Real estate company CTP is big in industrial halls and warehouses in Eastern Europe, and was brought to the Amsterdam stock exchange in March by 51-year-old Dutch owner Vos.
Initially, the company was only going to issue new shares, but eventually Vos also sold some of its own shares. They earned him 14 euros each at the time.
Buy back shares
Reports in the register of the Netherlands Authority for the Financial Markets (AFM) show that Vos has repurchased shares on a large scale in the past four weeks. In nine separate transactions between August 23 and September 10, he bought a total of 305,984 shares, for prices ranging between Euro 17.31 and Euro 21.26.
A calculation by RTL Z shows that the recent purchases have cost him a total of more than 5.6 million euros. That is almost 1.35 million euros more than the shares yielded at the IPO six months ago.
‘Share too cheap’
CTP spokesman Jan-Evert Post points out that Vos sold the shares at the time as part of a so-called ‘green shoe option’. This is a construction that is used in IPOs to stabilize the price after the first listing.
According to Post of CTP, Vos bought back some of the shares in recent weeks, because he thinks the share is too cheap. “These purchases are an indication that he believes that the price does not sufficiently reflect what CTP is worth.”
The share buybacks of recent weeks are negligible in relation to the total interest that Vos holds in CTP. Including the more than 300,000 extra shares, Vos owns 329.6 million shares, accounting for an interest of about 83 percent.
It is remarkable that the price of the CTP share has also risen sharply in recent weeks, from 17 euros to 21.40 euros now. It cannot be ruled out that Vos’s purchases contributed to this. Thanks to that price increase, his total share package was worth more than 1.4 billion euros.