D.he leasing company Grenke, which is under pressure, has published bank statements in the wake of the allegations of allegedly excessive cash balances. Accordingly, at the end of June, two accounts of Grenke AG and Grenke Bank at the Bundesbank together held a good 850 million euros, as can be seen from the extracts made available on Thursday on a website of the Baden-Baden group. Investors had asked for the excerpts to be published last week.
On the first day in July, 80 million euros were added by transfer to one of the accounts. In the interim report for the reporting date at the end of June, the Grenke Group reported an account balance of 849 million euros at the Bundesbank. Most recently, Grenke spoke of a balance of 761 million euros as of mid-September.
The investor group Viceroy Research accuses the group of unfair business practices around fictitious profits and excessively high cash holdings and has sold the shares short according to its own statements – should therefore benefit from falling share prices. The Grenke price had then fallen by almost half and has since then can only partially recover. On Thursday noon, the share was quoted 2.5 percent weaker at 32.78 euros. Before Viceroy’s allegations, the title was still worth 55 euros.
Viceroy had spread the accusation in a report that a significant part of the financial resources estimated by Grenke at just under 1.1 billion euros in the first half of the year did not even exist. Grenke tries to defend himself against the allegations by pointing out the account balances at the Bundesbank. That was almost 80 percent of the reported liquid funds at the time in question. Viceroy had recently written in response to a recent conference call by management: “We are well aware that around 800 million of Grenke’s cash is held at the Bundesbank.” But that alone is not enough as evidence.
Viceroy boss Fraser Perring told the “Wirtschaftswoche” that he once only became aware of Grenke by chance. “I have a friend who is in trouble with Grenke and has to face a lawsuit against her. He told me about it at the beginning of the year. Then we started to research. ”He had“ no doubt ”that Grenke’s share price would continue to fall. He did not comment on details.