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Viceroy expects our work to be treated with the same skepticism as that of any other party and has consistently advocated quality due diligence on the part of our readers. The quality of our research is like any other, subjective, but our content is carefully re-checked. The Intellidex report does not refute any of our published work.
Viceroy regularly receives a significant amount of anonymous data from companies around the world. We integrate independently verifiable data into our reports, where appropriate and with added value. This was the case with Steinhoff, where substantial details of another off-balance sheet entity were sent to us and we incorporated it into our report where they could be seconded and audited. We commented as such on every occasion where many journalists interviewed him locally. We do not have any business relationship with the people or funds cited in the Intellidex report, and our work is internally funded.
Viceroy, like any short-term activist, has a network of consultants who are used on a case-by-case basis. strict non-disclosure agreements. We have never departed from that and the claim that this is somewhat unusual in the financial markets is ridiculous. There are many organizations that specifically provide these specialized services for investment professionals. Again, the work of these consultants is funded internally.
Viceroy himself is currently a key witness of regulatory agencies internationally. We have never hesitated before regulators and we actively help them in their criminal prosecution. Ironically, in these circumstances, Intellidex claims – directly or indirectly – that we are in some way hiding from the regulators. We are regulated, like any other player in the financial markets: any badertion to the contrary is ridiculous.
MiMedx served Viceroy a few weeks ago, and Viceroy has already filed a response to the complaint. We do not know how Intellidex missed this since they apparently counted each of our tweets on a case-by-case basis. We have largely discussed hosting our response. In addition, the CEO and the President have been forced to resign, internal investigations are ongoing and lawsuits against professionals are underway for receiving bribes from MiMedx.
Intellidex believes that suspects have used different valuation methodologies companies. We used a NPV for Syrah because it's a mine and so it has a limited shelf life. We use comparisons for companies like ProSieben because there are many variables that can not reasonably be evaluated. We retain the company ratings that we believe have been adulterated, and we will not attempt to blindly manufacture these data to warrant an evaluation. We value valuations at $ 0 when we do not see a viable future for businesses. This is Finance 101.
Intellidex have traded the term "cabal" used to discredit short sellers with "ecosystem", and suggest that Viceroy be paid a "semi-free" fee to promote short positions of hedge funds. This is not the case, nor is it a new conspiracy argument targeting short-sellers activists. Viceroy has no business relationship with the people or funds cited in the Intellidex report, and all our research is funded internally. It does not make any financial sense for short-selling activists to disclose their work in progress or reporting deadlines to anyone, as this negatively affects our business position. It is also illegal, called "concert party", and we do not participate in this activity.
To avoid any dispute over our next article on a South African company, we have spent nearly three months verifying our data and badysis and will only publish when we are satisfied with its accuracy and validity.
Viceroy Team.
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