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INDEPENDENT EUROPEAN SHORT FOCUSED RESEARCH

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The founders of ShadowFall recognise the dearth of high-quality short ideas derived from the sell-side analyst community.

Against the grain of the widely recognised bias towards buy recommendations ShadowFall is able to take an independent and exhaustive approach to uncover unique opportunities.

ShadowFall Research aims to generate short alpha for our clients through delivering differentiated and actionable Pan-European short ideas.

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We focus on uncrowded, liquid short ideas relating to companies that are listed in the UK and major European Equity Markets; identifying situations where the market value exceeds the intrinsic value.

We set out on each investigation with an impartial approach, free from having to make investment recommendations or set target prices and build a comprehensive case founded on verifiable facts.

Through forensic and investigative research, we seek truths hidden by aggressive accounting, flawed business models, unethical business conduct and business misrepresentation.

Please get in touch if you are interested in our research offering (Professional Investors only).

ShadowFall is authorised and regulated by the United Kingdom’s Financial Conduct Authority (FCA).

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FOR PROFESSIONAL CLIENTS ONLY. SHADOWFALL IS SHORT NETWORK INTERNATIONAL HOLDINGS PLC (NETW)
Network International Holdings PLC (NETW)
NETW conducts its M&A with some, how should we put it, questionable characters. Ahead of IPO, NETW disposed of TimesOfMoney (ToM) to Finablr. NETW’s version of events appears to us to differ from what Finablr reports. True, it’s difficult to believe Finablr, but then local filings for ToM also seem to contradict NETW. Recently, NETW is to buy DPO, which was not only birthed by the “back-room boys” to Wirecard, but also audited by the former colleague of a convicted fraudster and money launderer. Incidentally the hold co to ToM was registered to the same Singaporean address as Wirecard Asia and DPO is registered to the same Ireland address as Wirecard UK & Ireland. How strange.
Published: 23rd December 2020

ShadowFall has written an open letter to Ron Kalifa, OBE, Chairman of Network International Holdings Plc (NETW)

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