-3x Short China Discussion Threads

[zangdook] 04/5/2011 15:17

HL - it looks like they'll keep them in their accounts, without certificating them (for which they would charge).

I wanted to buy some more, but typically (as they did with WCC) HL have decided to take CHNS out of their trading systems in advance of the delist. I swore to find another broker after getting screwed over with WCC. More fool me to have prevaricated. I did look, but didn't take the plunge with anyone.

[0rb1t] 02/5/2011 12:09

Another share I own has been de-listed but it still held in my nominee account (which is effectively a shared CREST account from TDWaterhouse).

Shares held in a SIPP must create extra issues as turning them to certificate form would be like withdrawing them from your pension.

[boadicea] 01/5/2011 20:33

phil - After delisting, I suspect all holdings will be certificated. You may need to ask HL how they would deal with that.

[philw2009] 01/5/2011 18:37

Thanks boadicea. I think I'll hold onto them as relisting in HKG seems very likely within 1-2 years.

I do wonder even if they listed on HKG how I could sell them though as Hargreaves Lansdown don't trade on that market. Not sure if I can buy and sell outside of my SIPP? i.e. without using the HL website? I suppose there must be a way but I'm not sure of the rules around that.

[boadicea] 30/4/2011 23:47

phil - Congratulations on your happy event and a very good excuse!
Wrt selling, I think you could possibly find a private buyer from contributors to this thread. The main difficulty is in fixing a fair price with no active market to guide. Retention for a possible (in fact probable) relisting is what I would probably do if in that position.
You could also watch the company website for news of an agent facilitating matched deals.
Anyway, you won't want further reasons to lose sleep in the months ahead!

[philw2009] 30/4/2011 23:10

I accidentally kept my small holding in my SIPP due to wife having twins on the day I was meant to be selling them. So let's hope that they list in HKG and that Hargreaves Lansdown eventually provide some method of being able to sell them as I don't know if I can even sell them currently. Ooops. The babies are beautiful though.

[dreggspicker] 28/4/2011 16:31

I recon you got them when in a auction, just after 11am, my broker could only get 309, so I did not bother, (I would have had them at 180)

[rhuvaal] 28/4/2011 11:33

some smaller brokers try harder and, bearing in mind the advantage, are not more expensive.......

[stamply2] 28/4/2011 11:16

How did you guys manage to get in at £1.80p when barclays want £3.20

[evaluate] 28/4/2011 11:12

Rhuvaal,

Very smart move IMHO.

Don't think my IG broker would be able to get them for me at that price.

[rhuvaal] 28/4/2011 11:00

well folks = just bought 2500 @ 180p..... let's see what Rip van Wink will say in the course of time: sure helps to have a good broker :)

[qvg] 27/4/2011 17:08

I phoned to check they received it. My guess is you did too!

[boros10] 27/4/2011 16:55

MMs are killing anyone who forgot to accept the tender. I do hope I put that envelope in the post!

[liarspoker] 27/4/2011 16:47

Well I got a small few today at just over 300p. Will see what happens.

[evaluate] 27/4/2011 16:01

I'd be happy to pay £2.50 to anybody that wants to get rid.

Please form an orderly queue :)

[fft] 27/4/2011 15:00

This could be the point to buy back, put them in a drawer and wait...

except that the spread is 180-320.... hmmm !

[rivaldo] 27/4/2011 14:59

A sale's gone through at 200p :o)) Mind-boggling....

[evaluate] 27/4/2011 13:19

I have them in an IG spreadbet account.

When I have had other shares taken over, they tend to remain in my account for a bit until the payment is made by the buyer.

I think you should get the money into your account (& the share off it) some time around the 5th May.

[rajauk] 27/4/2011 12:07

Does anyone hold them through IG markets as a CFD. They sent me an email that they will be accepting the tender offer and if I don't wish to ill need to inform them. Therefore I didn't do anything and as a result accepted as holding then in a leveraged account would have been impossible. But they are still appearing in my account for some reason, and are tradable. Could someone tell what will happen next as its a CFD account.

[boadicea] 26/4/2011 20:14

RoyalT - This is from the RNS published today which gives the expected dates of events -

"Result of Annual General Meeting

"On 30 March 2011, the Company announced its proposals, inter alia, to cancel the admission of its Ordinary Shares to trading on AIM (the "Delisting") and, prior to the Delisting, to purchase Ordinary Shares by way of the Tender Offer (as described in more detail in the Circular posted to Shareholders on the same date). The Company announces that at its Annual General Meeting held earlier today, all resolutions were duly passed.

"The purchase of Tender Offer Shares under the Tender Offer and completion of the Repurchase by Seymour Pierce Limited will take place on 28 May 2011. It is also expected that CREST accounts will be credited with, and cheques despatched for, the Tender Offer proceeds and the final dividend for the year ended 31 December 2010 on 4 May 2011.
"The Delisting is scheduled to take place at 7.00 a.m. on 5 May 2011."
[End quote]

Actually, the sequence as stated does not make sense to me, i.e. (to paraphrase) Seymour Pierce will purchase the shares on 28th May before Delisting on 4th May!
So I think that should read 28th April.

As regards the current status of the shares, mine are (quite correctly) still there at BSL but shown as Assented to the Tender offer.

[Post edited to re-insert the middle of the announcement which got mysteriously lost.]

[royalt] 26/4/2011 19:06

I accepted the offer but the share are still showing up in my TDW account..

Anyone else not had theirs sold?

[boadicea] 26/4/2011 15:54

Boros - I vaguely recall mention of organising a broker to facilitate matched deals when the shares become unlisted.

[boadicea] 26/4/2011 15:49

czar - I shouldn't get too excited as there have only been two deals today, one each on LSE and PLUS.

Could be interesting to buy and hold a few if sales by a Rip van Winkel cause price to plummet before delisting on 5th May.
What is the last purchase date? Does it have to be 3 working days earlier (i.e. this Thursday) to allow for registering stock?

[boros10] 26/4/2011 15:41

Like Czar I can't understand why anyone would be selling now having already refused to accept the higher tender offer. I suppose there will be some who forgot to accept the offer and don't wish to remain shareholders in a private Chinese company.

The only reason for holding or buying in now at these lower share prices is the hope of a future listing on Hong Kong.

How long might you have to wait and will your interests be protected? CHNS has had better corporate governance than many Chinese companies (e.g. RCG plc)- but the longer it remains private the more desperate the situation will become for minority investors.

[zangdook] 26/4/2011 15:20

Anyone here keep any?