WSG Heads to AGM

I’ve made a minor update to last week’s post to add a link to the WSG 4Q/Year End earnings call transcript provided by Seeking Alpha.

Also last week I voted in the Wanda Sports Group AGM. The actual event and result will not be known until May 27th, with a voting deadline of May 21st. The actual AGM meeting is 2 p.m., Hong Kong time at Conference Room 5, 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025

I’ve been to Beijing in the best of times, I won’t be travelling for this. The attached notice doesn’t say if the AGM will be live-streamed.

Andrew Messick, CEO of World Triathlon Corp. (WTC) a wholly owned subsidiary of Wanda Sports Group is again standing for the WSG Board, despite the fact that WSG expect to close the sale of WTC in 2Q/2020. This isn’t all that uncommon, when the sale closes, Messick will be paid for his WTC holdings and leave WSG, while continuing as a board member of the new Advance/Orkila Capital board.

Of course, if the major institutional investors at the WSG IPO feel that the original value of the Ironman group with WSG was overvalued, and the share price suffered as a result of the overvaluation, then there is a chance Messick will not get re-elected.

It’ not likely to happen, but given the $250 million accounting charge WSG took in their year end financials last week, at least as a small investor, I’m wondering who was responsible for that? The WSG originally wanted $12 per share, they were advised to sell for $6 per share, and today the shares are trading at less than $3 per share, I doubt I’m the only one wondering who was responsible and who will be held to account for it.

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