Munich, 19 April 2012 – On 19 April 2012, Paladin Asset Management GmbH, based in Hannover, has informed us that its controlled voting rights in mic AG have transgressed the 10% threshold on 18 April, now amounting to 10.01% (that is 469,000 voting rights). The asset management company of financial entrepreneur Carsten Maschmeyer has been strategic investor in the Munich-based venture capital specialist since the first quarter of 2012. In February, it exceeded the 3% and 5% thresholds to voting rights in the company.
mic Subsidiary „PiMON is on the Verge of its Breakthrough“
„At the time of our purchase in February, we have already made it clear that we view our stake in mic AG as a strategic investment. To be fair, the current market capitalisation of less than 18 million euros is far below the actual value of the mic portfolio. Besides mic subsidiary Exergy GmbH, whose new generation of high performance servers for high-speed internet attracted huge interest at CeBIT, we see great potential in PiMON GmbH“, explains Ingo Nix, CEO of Paladin Asset Management GmbH. The fibre optic technology PiMON has developed enables the all-automatic monitoring of oil and gas pipelines and precisely locates malfunctions or leakages in the pipeline. The German start-up company is supported by ESA, DLR (the German research centre for aeronautics and space) and the Bavarian Ministry of Economic Affairs. It exhibits at the ESA joint booth „ESA Space Apps“ at the Hannover Trade Fair from 23 to 27 April 2012. After prototypes of the PiMON technology had been successfully tried and tested, a big pipeline operator in India has recently put the technology to use in a 40 km test installation. „PiMON is on the verge of its breakthrough. Since the PiMON technology can be adapted to monitor plot boundaries, protect power lines from overheating or to locate leakages in drinking water pipelines, the company gains access to a billion-dollar market. The value of this promising subsidiary alone, exceeds the market capitalisation of mic AG as a whole“, Nix is convinced.
„Strategic Investors Know Our Potential“
„After the MB funds advised by MB Fund Advisory had increased their shares in mic AG, crossing the 3% barrier on Monday, the increase of the Paladin stake gives further proof of the successful work of the whole mic team. This credits and incites us at the same time“, mic CEO Claus-Georg Müller asserts. „More and more strategic investors notice the outstanding potential of the mic portfolio, which is, at the moment, quoted far below its actual book value. Independent Research for example presently estimates the true value of mic shares at 6 euros, despite high risk deductions “adds CFO Manuel Reitmeier. Currently, mic AG holds stakes in fourteen companies, predominantly in the fileds of communications, fibre optics, medical technology, micro systems and cleantech.
About Paladin Asset Management GmbH
Paladin Asset Management GmbH, based in Hannover, targets a lasting appreciation of value via long-term stock investments. This is achieved by established and historically successful value investment principles in combination with active stock-picking. Mitteldeutsche Fahrradwerke AG (MIFA) and GCI Industrie AG with its major stake Maschinenfabrik Spaichingen are amongst the company’s investments.