Compounding worries about the Irish banking sector and monetary tightening in China in a day of no debt purchasing action caused a global sellof. Nordic markets ended the day down more than 2%. The news coming out in the evening is for the EU to quickly investigate the state of Irish banking sector. (Now, Irish banks did pass the stress tests this summer… I am just saying…)
In blog item 17.09.2010, I mentioned that a person of interest to Greentech, Vito Nicastri, was under scrutiny for Mafia ties. In the latest twist the news came out from Borsen that Italian government has seized 15% of the shares of Minerva Messina wind farm project of Greentech’s in Sicily. Greentech communicated in reply to the news that the issue is nothing new and that it had bought the remaining 15% of the shares of the project in “usual practise in Italy”. Company says it has already filed complaint and expects the seizure to be cancelled shortly. Whilst Italian public sector could certainly use the money, it is not yet going about it via loosely confiscating things from public companies. A lot of wind-energy related assets have been confiscated as Vito Nicastri aka Lord of the Wind is a large scale owner in the sector. The mafia police are investigating whether he is still controlling Minerva Messina. In volatile action Greentech ended the day over 6% lower.
Vaahto Group gained over 10% when it announced it will be combining A and K shares. The premium on Class-K shares will be two new shares for every 25 shares owned. Solidium’s 19% slice of Sponda found a new home mainly at the hands of pension insurers at a price of 3.33 Euro per share.
Nibe Industrier reported better than expected earnings and gained more than 2%. NetOp Solutions gained nearly 30% on raised expectations and overall positive quarterly report. Petroleum Geo-Services fell nearly 9% on a share issue. Scana Industrier ASA has ended negotiations regarding a possible sale of Scana’s shares in TTS Group.
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