Jpmorgan European Discov... Share Discussion Threads

[bitgold] 25/10/2024 17:57

I sold my remaining small shareholding leftover from the Tender offer today and exited completely. To me, a sub-10% discount does not warrant continuing to hold after recent years.

It seems the glory days of Francesco and Jim are long gone. I originally bought this back in 1997, so the performance was spectacular. I wish the remaining shareholders well and will return if value appears.

[cheap investor] 13/9/2024 09:59

As far as I can tell, Halifax have, so far, provided no contract note or other document to record this Tender buyback.
It just appears as a line item on the records. I even have to calculate the number of shares accepted by either dividing the cash received by the tender price, or subtracting the remaining shares from the original quantity.

If anyone has found a proper contract note with the Halifax site, I'd like to know about it.

[cheap investor] 12/9/2024 16:34

Halifax 69%

[deadly] 12/9/2024 09:02

56% buyback from iDealing and 59% from AJ Bell, or 100% if holding is less than 1500 or so.

[cheap investor] 12/9/2024 08:39

Still no update from Halifax. I contacted customer services. They said it will be credited in the "next day or two". Apparently it will be scaled back.

[bitgold] 11/9/2024 16:44

Fidelity 100%. The results of this tender, considering the offer was 15% have amazed me. Before, I estimated 40-50% max, so I now wait with interest to see what happens with IPU, who are offering a similar tender.

[cheap investor] 10/9/2024 16:55

Just 58.8% off AJ Bell. Cash is available for trading.

Still awaiting info from Halifax

[super_sub] 10/9/2024 14:35

Received 100% from Interactive Investor after tendering my entire holding.
This is the same outcome as a couple of other similar tenders over recent months with II. It appears that most other PIs must be just ignoring these tenders, to the benefit of those of us choosing to participate.

[sludgesurfer] 09/9/2024 15:53

I'm with HL and appear to have a similar result after also requesting to tender my entire holding. I'm surprised (but pleased) given this statement following this statement from the recent circular which I read to mean we'd only get 6.3% over our basic entitlement of 15%. Good result for me either way and I'll probably sell the remainder in the open market. "Following a scale-back exercise, Shareholders who validly tendered a percentage of Shares greater than their Basic Entitlement will have a number of Shares equal to their Basic Entitlement purchased in full plus approximately 6.3 per cent. of their Excess Applications, in accordance with the process described in the Circular"

[bitgold] 09/9/2024 14:59

Early insight from HL. I got the untendered shares allocated back into my account today - just 2% of my original holding, which indicates 98% got tendered. Rather incredible if true, but kind of ties in with other recent tenders I have participated in. Few small investors participate, even though it often means an immediate 10% return.

I look forward to hearing what anyone else out there has received.

[bitgold] 08/9/2024 20:14

Communications I received said it'll clear into my account on 13/9. let's see then what %'s we got.

[cheap investor] 06/9/2024 08:30

Has anyone heard anything from their brokers yet ?

I thought non-certificated shares were supposed to be settled no later than 6-9-2024. Admittedly, there are several hours left.

[sludgesurfer] 05/9/2024 09:44

Looks like we're getting £4.93. A 10% or so premium to today's price. I requested to tender my entire holding but it looks like the maximum i'll get is 6.3% above your basic entitlement, so about 21%.

[cheap investor] 05/9/2024 06:52

No information from my brokers yet, but it's probably too early to expect that.

AJBell have just replaced my holding with provisional tender shares of equal value, before the RNS today.
The far less professional Halifax have just made the entire holding disappear, with nothing to correct the account balance back to the correct level.

[bitgold] 04/9/2024 17:55

NAV this morning reported as 512p. as this was the official valuation date for the tender offer, looks like those tendering get 500p a share from this trust

[bitgold] 24/8/2024 17:09

Nor me. I regret not selling during the 2022 Corona boom, when discount dropped to 4% and it was up near £6. This would be my opportunity to redeploy outside the EU, as I see big issues ahead. My guess is, if held in nominee accounts that we can anticipate cashing in 50-60% of our holdings.

[sludgesurfer] 20/8/2024 10:28

Agreed. I've participated in three tender offers over the years on similar offer terms. Every time I've asked to tender my full holding. Every time it's been filled completely. On current discount the offer should be at around 12%. Happy to take that and move on.Performance hasn't been good enough against the index to justify the fees for me.

[bitgold] 10/8/2024 02:36

I would guess the arbitrageurs will vote for the resolution. Their main hope is that a lot of the naive shareholders won’t tender any, so they can cash in much more than the 15% basic. My advice to all holders is tender the max (and I say that knowing it’ll hit my own bottom line a bit)

[sludgesurfer] 05/8/2024 08:01

The offer is at 2% discount to the NAV on the calculation date which is not till the 3rd September. With the market having a wobble, the NAV will likely be hit hard but discount may widen. Depending on how the next few weeks develop, the resolution might not pass at the EGM on the 2nd. You have until noon on the 2nd to decide although other brokers timescales may vary.

[bitgold] 30/7/2024 04:03

Good news. Those with nominee accounts may find they can get more than 15% if they tender all.

[deadly] 25/7/2024 08:27

Tender offer announced at 2% discount so about 506p.

[deadly] 16/4/2024 10:55

Used to be JESC and has had a super performance over the years, hopefully will continue.

[gordonauld] 04/4/2024 15:10

Certainly seems to have given the share price a lift, since. Perhaps, it's no coincidence the long-term manager has gone, also

[gilston] 09/1/2024 17:34

Isn`t Saba Capital on the warpath for this trust?

[bitgold] 07/1/2024 19:46

Am very surprised no-one is interested in this trust any more. I remember the old days when Francesco was the fund manager and it was a perennial outperformer. Now it seems heavily invested in Sweden in hope rather than expectation. Would not surprise me if this got wound up soon. Hold if you have some and don't sell, but at the current discount of 11% it isn't a buy, or is it?