[ad_1]
In mid-May, Jörg Wolle founded a new company: Ariesco AG, domiciled at his home in the tax-efficient Schindellegi SZ. The wool lives in a luxury villa discreetly sifted. The goal of Ariesco is to provide financial and business advice. The Chairman of the Board of the Asian Service Provider DKSH consults primarily a person: himself. More specifically: He manages his assets in Ariesco AG.
And it has gone well in recent weeks. The 61-year-old man, who has been on the board of directors of DKSH for sixteen years and has been chairing it since last year, has largely sold his direct shares. At the end of May, it sold 130,000 DKSH shares, followed by 212,000 in mid-June. Total value of the transaction: CHF 27.2 million. At the end of last year, according to the annual report, Wool had 380,000 shares in its possession. After the sale, he still has 38,000 titles. It is therefore invested only to a relatively small extent in the society it presides over.
"This is not a good sign"
And another central character has been involved in recent weeks quietly reduced to DKSH: Rainer-Marc Frey. The multibillion-dollar investor, who once held more than 10% of DKSH, sold 133,666 shares worth 10.6 million Swiss francs at the beginning of June. Its share fell below 3%. It is no longer notifiable. How many titles he still holds today is not clear. He does not want to comment on that. His resignation in the spring of the DKSH board of directors, to which he belonged since 2008, suggested that he had other projects.
Sold for 10.6 million: Rainer-Marc Frey.
Two prominent figures announce their loyalty to the former trading house resulting from the merger of Diethelm Keller and Siber Hegner: a delicate signal. "The fact that Rainer-Marc Frey and Jörg Wolle are two long-standing and important shareholders and that board members sell shares on a large scale is certainly not a good sign," says Marco Strittmatter, analyst at Cantonal Bank of Zurich. Directors who personally hold the largest number of DKSH shares.
Jörg Wolle has shaped the business like no other. The former East German refugee DKSH had led and succeeded with an iron fist for 14 years. Sometimes he seemed to have more power than the anchored shareholder family Keller, which holds a 45% stake via Diethelm Keller Holding. The IPO of DKSH 2012 was Wolles climax. Does he no longer believe in his former darling?
The company denies it. "Mr. Wool is and will remain one of the directors who owns most of the shares of DKSH personally." He says clearly that he has not changed since the company, he says. at the company's headquarters in Zurich. The reduction of Wolles' position is justified, among other things, by the change of main post: in the spring of 2017, Jörg Wolle handed over this to Stefan Butz and retired to the presidency. "Now that Mr. Butz is well established and in control, Mr. Wool has sold most of his holdings that he directly holds in asset diversification," says a spokesman. Wool had already reduced the number of shares in 2016 as part of the announcement of the change. He does not want to leave room for the new CEO as a major shareholder. In fact, in the summer of 2016, large blocks of shares were launched on the market – including wool. This happened shortly after the announcement of the abandonment of his office in Butz
Skepticism about the history of promised growth
The Freedom of the successor – which seems noble, can also be interpreted differently: Mrs Wool, who chairs the logistics giant Kühne + Nagel and recently sat on the Supervisory Board of Maschinenbau Klingelnberg, does not expect her successor to grow up too much. The share price has drifted laterally over the past three years. In the last six months, it has dropped 19.5%. And after the sales of Wolle and Rainer-Marc Frey in June, the course is literally crushed.
Analysts are not very euphoric. "DKSH does not move in. Slowly, you have to ask yourself if the growth story you promised at the IPO, even comes," explains Marco Strittmatter. Organic growth in sales has been modest at 3.7% in the first half. "To justify the high valuation of the stock, the most should be more than 5 or 6% per year." Volker Bosse of Baader Bank also criticizes the fact that "the actual growth for DKSH is behind the market potential. "His recommendation: sell Jörg Wolle seems to share skepticism.
Insightful investor was always attracted by sumptuous royalties. During the IPO of DKSH he received shares worth almost 80 million francs, and he quickly liquidated some of them after the end of the lock-up period.Today, the economic magazine "Bilanz »Estimates its assets between 200 and 250 million francs. 59016] (SonntagsZeitung)
created: 21.07.2018, 20:49
Source link
