Vietnam Share Discussion Threads

[hiddendepths] 12/8/2021 10:26

shaker - when the positions are straightforward and can be automated I think it works pretty smoothly. It's when issues are a bit more complicated, requiring human input, that errors tend to creep in. In this day and age I suspect that the employees are generally inexperienced with stock market intricacies and I've had difficulty getting them to understand what I mean on several occasions.

I tried to buy a TSXV stock online the other day and received the message that it was not an authorised exchange for an ISA. I have several other TSXV shares in that account already so this clearly wasn't correct. Yet the people I was put in contact with when I rang maintained stoutly that it wasn't an authorised exchange because that's what the system told them. Eventually I got through to them and discovered what the problem really was but it was a long call...

[shaker44] 12/8/2021 10:15

Surprised that can still happen but if you tender (offer for sale) then re-, sell, I would expect you to be forced to buy back to meet your tender obligatiobs

[hiddendepths] 12/8/2021 09:26

shaker - as long as the broker's systems are set up properly! It's surprising just how often they're not. Essentially, it's the broker's responsibility to ensure that entitlements (including rights, dividends, capitalisation issues, etc) are properly allocated but there are so many different forms this can take that quite a lot of mistakes are made, even aside from the software being inadequate.

I have no idea what they'd do if you successfully sold your shares after you had tendered them. Someone has opened up a short! For normal accounts, I think that the broker is legally obliged to buy them back, but if your account allows you to open short positions, presumably they would suggest that that is what you have done.

[shaker44] 12/8/2021 08:09

Amt: once you tender your shares they are, of course, not available to sell until the whole process is completed.

[hiddendepths] 12/8/2021 07:59

amt - to avoid confusion and any sort of demand for you to deliver shares you haven't got it would be sensible to rescind your tender acceptance by the response date. It would probably lapse anyway but this sort of situation sometimes produces glitches!

[amt] 12/8/2021 07:25

What happens if you tender for some shares and then sell entirely?

[exotic] 11/8/2021 17:48

Well HD, I'd like to have had the balls and understanding of tender offers to have done that as soon as the offer was announced, though I'm fully invested in the market now and unable to buy until after I've been paid for the amount tendered.

If the offer proves successful at reducing the discount then we could see the same thing happen with VOF or VEIL - in which case I'll certainly give it a go.

[hiddendepths] 11/8/2021 15:49

I wonder at what point people think it's not worth buying 30% more and tendering 30%. For me, it would take 5% plus on the turn to make it worth my while. I confess I haven't got a clue what others would use to justify the arbitrage. Maybe it depends partly on individual dealing costs.

Of course, investment trusts quite often overshoot, presumably as momentum buying kicks in. I wouldn't be too surprised to see the shares trading at a premium to NAV for a while at least.

[hiddendepths] 11/8/2021 15:13

Hi spangle - yes, I know, but I think it's going higher as the penny finally drops for some holders that if they buy here, they can tender a good chunk of their original holding at a higher price.

[spangle93] 11/8/2021 12:28

At £3.34 NAV as per today's valuation, it's already around that level, HD

[hiddendepths] 11/8/2021 12:22

I've been thinking it will drift out to 10-12% discount but it really is hard to tell in this sector, especially in smaller, relatively illiquid stocks like this one.

[shaker44] 11/8/2021 11:15

I expect it will drift out and may settle around 10%.only 1/3 are bought in at NAV - 2%.
Anyone else have a view?

[spangle93] 11/8/2021 10:09

Thx exotic. I was emailed yesterday and I've made my response to the offer this morning


300p hit this morning, and still climbing. Once the transaction is completed, do people expect the discount to widen again?

[shaker44] 10/8/2021 18:59

Your holdings are aggregated with all other vnh Hargreaves clients and treated as one, as far as tender and scaleback is concerned, as they are the nominee holder

[exotic] 10/8/2021 18:18

"As your Shares are held with Hargreaves Lansdown, scaling back of excess tenders may not be on the same terms as those announced by the Company."

I wonder what that's about?

[exotic] 09/8/2021 17:49

Spangle93, post 197

If you haven't seen it, the tender offer appeared in Hargreaves Lansdown today. On the Stocks tab, there's an additional icon on the right under the Actions column.

[hiddendepths] 09/8/2021 14:20

True shaker - I was assuming one wanted to maintain one's existing holding.

[shaker44] 09/8/2021 12:42

Yes,if the tender results in share price moving closer to nav

[hiddendepths] 09/8/2021 12:23

"Curious what variables are causing the share price to rise so dramatically?"

Isn't it a no-brainer to buy now and tender at least 30% of your existing holding at a much smaller discount to NAV?

[shaker44] 06/8/2021 00:28

Maybe anyone who thinks the market will drop 10%+ before execution date?

[paulbutcher1999] 05/8/2021 22:26

Key thing closing discount at the moment I guess is who in their right mind (unless forced or not realising about the tender or not eligible for it) would sell now? Ie they would try and sell max at the highest price first.

[exotic] 05/8/2021 19:16

Still currently 14.32% discount to NAV.

Curious what variables are causing the share price to rise so dramatically?


The other Vietnam NAVs as announced this morning:

VEIL
£8.10 p/s
Discount: 14.81%

VOF
£5.61 p/s
Discount: 16.39%

[spangle93] 05/8/2021 15:30

The rate the discount is closing, I might have to re-assess how much I wanted to tender!

[shaker44] 05/8/2021 13:34

Nor Iweb, but 3 weeks before cut off so ok.

[spangle93] 05/8/2021 13:02

HD, ref II, post 183

Still nothing in the Hargreaves Lansdown account, either against the share in the portfolio or as a separate secure mail.

Shame to see what a sorry level of service they now perform versus 10 years ago, while still maintaining premium prices.