Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

InternetQ - Question for Toscafund and Penna Capital: Five months on is Akazoo still worth €104 million ?

By Lucian Miers

15 December 2015 09:06

When Toscafund and Penta Capital invested €17 millionn for a 16% stake in InternetQ (INTQ) subsidiary Akazoo in July, they can hardly have imagined that their Greece based partner who retained 70% would be worth not a lot more than that after a spectacular share price collapse amid a series of very serious questions being posed which have not been answered - see HERE.

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Comments

J P Spaghetti

15 December 2015, 17:47

Tosca are (plural because I believe they – like Legion – are many) really starting to come across to me as a bunch of reckless nincompoops (and it’s not just because of SLE). I must be missing something, though, because they’re – like – a big, massive hedge fund/investment house whose staff probably all drive top of the range Lexuses (or should that be Lexi?) and own Aga cookers, even if they always eat out – right? I’d be very grateful for any authoritative disabusal of that notion…
BlueFrew

16 December 2015, 02:31

I don’t understand why these institutional investors aren’t demanding that InternetQ get a team of forensic accountants in. Were I a shareholder in this company that is what I would be demanding of the board to sort this out one way or the other. I guess it’s different when the money you are playing with belongs to somebody else. You get to not care about it then.

Alternatively, since the P/E is now in China fraud territory I’d be asking why the board weren’t seeking authority for share buybacks.

The lack of action is telling in my opinion, which is why I’m staying short.