Grifols SA: The BPC Value Transfer (a.k.a. How an advance payment becomes a loan, Part II)
- Gotham City Research LLC
- May 14, 2024
- 1 min read
Gotham City Research published Grifols SA: How an advance payment becomes a loan Part I on March 6th 2024, which detailed how we believe Grifols moves money from Grifols shareholders to Scranton, via Haema AG, while avoiding calling the transaction a loan.
In this note we will pick up where we left off and turn our attention to BPC Plasma. We believe, based on our understanding and analysis, that in the case of BPC we have seen the same actions, with a twist – we believe that BPC over the years has lent funds it received from a third party (most likely Grifols) to Scranton, as we saw Haema do.
However, unlike Haema, BPC has since declared a dividend to Scranton. Instead of paying this dividend in cash, BPC has written off loans in the amount of ~EUR 266mn it made to Scranton. This leads us to believe that these loans were never intended to be repaid by Scranton. We believe almost all of this sum has been suspiciously moved from Grifols shareholders to the benefit of Scranton shareholders - in effect, giving the appearance of being transferred incorrectly. The fact that there are Scranton shareholders on the board of Grifols, as this transaction took place, seems like a total failure of corporate governance, in our opinion.
To learn more, please read our report:
Wow, this is such a detailed and concerning analysis of Grifols. These complex corporate transactions really show how important transparency is for investors. It’s stories like this that make a person appreciate straightforward companies. Speaking from personal experience, when I needed to finance a car, I found it really helpful to read authentic bridgecrest reviews to understand their service before exploring their loan options. It was a much simpler and clearer process than what's described here, and it gave me real peace of mind. Always do your own thorough research, whether it's for investing or a personal loan.
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PolyTrack analysis clarifies how a prepayment can be treated as a loan without being properly named. Writing off debt in lieu of dividend payments raises questions about the true purpose of the transaction. The content is detailed enough for you to assess the governance risk yourself.
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