August 8 Annual Shareholders Meeting Set to Seal artnet’s Fate
artnet AGM Voting Dilemma Explained; Vision for a New artnet
On May 25, 2012, Skate’s suspended its analysis of artnet. At that time, the share price was EUR 5.1, Hans Neuendorf was the company’s CEO and the entire stream of news surrounding the firm, its 2011 and Q1 2012 results, growing competition in the e-commerce space and defection of galleries to other online platforms all pointed in a single direction: a continuous decline of artnet and the demise of its business model.
We suspended analysis because Skate’s had been retained to advise Redline Capital Management SA, a Luxembourg-based asset management firm and at that time a syndicate of Redline and German-listed Weng Fine Art AG, on developing a turnaround strategy for artnet AG.
Two months later, and the inside information that required Skate’s to suspend analysis is now in the public domain…