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
      researchContentUrl
    }
    ... 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

Analyst

Roni Peuranheimo

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.

@Kauno_Saario, on this forum, the discussion culture dictates that claims must be substantiated. Therefore, I cannot disregard your original message. I consider it inappropriate fear-mongering. A directed share issue requires a compelling financial reason under Section 9:4 of the Finnish Companies Act (OYL), respect for equality under Section 1:7 of the OYL, and a qualified majority under Section 5:27 of the OYL. Finnish Supreme Court (KKO) precedent 2018:19 further supports that the principle of equality must also be taken into account in directed share issues. Tecnotree cannot simply move out of Finland and shake off Finnish minority protections. The transfer of the registered office to another EEA country itself requires a procedure under Chapter 17a of the OYL, a qualified majority of the general meeting (OYL 17a:14 and 5:27), a creditor protection procedure (OYL 17a:11), and a redemption right at fair value for shareholders voting against the transfer (OYL 17a:18). Moving outside the EU/EEA area is not a straightforward transfer of the registered office, but would require an even more burdensome corporate restructuring. So, this is not an easy loophole to simply circumvent Finnish rules.

Even Kyösti Kakkonen got a directed share issue from Tecnotree. Didn’t that dilute the stake of other shareholders? You’re writing about the regulation of a publicly traded company. But after delisting, Tecnotree is no longer subject to stock exchange regulations. Is it even a Finnish company anymore? And it was publicly traded during Kakkonen’s directed share issue. I’m not familiar with the culture of this discussion forum, so I apologize if this writing of mine somehow goes against your required safe space rules.

In Finland, it is not the case that the majority can simply inflate away the value of the minority without legal limits. A directed issue is not legal just because the majority wants it. In Finnish company law and market practice for listed companies, a directed issue requires a weighty financial reason, consideration of the equality of shareholders, and a qualified majority decision. The guidelines specifically state that preventing changes in ownership or ensuring a certain owner’s majority position is not an acceptable weighty financial reason.

In what way are directed issues illegal? Was Ahtstrom’s threat of a directed issue illegal back in the day?

I think that is inappropriate fear-mongering. I hope such behavior is not practiced on this forum. The action by the main shareholders you describe would be illegal.

I interpreted this round of calls and the very late extension of the tender offer as merely a survey to see how many acceptances could be obtained with this €5.70 offer (i.e., calling all owners to get some kind of reaction from everyone: no action = no acceptance or an acceptance) and in addition, the late extension of the tender offer, just under an hour before the deadline, to make the final result as comprehensive as possible. It will be more interesting to see what conclusions/actions this obtained result will ultimately lead to. Probably everything from canceling the tender offer to a fair increase in the offer and everything in between is possible (the extremes perhaps less likely than others). My reluctant guess is that they will initially take everything they can get with this €5.70 offer and arrange an additional offer period, accompanied by a few bleak “threats” about the future value development of the share if one does not accept this final offer. One would think that the most sensible way forward would be negotiations with Nieminen and other major owners about a price they would be willing to accept, and then go public with this new offer, mentioning that this offer has the irrevocable acceptance of the major owners, and adding the acceptance percentages, which would likely bring them to 90%. However, I don’t really believe in this, nor in the idea that a price fair enough to surely exceed 90% would be offered.

At least their effort is commendable, as they even bother to call shareholders with less than a hundred shares.

Tecnotree

Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet. 

<p>Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet. The valuation would be attractive if the company's cash flow approached the company's profit level. However, we do not expect an immediate improvement here and with the current cash flow profile we do not see the risk/reward ratio as attractive.</p>

Cash flow still needs to be proven

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