Cautious Capital Doubling—Then Partial Exit

“Berger first invested 5 million euros, then soon doubled to 10 million euros at the next capital increase, later he invested further millions in the retail business and also in Signa Development, which is involved in project business. A medium two-digit million amount soon accumulates. Every year there's a 6 percent return on invested capital, while at the same time the value of the shares increases dramatically. Initially costing Berger about 20 euros each, they are worth over 80 euros just under ten years later, at least on paper.”

“Most of the shareholders did not have Benko's private foundation as a contracting partner, but the holding company. Roland Berger, who had invested in low percentages in the Signa companies Prime, Development, and Retail, managed to partially exit. Apparently, he pressed for payment from Benko early on and exchanged about half of his Prime shares for money. Berger benefited from the high market value of the shares, which had multiplied since his entry. However, at the end of the day, Berger will likely exit his Signa investment with a small double-digit million loss, Torsten Toeller will lose a triple-digit million amount, and in the fiscal year 2023, he will write off a book value of 196 million euros, which can be read in the annual financial statement of "Fressnapf" Luxembourg.”