Grifols SA: The BPC Value Transfer (a.k.a. How an advance payment becomes a loan, Part II)
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:
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The write-off of roughly EUR 266mn in loans to Scranton, instead of a cash dividend, is the detail that raises the most questions. It would be useful to see how the auditors and board assessed this transaction. https://www.connectmeguru.com/destinations
The write-off of roughly EUR 266mn in loans to Scranton, instead of a cash dividend, is the detail that raises the most questions. It would be useful to see how the auditors and board assessed this transaction. jpg to stl
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Thank you for this insightful analysis on Grifols' BPC value transfer. It reminded me of when I navigated my own experience with advance payments that unexpectedly turned into loans. The concept of ragdoll hit really resonates here, emphasizing how easily financial strategies can pivot in unforeseen directions. Your explanation helped clarify the complexities involved—truly appreciated!