If you have a key source of liquidity... Motor Oil Then you'll probably never be thirsty.
In this advantageous position the two children of the late Theodore Vardinoyannis appear. The 49 year old today Nikos and Aiadas's one-year older brother, as he chose to change his name, abandoning John who was his baptismist.
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Through Doson Investments , their share participation in Motor Oil has been shared with the two brothers. But where there have been persistent salesmen for years, having gained around EUR 86.5 million.
As a rule, shares create value, but liquidity always offers alternatives. Even to meet current needs, posed by business.
His first two cousins Giannis V. Vardinoyannis develop autonomous and separate business activities, with a more recognisable reference point on the AVE Group stock exchange. Former Audiovisual, founded in 1982 by their father (who left life in 1986) as a film distribution company in Greece and Cyprus.
The AVE It has been on the stock exchange table since 2005, but in the course of the years it has not been able to find «recipe» of success.
«It burns.» The AVE
The sometimes alternating basic activities, in home entertainment, in the exploitation of cinemas, in entertainment parks, in the market for mobile telephony, but also in the food sector, through the management of cooperation with the French retail group Carrefour, have not borne fruit. As a result, the company has to «Hot» constantly money, estimated to exceed EUR 100 million.
The overwhelmingly larger part of which have been burdened with uninterrupted capital support as key shareholders, Nikos Th. Vardinoyannis, who has the central role, and brother of Aiantas. The first, through Stoneman controls 30.45%, while the second through Charonia holds 13.98%. Along with 29.82% in the joint Doson company portfolio, the participation of the two brothers reaches 74.25%. While an additional 3.47% owns their Alexandrine-born mother Anastasia (Sasha) Vardinoyannis.
The market absorbed recent sales
With Doson Investments the children of Theodore Vardinoyannis, both bachelors and always away from the lights of publicity, proceeded to three consecutive sales of Motor Oil shares on July 2.3 and 6. A total of 300,000 shares were disbursed, yielding revenues of 12,549,803 euros. The average sales price is EUR 41,8326 per share.
The striking thing is that the sales papers fell into the market and were absorbed by it, without pressure being placed on the price that even went up in that particular three-day transaction. Where 35% of the volume concerned sales orders from Doson. Sample evident of strong investment demand, expressed for Motor Oil. In the past, however, similar sales movements by Doson were used to absorb either the group itself or its strong shareholders. Without creating frictions of the business family with the children of Theodore Vardinoyannis. Something that is believed to have not been disturbed to this day.
The publication of the transaction is due to the fact that Nikos Th. Vardinoyannis is a non-executive member of Motor Oil Board. Position from which he received a fee of 30,000 euros last year.
Where will the liquidity be directed?
The reason for the sale, but also the use of the collected revenue, remains unknown. In fact, the sellers, of the shares they sold, received another 535 thousand euros of dividend during the year...
The liquidity may be directed towards AVE or used differently from the two siblings. Especially regarding Nikos Th. Vardinoyannis, who has other activities, especially in the tourism sector, and recently acquired a personal strategic involvement in a subsidiary of (also listed) Yalco.
In the background, the view that the sale was practically a «lock» supervalues, due to the great upward movement the stock has made.
From Mario of 2015 the «dance» sales
Nikos and Aiantas Th. Vardinoyannis jointly owning Doson Investment, held in July 2014 8.78% of Motor Oil. That is 9,726,171 shares, as shown by information sheet of that period.
Of these shares and according to the stock exchange transaction data, most of them had been granted (to Doson) in May 2011. The sale of 6,251.481 shares, expressing 5.64%, was made from a portfolio of the company (Petroventure) interests of the Vardinoyannis family. The transfer transaction was OTC and was invoiced at EUR 56,272,329, i.e. at EUR 9 per share.
The first stock sales by the children of Theodoros Vardinoyannis took place on March 26, 2015 and have since continued sporadicly.
By February 3, 2023 a total of 4,203,790 shares of Motor Oil had been sold. As announced, Doson's participation rate on that day dropped the 5% limit, shaped at 4.98%. And actually 5,522,381 shares of Motor Oil. The total number of shares has remained stable since 2001 when it entered the stock market.
Of the total sales made on behalf of the two brothers, the divestment of 2,342,943 shares has been officially notified, of which revenues of 32,3 million euros were raised.
The «empty» information and the new divestment cycle
For the remaining 1,860,847 shares no official data have been recorded. That is because there was no obligation to publish them. This obligation was in force from 2005 until the end of 2018, when Nikos Th. Vardinoyannis was a member of the Motor Oil Board. He then stayed out for a while, while returning as a non-executive member in June 2022, a position he maintains so far.
During the 3.5 years that the Doson investment co-owner was outside the Motor Oil Board, the mid-point price of its share was set at EUR 18.8. With this price as a guide, it is estimated that revenues from the remaining part of the sale of shares may be of the order of EUR 27.5 million. Possibly more.
After 3 February 2023 and so far have been sold by Doson and another 891,000 shares of Motor Oil, along with those of the last few days. With revenues of EUR 26,7 million. By raising the sales revenue controller to the levels of 86.5m euros.
At EUR 198.4 million the value of the current rate
The children of Theodore Vardinoyannis now own 4,811% in Motor Oil (4,631,381 shares) and no one can prejudge whether and when they will seek new liquidity from the same source.
However, it is typical that in March 2015 8.78% of their equity had a market value on the stock exchange of EUR 69.1 million. Today the impaired 4.811% they hold is worth...198,4 million euros.
In fact and as it all seems, a large part of the liquidity drawn from the sales went for the financial support of the AVE Group. Which continues to seek differentiated catalysts for sustainable development. With an ongoing valuation of EUR 90.5 million, AVE had a loss of EUR 2.3 million last year, against profits also EUR 2.3 million in 2024.
Last year he also went on to set off accumulated losses of EUR 32.5 million using the corresponding amount, derived from the issue of shares in favour of equity (over their nominal value).
At group level the working capital is negative by around EUR 7 million, while the main shareholders have contributed EUR 5,75 million compared to a future capital increase. Needs never make good bargains...
Read more
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AVE: Cover the 5m-euro MFF in Yalco – 32.05% reached its rate
