ASM International

ASM International

Documents

081114 ASM Int'l - What will happen next after AMAT and FP pulled out? 081114 ASM Int'l - What will happen next after AMAT and FP pulled out?

What will happen next after AMAT and FP pulled out?

080606 ASM International - AMAT wants ALD and PECVD 080606 ASM International - AMAT wants ALD and PECVD

AMAT wants ALD and PECVD.

080617 ASM International - AMAT's right of first refusal 080617 ASM International - AMAT's right of first refusal

AMAT's right of first refusal.

080624 ASM International - buying time 080624 ASM International - buying time

ASMI – buying time. EGM postponed until 15 October.

080424 ASM International - change will take place, either way 080424 ASM International - change will take place, either way

Change Will Take Place, Either Way.

080818 ASM International - Chuck del Prado side-lined? 080818 ASM International - Chuck del Prado side-lined?

Chuck del Prado side-lined?

070928 ASM International - still negative front-end value despite change 070928 ASM International - still negative front-end value despite change

Still negative front-end value despite change.

080611 ASM International - white knight: a dream-scenario with a happy ending? 080611 ASM International - white knight: a dream-scenario with a happy ending?

White knight: a dream-scenario with a happy ending?

100519 ASM Intl. -to extend current dividend policy for at least two years 100519 ASM Intl. -to extend current dividend policy for at least two years

At the upcoming AGM on May 20th 2010, management of ASMI will propose to its shareholders to pass on all future dividends it receives from ASM PT to ASMI's shareholders for at least two years. Not only has the market not attached any value to the ASMI share will respect to the future steady and strong dividend payments, neither has it recognized the profit potential of the Front-end activities when the recovery of the capital spending on semiconductor equipment kicks in. In the next coming quarter we believe ASMI will convince investors it has successfully redesigned its Front-end operations and that it will not be a drag on the company's cash flow. With the impressive progress it has made lowering its cost base, we believe these activities will start to generate a solid cash flow. We continue to believe that the ASM International shares will continue to significantly outperform the market.

101215 ASMI - Closing the gap 101215 ASMI - Closing the gap

In this report we present three good reasons why we believe the negative value for the Front-end activities is unreal and should disappear: 1) positive cash flow should have positive valuation, 2) the ASM Int'l shares are a near clone of ASM PT share and 3) the Front-end activities are virtually negligible and for valuation purposes only the Back-end operations matter, i.e. ASMP PT's valuation. We reiterate our view that it is unreal that ASM Int'l trades at such a huge discount to ASM PT shares. This gap of EUR9.50 per share has and will be closed in the mid to short term.

080619 ASMI - has Mr. del Prado overplayed his hand? 080619 ASMI - has Mr. del Prado overplayed his hand?

Has Mr. Del Prado overplayed his hand?

090407 ASMI - wrap-up one on one 7 April 2009 090407 ASMI - wrap-up one on one 7 April 2009

Wrap-up company visit.

110118 ASM International - Merger proposal 110118 ASM International - Merger proposal

In our previous report we present three reasons why we believe the negative value for the Front-end activities is unreal and should disappear. In this report we would like to take it one step further, which could once and for all end the discussion about the negative value of ASM Int'l's Front-end activities. We like to propose a full merger between ASM Int'l and - its subsidiary - ASM Pacific Technology. A deal can be structured in such a way it will be beneficiary both to shareholders of ASM Int'l and ASM PT.

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