Observer schreef:
Ik geef nog even de motivatie van de investeerders (8,38%) in TomTom.
Ik denk niet dat zij voor een verkoop van TA zijn gezien de eerdere berichten hierover.
Overigens kan ik je moedeloosheid (uptrent) en woede over de koersontwikkeling wel voorstellen, maar ik vrees dat de koers in verband met de emissie er voor tijdens en na flink opgepompt is/was.
De kopers toen hebben dat spelletje niet door gehad, terwijl de verkopers er hun voordeel aan hebben gehad (ook door verkoop van aandelen na omwisseling van "the rights").
Ik herinner mij alias soofje en ondergetekende hebben toen onze bedenkingen erover geuit.
Helaas gedane zaken nemen geen keer.
Janivo and Cyrte's ˆ100 million Investment in TomTom
Two leading private equity funds act as cornerstone investors in TomTom's recapitalization.
Client Objective
Janivo Holdings and Cyrte Investments are two leading Netherlands-based private equity managers. As a previous investor in Tele Atlas, Janivo has substantial experience in the Personal Navigation Device industry. After selling Tele Atlas to TomTom in 2008, Janivo was looking to re-enter the space as public equity valuations had severely decreased on the back of global recession. Cyrte Investments had identified TomTom as an investment opportunity with a strong fit with its fund's focus on Social Innovation.
As part of a recapitalization process to prevent it from breaking debt covenants, TomTom was evaluating cornerstone investors with significant access to capital. The investment by well-respected investors such as Janivo and Cyrte could serve as a strong signal of approval to existing investors and could help TomTom increase the success rate of its overall financing plan.
Egeria sought to get a return on its investment after successfully holding the company for four years.
Assignment
Janivo and Cyrte teamed up and retained Atlas Advisors as their exclusive advisor to assist in the evaluation of the TomTom opportunity.
Atlas evaluated a multitude of possible deal structures, assisted in due diligence of TomTom's operations and thoroughly diligenced TomTom's financial projections. Atlas evaluated a multitude of downside scenarios in order to assess the impact of the recession on TomTom's suggested financial structure.
Solution
Throughout the process, the Atlas team assisted in various multi-party negotiations to ensure certainty and executability of the deal.
Atlas organized various diligence sessions in coordination with TomTom and its advisors. It crystallized the optimal deal structure and provided the Investors with comfort around future forecasts.
Janivo and Cyrte ultimately acquired a significant stake in TomTom through an equity insertion of ˆ70 million at a significant discount to the trading price. They subsequently participated in TomTom's rights offering, taking up their rights in full, acquiring a further ˆ30 million of TomTom stock for a total investment of ˆ100 million.
Groet,
Observer