E-mail údajně dostal Charles Noel-Johnson, který má na starosti restrukturalizace v investiční bance Moelis. Ta zastupuje majitele bondů. Na závěr e-mailu ho pak George požádal o jeho přeposlání největším vlastníkům dluhopisů. Drsné způsoby nejsou při podobných transakcích neobvyklé. A v případě revize kapitálové struktury NWR, která vydala dluhopisy za 775 milionů eur (21,27 miliardy korun), jde o hodně.
„Mohlo by dojít až k padesátiprocentnímu odpisu nominální hodnoty dluhopisů,“ říká analytik Fio Jan Raška. Jinými slovy majitelům bondů NWR hrozí, že přijdou až o téměř 11 miliard. Taková suma už určitě stojí za to vytvořit třeba falešné stránky s cílem podkopat důvěryhodnost jednotlivých aktérů.
Zda jde o pravý e-mail, nebo o podvrh, který někdo napsal s cílem poškodit NWR či Moelis, se redakci přes veškeré úsilí nepodařilo zjistit. Charles Noel-Johnson na otázky zaslané deníkem E15 ani po urgencích neodpověděl. „Obsah je nesmyslný a nebudeme se k němu dále nijak vyjadřovat,“ prohlásil mluvčí NWR Petr Jonák. Na otázku, zda společnost kvůli tomu podniká právní kroky, neodpověděl.
Útok i na Bakalu
E-mail kromě NWR útočí i přímo na spoluvlastníka těžební firmy – miliardáře Zdeňka Bakalu. Pisatel kritizuje, že NWR začala shánět poradce pro oddlužení dříve, než svůj záměr oznámila na trhu. „Londýnský manažer hedgeového fondu mi řekl, že dlouho před oznámením věděl, že NWR hledá poradce pro revizi své kapitálové struktury,“ tvrdí odesilatel e-mailu a dodává, že Bakala takové chyby nedělá. „Jestliže to nebyla chyba, mohl to být záměr,“ dodává George. Bakalův mluvčí Tomáš Pavlík věc nekomentoval. „Text dopisu je nám neznámý.“
George uvádí, že dal kvůli podezření z insider tradingu podnět k britskému regulačnímu úřadu FCA, ČNB a Nicku Tassellovi, který má na starosti stížnosti ve skupině Blackstone, jež je poradcem NWR pro oddlužení. Lidé z Blackstone na otázky nereagovali. Úřady nebyly sdílnější. „Nemůžeme komentovat probíhající nebo potenciální šetření,“ uvedla mluvčí FCA Lara Josephová. Podobně se vyjádřila ČNB.
Celé znění podezřelého e-mailu:
| Letter to Advisor to NWR Bondholder Comittee Moelis |
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| Sent: Monday, March 10, 2014 10:11 AM GMT Standard Time To: Noel-Johnson, Charles Subject: NWR insider transactions Charles, I am writing to you to express my concerns. I believe that the NWR is making active steps to drive down the value of all capital instruments. I think the best example is the announcement of the revision of the capital structure and appointment of Blackstone and White and Case. The process was highly unusual. Normally, the company would first announce a decision to work on revising its capital structure and only than would seek outside advisors. The reason is that a beauty parade of advisors is likely to lead to leakage of such very price sensitive information. The leakage of the information would lead to speculations on the drop of prices of capital instruments issued by the company. Large short selling would affect share and debt prices. And this is exactly what happened in this case. I understand that this information was leaked to London investment community. I was told by one London hedge fund manager that they knew for a long time before the announcement that NWR is looking for advisors to revise its capital structure. NWR is majority owned by Mr. Bakala and Co. Mr. Bakala does not make mistakes like this. If it was not a mistake, it might have been an intention. Strategy to drive down NWR capital instruments. I believe it should be investigated, whether insider dealing have occurred. I have raised the issue with: - Nick Tassel, Blackstone Compliance officer - FCA - Capital Market Supervision at the Czech National Bank. Similarly I was quite surprised by the way the company announced the very significant reserve revisions. It was surprising, that the announcement did not include any information that would increase investor comfort - for example who did the JORC report, and what was the assumed coal price for the reserve assessment. If such information would be provided, an investor could make an assumption on the future coal prices and than take a view on this reserve assessment. Another significant information would be how the assumed coal prices were derived. It was one of the most significant information in the presentation and the company devoted just a small fraction on one page. I have been around for three decades and I believe that the announcement was made in a way to maximise the negative effect of the news, which I believe is wrong. On the positive note: - The Czech government has established a commission under Minister Mladek to find a resolution to high unemployment in the NWR region. It is known in the Czech republic, that Minister Mladek is a very good friend of Bakala. Mladek helped Bakala before. For example they worked together on the the IPB takeover for the benefit of CSOB. Even before his appointment Mladek stated, that if he would be appointed Minister of Economy that he would push for the government to step in and help with Paskov mine to prevent unemployment acceleration. The government plans to underwrite NWR losses from Paskov mine. They are now structuring the transaction to maximise the likelihood to get this through the EU commission. - The coal prices are stabilising both in the US and in Asia. I believe Europe will be stabilising soon. - Europe will be pushing for higher use of shale gas to limit its dependence on Russian gas, which should increase gas prices globally. Coal prices will follow - On the latest call the NWR financial director stated, that when Paskov losses are gone, the company would become cash flow positive even at todays prices. From the above it seems that we are being pushed to make this restructuring right at the bottom. It also seems, that NWR is making moves to scare the market and drive down prices of all capital instruments to get a better deal. The Blackstone guys are trying to speed up the restructuring so it happens before summer holidays. They all want to do it before the above good news gets into prices. I would suggest to slow down the process. The financial situation of NWR is not deteriorating, there is no hurry for the moment. The news on Paskov is only weeks ahead. Can you please send this email to other major holders of debt instruments. Kind Regards, George |
