Update: Fortress has responded to the market action...
Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX:FTP) announces that the Company, at the request of IIROC on behalf of the TSX, wishes to confirm that it is unaware of any reason for the increase in market activity in the Company' stock today.
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In the last 5 days, a little-known paper company from Canada (that we have discussed previously) [2] has seen its stock soar over 74% to 15 month highs...
[3]
[4]
Fortress Paper (and its wholly-owned subsidiary, Landqart AG, a leading manufacturer of banknote and security papers) announced at the peak of the 2012 European financial crisis that it has a material bank note order reinstated which sent the stock soaring and represented a clear indication of the possibility of Grexit, Spexit, or Itexit at the time. This time, the stock is soaring with no news yet - though we already know that Drachma designs have been created [5] - and everyone involved in the EU deliberations is preparing for a parallel currency [6].
FTP's last Quarterly presentation
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As we noted previously [8], this could be the simplest hedge against a disorderly Grexit that is available.
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And the 6 banknotes [5] (designed by Paul Vatikioti) of 50, 100, 200, 500, 1000 and 10,000 drachmas have pictures of Cornelius Castoriadis, Odysseus Elytis, Yiannis Moralis, Georgios Papanikolaou, Melina Mercouri and Maria Callas...
[9]
[10]
[11]
[12]
[13]
[14]
