ORCO PROPERTY GRP

OTT & Co SA, Administrateur

20 okt 08 Cession 11,819 € 118 190 €

17 okt 08 Cession 11,583 € 115 830 €

16 okt 08 Cession 11,8183 € 118 183 €

10 okt 08 Cession 8,85123 € 252 330 €

10 okt 08 Cession 8,3474 € 83 474 €

10 okt 08 Cession 8,4026 € 840 260 €

09 okt 08 Cession 10,8366 € 541 830 €

08 okt 08 Cession 10,93252 € 163 146 €

08 okt 08 Cession 10,93252 € 841 €

08 okt 08 Cession 10,39704 € 519 852 €

08 okt 08 Cession 10,8875 € 272 187 €

08 okt 08 Cession 10,0695 € 302 085 €

08 okt 08 Cession 10,2246 € 511 230 €

07 okt 08 Cession 12,9006 € 180 608 €

07 okt 08 Cession 13,6635 € 90 903 €

07 okt 08 Cession 13,6635 € 212 727 €

07 okt 08 Cession 13,6635 € 379 544 €

06 okt 08 Cession 14,5215 € 290 430 €

03 okt 08 Cession 15,6938 € 125 330 €

02 okt 08 Cession 15,5978 € 77 989 €

18 sep 08 Cession 338,4747 CZK 7 954 155 CZK

18 sep 08 Cession 351,9912 CZK 10 559 736 CZK

18 sep 08 Cession 15,379 € 768 950 €

18 sep 08 Cession 14,3092 € 715 460 €

18 sep 08 Cession 14,057 € 702 850 €

18 sep 08 Cession 14,3652 € 718 260 €

18 sep 08 Cession 13,8511 € 415 533 €

18 sep 08 Cession 13,9461 € 278 922 €

17 sep 08 Cession 18,9374 € 660 953 €

17 sep 08 Cession 17,8286 € 891 430 €

17 sep 08 Cession 16,5169 € 412 922 €

17 sep 08 Cession 17,8593 892 965 €

17 sep 08 Cession 16,4759 € 411 897 €

16 sep 08 Cession 22,3 € 446 000 €

16 sep 08 Cession 21,5538 € 657 390 €

09 sep 08 Cession 27,8028 € 55 605 €

13 aug 08 Cession 23,10340 € 184 827 €

08 aug 08 Acquisition 22,92 € 1 764 €

08 aug 08 Acquisition 22,92 € 2 956 €

08 aug 08 Acquisition 22,94 € 4 220 €

08 aug 08 Acquisition 22,90 € 9 160 €

08 aug 08 Acquisition 22,42 € 4 932 €

08 aug 08 Acquisition 22,86 € 22 860 €

08 aug 08 Acquisition 22,462 € 89 848 €

08 aug 08 Cession 22,68214 € 805 215 €

08 aug 08 Cession 23,397 € 152 080 €

01 aug 08 Cession 24,4755 € 734 265 €

31 jul 08 Cession 24,1622 € 285 113 €

31 jul 08 Cession 24,708 € 741 240 €





INITIATIVES, personne morale liée à Patrick GANANSIA, Membre du Conseil d'Administration

24 okt 08 Cession 9,50 € 19 000 €

22 okt 08 Cession 11,40 € 11 400 €

14 okt 08 Cession 14,87 € 14 874 €

08 okt 08 Cession 10,13 € 74 692 €

30 sep 08 Acquisition 16,85 € 67 420 €

30 sep 08 Cession 16,4650 € 49 395 €

29 sep 08 Cession 17,9999 € 17 999 €

22 sep 08 Acquisition 21,26 € 10 654 €





TOMSAFE S.A.R.L., personne morale liée à Nicolas TOMMASINI, Membre du Conseil d'Administration

12 nov 08 Cession 9,91 € 4 955 €

12 nov 08 Cession 10,1 € 5 050 €

12 nov 08 Cession 9,7 € 5 820 €

05 nov 08 Acquisition 11,3 € 5 650 €

04 nov 08 Acquisition 12,00 € 6 000 €

31 okt 08 Cession 11,00 € 5 500 €

30 okt 08 Cession 10,3 € 5 150 €

29 okt 08 Cession 11,1 € 5 550 €

28 okt 08 Cession 11,00 € 5 500 €

22 okt 08 Cession 11,3 € 5 650 €

16 okt 08 Acquisition 11,55 € 11 550 €

14 okt 08 Acquisition 15,89 € 15 890 €

10 okt 08 Acquisition 8,1€ 10 530 €

18 sep 08 Acquisition 14,10 € 7 050 €

17 sep 08 Acquisition 18,75 € 9 375 €

17 sep 08 Acquisition 16,27 € 16 270 €

15 sep 08 Acquisition 24,89 € 6 222 €





Source:

http://www.amf-france.org./inetbdif/result_offre.aspx?typop=384&txttypopéclaration+des+dirigeants

&typdoc=0&txttypdoc=---Tous+les+types---&sltday1=01&sltmonth1=01&sltyear1=2007&sltday2=18&sltmonth2=

11&sltyear2=2008&varvalidform=on&action=new&txtslt=txtfind1&idtxtfind1=68&idtxtfind2=&idtxtfind3=&tx

tfind1=ORCO+PROPERTY+GROUP&txtfind2=&txtfind3=&refdoc=&txtword=&btnvalid.x=12&btnvalid.y=18#

Orco's CEO says cuts stake to 1.6 pct from 10 pct





PRAGUE, Nov 18 (Reuters) - Orco Property Group's chief executive said on Tuesday his investment

vehicle Ott & Co. had reduced its stake in the property developer to 1.6 percent from around 10

percent.



Jean-Francois Ott said in an emailed statement that the bank that financed Ott & Co. had to sell

Orco shares after a steep fall in the property group's shares.



Orco shares have lost 90 percent since the start of the year. "As President & CEO of Orco Property

Group, this decline in my personal stake does not take anything away from my confidence in and

dedication to Orco Property Group," Ott said.



(Reporting by Jason Hovet, editing by Will Waterman)

((prague.newsroom@thomsonreuters.com; Reuters Messaging: jason.hovet.reuters.com@reuters.net;

+420-224 190 476))

Oh là là , là là , Super, Magnifique , Rarissime , Exeptionnel , tes 2 posts sont l'exellence a

l'état pur .



Alors je t'implore , demain tu nous refais le 1er en couleur , et si tu veux un peu plus long ( pas

grave , personne ne lit ) le 2ème en Italien , c'est plus gai ( si c'est en Espagnol , c'est pas

grave non plus , tout le monde s'en fou ).



T'es payé pour faire ça ? parce que si ne l'est pas ! ! ! Hé bé , pour ta carrière , c'est

pas gagné.

Tu l'as demandé (il ne faut pas se plaindre après donc). Voici encore un extrait:

...

ORC, itself, did comply to the rules: as soon as it was

aware by the sell-off by J-F Ott and the change of it shareholder structure

(publication 17 Nov 09 on the site of the AMF and by written

letter on 19 Nov 08 - see: http://www.amf-france.org./inetbdif/viewdoc/affiche.aspx?id=43324&txts),



ORC did the necessary declaration of the change in participation

to the AMF.



Given the decision of the shareholders of ORC you pointed

at (press release Feb 04, 2005 -

http://www.orcogroup.com/Files/public/documents/orco/en/investors/annual_reports/2004%20NAV%20and%20

sales%20(press%20release)%20EN.pdf)

it seems that J-F Ott did not even comply to the agreement of the shareholders concerning

the obligation to immediately inform the company.

The fact that ORC nor the other administrators was

aware of the sell off by J-F Ott, could exlain how come that

Nicolas TOMMASINI was opportunity buying, while J-F Ott was heavily selling :



OTT & Co SA, Administrateur 18 sep 08 Cession 338,4747 CZK 7 954 155 CZK 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 351,9912 CZK 10 559 736 CZK 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 15,379 € 768 950 € 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 14,3092 € 715 460 € 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 14,057 € 702 850 € 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 14,3652 € 718 260 € 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 13,8511 € 415 533 € 18 septembre 2008

OTT & Co SA, Administrateur 18 sep 08 Cession 13,9461 € 278 922 € 18 septembre 2008

OTT & Co SA, Administrateur 17 sep 08 Cession 18,9374 € 660 953 € 17 septembre 2008

OTT & Co SA, Administrateur 17 sep 08 Cession 17,8286 € 891 430 € 17 septembre 2008

OTT & Co SA, Administrateur 17 sep 08 Cession 16,5169 € 412 922 € 17 septembre 2008

OTT & Co SA, Administrateur 17 sep 08 Cession 17,8593 892 965 € 17 septembre 2008

OTT & Co SA, Administrateur 17 sep 08 Cession 16,4759 € 411 897 € 17 septembre 2008

OTT & Co SA, Administrateur 16 sep 08 Cession 22,3 € 446 000 € 16 septembre 2008

OTT & Co SA, Administrateur 16 sep 08 Cession 21,5538 € 657 390 € 16 septembre 2008

TOMSAFE S.A.R.L., personne morale liée à Nicolas TOMMASINI, Membre du Conseil d'Administration 18

sep 08 Acquisition 14,10 € 7 050 €

TOMSAFE S.A.R.L., personne morale liée à Nicolas TOMMASINI, Membre du Conseil d'Administration 17

sep 08 Acquisition 18,75 € 9 375 €

TOMSAFE S.A.R.L., personne morale liée à Nicolas TOMMASINI, Membre du Conseil d'Administration 17

sep 08 Acquisition 16,27 € 16 270 €

TOMSAFE S.A.R.L., personne morale liée à Nicolas TOMMASINI, Membre du Conseil d'Administration 15

sep 08 Acquisition 24,89 € 6 222 €





OTT & Co SA, Administrateur 10 okt 08 Cession 8,85123 € 252 330 €

OTT & Co SA, Administrateur 10 okt 08 Cession 8,3474 € 83 474 €

OTT & Co SA, Administrateur 10 okt 08 Cession 8,4026 € 840 260 €

Nicolas TOMMASINI, Membre du Conseil d’Administration 10 okt 08 Acquisition 8,1€ 10 530 €





Allow me to quote again out of the article:

...

At the end of 2005, Ott & Co used a loan to purchase 1.1 million shares, which is 16.55 percent in

Orco and pledged 0.9 million Orco shares together with other securities as a loan collateral.

...

Ott & Co is, apart from Orco, the owner of hedge fund Novy Fund and renewable energy firm Green

Bear, both much smaller than Orco ... The latest available Ott & Co’s financial statement is dated

for 2005. ...

(Source: http://www.cbw.cz/en/solvency-a-big-question-mark-for-orco/9365.html )



Roughly calculated, at the end of 2005, ORC quoted at about 60 EUR. So, the mentioned loan amounted

to about 66 Mio EUR. Recently (since Aug 13, 08 - see the spreadsheet, based or the published

documents

on the AMF website), J-F Ott had to sell approximately 1.176 Mio of shares

for a value of about 14.1 Mio EUR. So, J-F Ott lost 51.9 Mio EUR

(making abstraction of any profits or losses he made in the period of

end 2005 and Oct 20, 08 out of trading).



How much is Novy Fund and Green Bear worth ? Apparently, nobody knows !



The other reference shareholders apparently still remain in ORC (happy or not). ... Two months ago,

Orco revealed that a private equity fund European Investors become second largest investor with 5.4

percent stake in the company. According to Vyroubal, the fund hasn’t done a life deal on Orco’s

shares so far, as it purchased the stake at average price of €70 per share.

...

(Source: http://www.cbw.cz/en/solvency-a-big-question-mark-for-orco/9365.html )



Orco Property Group shareholder structure:

Shareholder June 2008 (pct) Current situation* (pct)

Ott & Co (J.F.Ott) 12.3 1.6

Bernard Gauthier 2.5 2.5

Jardenne Corp. S.a.r.l. 2.5 2.5

European Investors Inc. 5.4 5.4

Freely traded stock 77.3 88

TOTAL 100 100

*provided stakes of other shareholders did not change

Source: Atlantik FT Author: CTK

Source: http://www.financninoviny.cz/english/index_view.php?id=344971





Bernard Gauthier has informed ORC by fax on 28 juin 2007 that

he transgressed the threshold of 5%

(source: http://www.amf-france.org./inetbdif/viewdoc/affiche.aspx?id=28814&txtsch= ).

So, at least, B. Gauthier did comply to the decision of

the shareholders of ORC you pointed at (press release Feb 04, 2005).



This all to long hidden sell-off of ORC by J-F Ott throws unrightly a shadow

on the financial situation and value of Orco Property Group.

It is J-F Ott who double crossed and his colleagues administrators,

the other reference shareholders and the public shareholders.

...

(Source: undisclosed)

Il est bien atteint çui-là!!! Irrécupérable, t'es pas dans la caca Nosibé!

Ah, je vois ! T'es un dûr dûr de compréhension. Allez, je vais en ajouter encore un peu pour

éclaircir: ce n'est pas ORC qui est en difficultés , mais J-F Ott !



...

As I wrote earlier on, J-F Ott lost 51.9 Mio EUR on ORC;

...

Roughly calculated, at the end of 2005, ORC quoted at about 60 EUR.

So, the mentioned loan amounted to about 66 Mio EUR.

Recently (since Aug 13, 08 - see the spreadsheet, based or the published documents

on the AMF website), J-F Ott had to sell approximately 1.176 Mio of shares

for a value of about 14.1 Mio EUR.

So, J-F Ott lost 51.9 Mio EUR (making abstraction of any profits or losses he

made in the period of end 2005 and Oct 20, 08 out of trading). ...



I see on the Novy Fund:

...

 Founded in April 2006 by Jean Francois Ott (CEO of Orco Group) and AMM Finance(Geneva)

 Around € 50 million ($ 63 million) assets under management

 Return since inception is 5.34% for Euro class and 5.44% for USD class



Data in EUR mn 2005 2006 2007

Revenue 33,2 40,5 72,2

Growth y/y 21,9% 78,4%

EBITDA 3,7 5,1 8,6

EBITDA margin 6,6% 8,1% 8,7%

Net profit 1,8 2,8 4,7 <--------------------------------

P/E 40,5 26,0 15,9

EV/EBITDA 17,9 13,1 7,7

...

(Source: http://www.novyfund.com/img/Presentation_October_08.pdf )





Remark however ! :

...

October was also Novy fund’s worst month ever with nearly 20% losses from September

... Performance ( EUR in %) 1 Year (Rolling) = -29.99 !!

... Performance ( USD in %) 1 Year (Rolling) = -38.97 !!

... See also http://www.postimage.org/image.php?v=aV1gxpx9

(Source: http://www.novyfund.com/img/Reporting_EUR_October_08.pdf )



I'll have a further look in it, but it looks as if J-F Ott not only lost 51.9 Mio EUR

on the sales of ORC, but is also losing heavily on his Novy Fund. So, not only

has he been forced to sell his part in Orco Property Group, but he is way

in the red with the Novy Fund.



All in all, this must be very unhealthy for the trust investors put in his knowledge and ability !



It appears to me, that he was going the way the famous Russian Oligarchs have been following, i.e. :



putting the shares you own (in his case, ORC) as a collateral in the banc, for new cash,

you use to buy new assets (Novy Fund and Green Bear).



When the value of the old and/or newly acquired shares rise, you can again

raise new cash, with these shares as collateral, and buy again new shares, etc...



However, when the value of the shares drop, Marging Calls and Loan Convenants force

you to raise cash. If you can't, you have to sell your shares. Moreover, if you can't sell your

assets, or only at a heavily loss, it triggers an accelerated downfall and you're heading for a

bancruptcy (or in case of the Russian Oligarchs, the Russian state offered a bail-out: cash for

shares).

...

et en plus il parle en anglais deja qu'en français j'y comprends rien mais alors la , c'est le

ponpon!!

Ouai , pas de chance pour ce type au pseudo imprononsable , .



Sa mére , comédienne , qui voulait faire du cinéma a passé un casting pour le nouvelle version

de Potenking , et pour la scene de l'escalier , elle a laissée son bébé dans le berceau .



La médecine a évoluée , il a été sauvé .



Mais 25 a 35 ans plus tard , voila le résultat .



Comme quoi la faculté n'a pas toujours raison.

rhooooo... t'y vas fort quand meme nosibé!!

provocation quand tu nous tiens!!

Salut yoda,



Tu trouves que j'y vais fort ? mais avoue au fond de toi même qu'il est un peu berzingué , ce

maniaque du clavier.



Alors , gentiment , je lui fait comprendre , en image , ki lui manque une case .



De plus je pense que tout n'est pas perdu , s'il a la faculté de relire tous les messages de

cette file (de les comprendre , y compris les siens ) , il va me dire . . . . . . .



Merci