contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


tecnotree-inside-information-extension-of-payment-deadline-for-compulsorily-convertible-debentures

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

Let’s recap some old things and put the mentioned companies and events on a timeline. Familiar hands appeared in the jam jar quite soon after Tecnotree got its new major owners.  27.12.2018  Luminos Sun Holding and the subsidiary of the ASSCCL bank scam are established in the British Virgin Islands. 16.3.2019  Tecnotree postpones the 2018 Annual General Meeting from 10.4.2019 → 15.5.2019: ”delay will allow Luminos Sun Holding Ltd (LHS) and Tecnotree to complete the listing formalities and Luminos Sun Holding Ltd. can participate in its first AGM this year”. 22.4.2019  Ayshwarya Syndicate LLP is registered in India. The name is changed to Tecnovos in early 2020. Domains: Kartik Ravichander. Trademarks: Kartik Ravichander. 22.8.2019  Syndicate Tech is registered in India. Management: Kartik Ravichander (CEO) & Kaustubha Mani Gokul (Counsel). Domain: Kartik Ravichander. 9/2019  Syndicate Tech presents Tecnotree as its customer and the Spark wallet as its product on its website. 24.12.2019  The Tecnovos.com domain is purchased. Registrant: Ayshwarya Syndicate. Syndicate Tech becomes Tecnovos. Tecnovos presents Tecnotree as its customer and the Spark wallet as its product. Trademark: Kartik Ravichander. ASSCCL bank ”licenses the Spark wallet from Tecnovos”. 3.2.2020  Pericius Technologies DMCC (Kartik Ravichander) and Panindica Business Services DMCC* (Kaustubha Mani Gokul) are registered in Dubai. *Padma’s personal assistant at Tecnotree served in their position through Panindica. Pericius’s HR Director served in their position through Panindica. 1.2.2021  Tecnotree releases the new ”Spark Digital Wallet”, which is 1:1 with Syndicate Tech’s/Tecnovos’s/Pericius’s Spark. 20.7.2021  The Pericius.com domain is purchased. The new owner only shows as ”Dubai”. Tecnovos is rebranded as Pericius. Pericius presents Tecnotree as its customer and the Spark wallet as its product. 24.11.2021  Pericius Technologies Computer Systems Software Design L.L.C is registered in Dubai. The company registry shows Padma’s assistant’s @pericius.com address as the email. 9.12.2021  Pericius Technologies Private Ltd is registered in India. 10-12/2023  Tecnotree pays a 2 million euro prepayment to Pericius. 6.8.2024  Updates are made to Pericius’s website. Mentions of Dubai and Nigeria, as well as Dubai Pericius contact information, disappear from the Contact Us page. They are replaced by the contact information for Pericius India. 9.8.2024  A few more changes are made to Pericius’s website. Three people disappear from the About Us page, and new ones are added(?). The Spark wallet presentation disappears from the Products page. Pericius’s name is mentioned for the first time in Tecnotree’s materials and in an Inderes interview.  THE MONEY   Next, let’s put the euros on a timeline. At the same time, let’s take a closer look at the Dubai real estate transaction data mentioned in the fall.  2021  1-12/2021 Luminos sells TT shares for approximately 7.7 million euros  15.6.2021 Padma buys a 280-square-meter apartment  28.12.2021 Padma and Kartik jointly buy a 1082-square-meter apartment  2022  1-12/2022 Luminos sells TT shares for approximately 6.7 million euros  11.3.2022 Padma sells the 280-square-meter apartment  15.4.2022 Kartik buys a 154-square-meter apartment  6.9.2022 Padma buys TT shares from Fitzroy for 5.55 million euros  5.10.2022 Kartik buys a 601-square-meter apartment  2023  1-12/2023 Luminos sells TT shares for approximately 1.4 million euros  23.2.2023 Kartik buys a 265-square-meter apartment  11.5.2023 Padma buys TT shares from Fitzroy for 2.36 million euros  3.8.2023 Kartik sells the 601-square-meter apartment  7-9/2023 Padma pays for VKK (Convertible Bond) subscriptions worth 5.8 million euros  20.11.2023 New mortgage on the 1082-square-meter giant apartment (Padma & Kartik)  10-12/2023 Tecnotree pays Pericius a 2 million euro prepayment  10-12/2023 Padma pays for VKK (Convertible Bond) subscriptions worth 7.2 million euros To finish, as a recap of the old, here is a link to the post where, among other things, Kartik’s role in the Tecnotree AGM was examined. If the overall situation was not familiar, many strange coincidences have been discussed in this thread between the fall of 2024 and the summer of 2025. How Tecnovos and Pericius have over the years recruited employees directly for Tecnotree projects. Additionally, for example, how the same Indian accounting firm that expanded to Dubai was the choice for the Ravichanders’ family business, Pericius, the ASSCCL ”bank,” and Tecnotree’s Indian subsidiaries. And how Tecnotree’s current CFO came from that same outfit.

It feels like Inderes has also swept the problems under the rug? @Roni_Peuranheimo In my opinion, the topics discussed on the forum do not influence the recommendation / analysis enough. From this, one could conclude that the analyst believes this is just noise in the big picture or that the facts of the discussion are missing. Does the analyst disagree?

Even though it’s been a while since anyone here has strongly defended Tecnotree’s massive valuation gap and called it the buying opportunity of the millennium, I’ll continue with the theme of warnings and recommend—as my “official investment advice”—that HODLers read through the Intellego thread and then take one more look at their own position size.

It should be completely clear to everyone by now that something shady is happening in the company’s management/background. If anyone still dares to claim that there are no irregularities, you should probably put that person on your so-called block list. The only questions now are 1) how extensive these irregularities are, 2) which members of management are involved, and 3) how it affects the stock price. As long as point 3 doesn’t cause turbulence—meaning the stock price doesn’t crash—investors don’t seem to care about points 1 & 2. The real reckoning will only begin once the price tanks and people start asking those difficult questions. It’s a shame we have such poor-quality financial media in Finland that this kind of investigative digging isn’t done despite their vast resources; after all, it’s much easier to write top 10 lists and advent calendars.

It’s hardly the job of Inderes or anyone else to act as a messenger and a reputation cleaner for the company; that should be the company’s own responsibility. On the contrary, the company has swept things under the rug. As I understand it, a briefing was even held regarding these matters, and it was said that it would be recorded and posted on the company’s investor relations pages, but it never appeared there. Nor did they seem to address much of anything regarding the irregularities with related-party companies that were being discussed at the time; instead, it was mostly just marketing for the company’s products. I sincerely hope that history doesn’t repeat itself and that lessons have been learned. In the same breath, however, based on the announcements from the last few weeks, one has to conclude that the company doesn’t seem to be acting in the best interests of its shareholders.

The activities of this company sound more like fiction from a crime novel than the operations of a listed firm. Absolutely unbelievable things seem to have happened in this company. You, @WhoopWhoop, have done extremely high-quality work digging up these connections from open sources. This story has an incredible amount of detail that doesn’t easily stick in the mind just by reading them once. The impression I got is that in this company’s case, it’s most likely an “Afarak-style” situation; meaning that the company’s largest owners exercise decision-making power through front companies (bulvaaniomistus) in addition to direct ownership. Apparently, there are no strongly inferable connections from Fitzroy to the CEO and her inner circle, but Luminos Sun Holding nonetheless appears to be a front company for the management and inner circle. The fact that Fitzroy transferred 50,000,000 options to Luminos creates, at least in my mind, a very strong suspicion that Fitzroy also belongs to this same front-company structure through which the Ravichanders exercise ownership-based control in the company. An incredibly good deal for Luminos to get that many options at a subscription price of 0.04 euros per share. I wonder what the terms of this option deal were, for example, regarding the purchase price? In this whole setup, there are so many coincidences involving the management and their inner circle that they can’t really be explained in any other way than as shady related-party transactions. That Pericius Technologies chain of deals remained a bit unclear to me regarding whether it was an acquisition of the company or an acquisition of the business operations. Apparently the latter? Consequently, it would be highly questionable that Tecnotree first bought millions worth of services from Pericius, allowing the value of the operations to build up in the related-party company Pericius, whose business TT then ends up buying later for a high purchase price. Moving from the past to the present, Pericius’s likely successor, Clarius Software Technologies, also seems extremely shady and gives reason to assume that the same pattern continues. Even the company’s website is suspicious: there isn’t a single contact detail or phone number for a real person, the links at the bottom all lead to the same page (including the IG and FB buttons), the pages are full of “business buzzwords,” and so on. It all seems like a hastily constructed facade. It’s interesting to follow and see what other schemes might unfold on this journey, in addition to Clarius and other potential mess-ups. It’s no surprise at all that the payment terms for the convertible bonds (VVK) were extended now that the share price is higher, and they can’t even be bothered to collect the penalty fee. Honestly, I don’t believe that the Ravichanders or any other major owner would have any desire to take the company private. They have profited fabulously by conducting transactions with likely related-party companies registered in tax havens. At the same time, in the spirit of nepotism, they can help future generations kickstart high-flying careers in a listed company. Why pay a high price for the company by making a takeover bid when you can just keep going like this? Proving these facts to be true is practically impossible, and I cannot say for sure that this is how things are, but unfortunately, things are often exactly what they seem. And in this case, things seem to be exactly what many people here have meritously reported. Suspicions are not at all dispelled by management avoiding difficult questions and scrubbing their digital footprints.

It’s peculiar that Padma paid a high premium when exchanging bonds for shares with JJK. Now the same pattern is repeating with Fitzroy. Could Kakkonen have held more than those 30 bonds…? Kakkonen has sold almost half of his original stake and, after all the maneuvering, is pretty close to breaking even, even though the value of the remaining shares is about 7 million in the red. On the other hand, why is Kakkonen selling the convertible bonds so close to the June conversion date? He gets the premium, yes, but the ownership stake gets diluted if the share price crawls.  The agreement made now regarding the extension is peculiar. It ties Fitzroy’s already paid bonds into the same bundle as the 200 unpaid units. In the background, there could be an agreement with a party that can wait quietly until the end of the year for, for example, business targets to be met, etc. etc. And even then, the payment can be stretched by 90 days? If a new owner is found for the notes, they will of course have to hold onto them and can’t dump them onto the market immediately.  Personally, I find it hard to believe that Fitzroy, Padma, or Luminos will pay for the remaining notes. According to WW, Padma has sold and pledged his assets and reinvested them back into the company. Fitzroy has pledged all its shares and bought bonds with debt.  Fitzroy is playing a hard game in any case. I wonder if the relations between the main owners and the board members are quite that warm? I wouldn’t be at all surprised if the completely incompetent main owner/Chairman of the Board and the Dubai ‘professor of the future’ cooked up this VVK (convertible bond) mess together back in the day. Wilenius wasn’t granted discharge from liability, and then Fitzroy, out of the goodness of its heart, took the responsibilities upon itself? A decision could have been made that the money isn’t needed and the notes remain unredeemed. Who was responsible for the deal with The Royal Investment Group?  Hammaren also sits on the board, and in my opinion, he cannot be considered a “facade for good corporate governance”. As a lawyer, he likely aims to stick to the agreements or else he’ll head for the exit from the board.

Tecnotree

Tecnotree Corporation Stock Exchange Release 30 December 2025 at 12:00 EETFurther to the Stock Exchange Release dated 8 December 2023, Tecnotree Corporation ("Tecnotree") announces that its ...

<div class="abstract">Tecnotree Corporation Stock Exchange Release 30 December 2025&nbsp;at 12:00&nbsp;EET</div>Further to the Stock Exchange Release dated 8 December 2023,&nbsp;Tecnotree Corporation ("Tecnotree") announces that its Board of Directors has approved an extension of the payment deadline for EUR 20,000,000 of unpaid Compulsorily Convertible Debenture notes ("CCDs") held by Fitzroy Investments Limited ("Fitzroy").BackgroundOn 8 December 2023, Fitzroy acquired 200 CCD notes with an unpaid subscription price of EUR 20,000,000 from Markku Wilenius and committed to pay this amount by Q4 2025. Fitzroy currently holds 45 paid CCD notes (EUR 4.5 million) and 200 unpaid CCD notes (EUR 20 million).Extension TermsThe Board has approved Fitzroy's request to extend the payment deadline from Q4 2025 to 31 December 2026 on a payment-on-demand structure, whereby Fitzroy commits to pay the EUR 20,000,000, in whole or in part, within 90 business days of receiving written demand from the Company.In connection with the extension, Fitzroy has committed to:<ol>	<li>Pay EUR 20,000,000 in whole or in part within 90 business days upon written demand by the Company;</li>	<li>Delay conversion of all 245 CCD notes (45 paid + 200 unpaid, once paid) until 30 June 2028;</li>	<li>Retain existing accelerated conversion rights for any paid notes upon change of control as per Clause 3 of the CCD Terms and Conditions.</li></ol>Board DeterminationThe Board has determined that this arrangement serves the best interests of the Company and all its shareholders. The Company's current financial position is stable (Q3 2025: EUR 20.7 million cash and cash equivalents, EUR 3.2 million positive free cash flow for the nine-month period) and the Company does not have an immediate need for the EUR 20 million payment. The payment-on-demand structure provides financial flexibility while avoiding unnecessary shareholder dilution and optimizing enterprise value.All other terms of the agreement dated 8 December 2023, including contractual penalty provisions, remain unchanged.<div></div>