June 22, 2022 – Viceroy’s deeper review into SBB’s financial accounts have presented material reconciliation challenges which our team, together with various expert consultants, cannot reconcile. This challenge stems from SBB’s consolidation of acquisitions, which we believe to be incorrect and unjustly inflating asset values.
March 23, 2022 – Earlier this week EPRA published it’s 2022 Best Reporting Practices guidelines, which (finally) include best practice guidelines on how to report LTV. EPRA’s guidelines are almost identical to Viceroy’s initial LTV analysis, for which we were ridiculed by SBB, the local
March 22, 2022 – Perusal of SBB’s transactional counterparty financial accounts show significant contingent assets stemming from sales to SBB, which appear to be performance/event driven. SBB do not appear to recognize contingent liabilities to these transactional counterparties anywhere in its financial reports, creating a
Dear Esteemed Recipients, We refer to our preliminary correspondence dated March 1, 2022, in relation to the above matter. On March 4, 2022 Laeringsverkstedet (LV) published a letter to the Norwegian Ministry of Education aiming to clarify their sale-and-leaseback agreement with SBB. The letter clarifies
Dear Mr. Novella Samhällsbyggnadsbolaget i Norden – Audit Risks We refer to Viceroy Research’s Samhällsbyggnadsbolaget i Norden AB (SBB) report dated February 21, 2022, and subsequent communications. We are contacting your due to concerns about audit risks at SBB. They involve: Auditor Risk: SBB shares
Dear Esteemed Recipients, Whistleblower Report – Laeringsverkstedet & Trygge Barnehager Viceroy Research has become aware of significant contract risks between Laeringsverkstedet (“LV”) and Trygge Barnehager (“TB”) (together “the Tenants”), and their new landlord: Samhallsbyggnadsbolaget i Norden AB (“SBB”). Together, the Tenants and SBB operate over
February 23, 2022 – Earlier today, SBB published a blanket and uninformative response to Viceroy’s Report: Hard to Pronounce, Harder to Justify Value, dated February 21, 2022. Readers can access this report here: https://viceroyresearch.org/samhallsbyggnadsbolaget-research/ SBB’s response can be found below: https://corporate.sbbnorden.se/en/update-on-viceroy-report-on-samhallsbyggnadsbolaget-i-norden-ab-publ/ SBB have not provided
Viceroy Research is short Samhällsbyggnadsbolaget (STO:SBB) and listed debt instruments. SBB is a debt-fueled rollup of rent-controlled assets. A review of the board of directors and management reveals several undisclosed, intimate relationships between the board members and/or with SBB: most directors appear to deal in