert

2016

September
Petrus Advisers falls below 4% threshold of voting rights in conwert Immobilien Invest SE

September
Petrus Advisers falls below 5% threshold of voting rights in conwert Immobilien Invest SE

March
Petrus comments on the upcoming conwert EGM

2015

December
Letter to conwert Administrative Board and CEO

November
Letter to conwert Immobilien Invest SE

August
Petrus Advisers Withdraws Demand for EGM

August
BGP – a Deal conwert Must Not Do

July
Minority shareholder criticism of planned BGP Investment Acquisition

June
Shareholders request Extraordinary General Meeting of conwert – 15 June 2015

June
Letter from Erich Kandler to the shareholders of conwert – 10 June 2015

June
Letter to conwert Shareholders by Erich Kandler

May
Recent events at conwert alert us

May
Petrus Follows ISS Recommendation

May
Action plan for conwert value creation

May
Petrus Advisers and other shareholders propose important motions for the AGM on June 5th 2015

May
Letter to conwert shareholders

April
Deutsche Wohnen’‘s conwert bid failure

March
conwert retail shareholder base revisited

March
Makor London Hedge Fund Reunion re: conwert

February
conwert mismanagement facts

January
Demands to end value destruction at conwert

2014

November
Petrus Advisers exceed 5% threshold of voting rights in conwert Immobilien Invest SE

October
Petrus Advisers exceed 4% threshold of voting rights in conwert Immobilien Invest SE

2012

March
Haselsteiner acquires additional 24% of voting rights of conwert investment from Petrus Advisers and purchases all conwert shares from Petrus Advisers’‘ Valluga Fund.

March
Haselsteiner assumes 76% of voting rights and thus control over 19.8% of conwert investment from Petrus Advisers.

2011

May
Petrus Advisers’‘ shareholding in conwert Immobilien Invest SE exceeds 20% threshold.

February
Petrus Advisers announces the dissolution of the former conwert management syndicate

2010

October
Johannes Meran, co-founding Partner of Petrus Advisers LLP, has been appointed Chairman of the Board of conwert Immobilien Invest SE by extraordinary general meeting.

September
Core shareholders of conwert, the Vienna Stock Exchange listed real estate company, call extraordinary general meeting. During the extraordinary general meeting Johannes Meran will be proposed for election to the Supervisory Board as the representative of Petrus Advisers.

April
Petrus Advisers becomes core shareholder of conwert Immobilien Invest SE via the acquisition of a 17% stake. Residential property specialist conwert is one of the Top 20 listed companies in Austria and enjoys leading market positions in Germany, Austria and CEE.