contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

Now I understand, I was confusing things. I’ll take back my ramblings so they don’t muddy the waters.

I don’t think I understand your point. The money was already obtained from the convertible bond (VVK) holders back in 2023. The exception is Fitzroy’s 200 unpaid convertible bonds, which could not be converted into shares. For the holders of the convertible bonds, the announcement of this tender offer was very good. For 100,000 euros, they received 145,823 euros’ worth of shares and votes. That is a solid 45.8% return in just under three years. 215 of the 226 converted bonds were held by insiders. They aren’t pulling a fast one on themselves here.

An interview with Tope Lawani, founding partner and shareholder of Helios Investment Partners, from March 2022. If you don’t want to hear about his youth and student years, you should skip to 12:15, where he talks about the early stages of his career at TPG Capital.  "They cover the makings of investing in the world’s fastest-growing continent, how advanced digital payment platforms are allowing African nations to leapfrog parts of the western world, and how private capital has created economic and social value throughout the African continent.”

And a third option: Déjà vu. The offer doesn’t go through, no competing offers emerge, and the company’s share price collapses.

True, they aren’t. Nieminen’s stake is 7.62% now that 226 VVKs (convertible bonds) have been converted into shares.  That’s right. I calculated the exact stake as 11.59%. The outcome for the 5 unconverted VVKs also affects the stake, but only by hundredths of a percent.  I think Helios didn’t want to lend. Hammarén would also have had the necessary €20 million after selling Aktia shares last year. I suspect Helios is aiming for the power of a majority owner so they can more freely steer the company’s offering in the right direction. I’d like to be involved in this. Helios as the main owner better guarantees that profits don’t flow into the Ravichander family’s pockets. The CEO and board will likely change, which I believe would be good for the company. Helios appearing as a buyer may have been a welcome surprise for Fitzroy. I’ve personally questioned Fitzroy’s industry expertise from time to time. Perhaps the Fitzroy crew felt the same way.  I’ve understood the logic the same way. But only 226 VVKs were converted. The conversion price was the 10-day average price preceding the conversion demand date minus 5%, which is about €3.909. The holders of the remaining 5 VVKs either didn’t notice the opportunity, have decided to sell them to the consortium, or are waiting for the stock price to drop below €4.11. Now it’s no longer worth converting the VVKs, as the conversion price is approaching €5.70, and one would receive fewer shares.  My take on the situation The takeover of the “Star of Africa” is underway. With a 10% stake, one can prevent an easy squeeze-out from the stock exchange. After the VVK conversions, Nieminen and Kakkonen control about 11.6% of the shares. They can block this if they wish. Kyösti Kakkonen said in a Kauppalehti article: “The tender offer should be clearly higher.” This was a quick and clear message to the consortium. Often in the past, a public statement by a large owner has led to an increase in the offer (Hoivatilat 2019, Cramo 2019, Uponor 2023). Nieminen’s share count rose by 333,173 in the January 30, 2026 announcement compared to a month ago. That is much more than his usual monthly purchases. I suspect Nieminen held VVKs. For example, 10 VVKs would have yielded 255,830 shares. If Nieminen intends to oppose the tender offer, it made sense for him to convert the VVKs into shares to increase his voting power. If Nieminen were going to accept the offer, he could have just waited. So, he’s keeping his cards close to his chest. I assume, therefore, that he is demanding a higher offer, a better deal. Options:  If Nieminen or Kakkonen sell their holdings or accept the offer, the offer will certainly go through, and all shareholders will receive €5.70/share. If Nieminen and Kakkonen do not accept the offer, I believe a raised offer is very likely. This would immediately increase the market price.  In both cases, it’s likely worth buying Tecnotree shares while they are available for less than €5.70. I’m still buying them. Hammarén converted 50 VVKs into shares. He has not given the consortium a commitment to sell his shares, unlike Luminos. Hammarén is a board member and the majority owner of the law firm Fennoa, which Tecnotree has appointed as its legal advisor in connection with the tender offer. Hammarén is playing multiple sides here, and it’s probably wise not to commit to the offer immediately. There are only two other non-consortium members on the board, and if I recall correctly, even they were originally nominated by Fitzroy. Competitive offer?  A competing offer is entirely possible. The industry is consolidating, so buyers are looking for targets. Statements from Tecnotree’s board on this subject should be taken with a grain of salt. We should remember that a competing offer can be accepted even if a previous offer has already been accepted. The board also made a standard reservation regarding this. The offer period is tentatively about 7 weeks, during which time a competing buyer could conduct thorough due diligence on Tecnotree and find it undervalued. To sum up, I consider a price hike likely and a competing offer possible. I don’t completely rule out the idea that this operation was just a way to get the VVKs converted into shares at a price of €3.909 and increase the ownership stake. Of course, this would have been worth doing back in December 2024. Fitzroy’s 200 VVKs are still unused. They are a good hedge for Fitzroy if the price were to collapse for some strange reason. But this is indeed a rather far-fetched thought.

I meant that 200 of the convertible bonds are unpaid, so they cannot be converted. The conversions apply to the 231 paid convertible bonds. Why didn’t Fitzroy pay them last year, and now they could convert 5 million more shares?

So, weren’t these just about “converting the convertibles into shares” because this conversion can now be done immediately as the tender offer triggers it? Presumably, all convertible bond holders will carry out this conversion because it’s worth it. Or did I misunderstand something?

Tecnotree

Tecnotree Corporation Stock Exchange Release 30 January 2026 at 20:02 EETPerson subject to the notification requirement Name: Oy Hammarén and Co Ab Position: Closely associated person (X) Legal...

<div class="abstract">Tecnotree Corporation Stock Exchange Release 30 January 2026 at 20:02 EET</div>Person subject to the notification requirement Name: Oy Hammarén and Co Ab Position: Closely associated person (X) Legal person &nbsp;(1):Person Discharging Managerial Responsibilities In Issuer Name: Johan Hammarén Position: Member of the Board/Deputy member &nbsp;Issuer: Tecnotree Oyj LEI: 743700MRPVYI7ASHCX38 Notification type: INITIAL NOTIFICATION Reference number: 743700MRPVY17ASHCX38_20260130160400_11____________________________________________ Transaction date: 2021-01-27 Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) Instrument type: SHARE ISIN: FI4000570890 Nature of transaction: EXCHANGE (CONVERSION INTO ANOTHER FINANCIAL INSTRUMENT) Transaction details (1): Volume: 1,279,098 Unit price: 3.909 EUR&nbsp;Aggregated transactions (1):&nbsp; Volume: 1,279,098 Volume weighted average price: 3.909 EUR<div></div>