jmoy911 Posted May 22, 2014 Share Posted May 22, 2014 No updates, still waiting... holding them at OptionsXpress. Anybody here have an updated status on the AOBI cash out? I didn't participate but had a client do an inbound ACAT and funded their account with a few shares and I couldn't liquidate them at IB... so I waited. No cash yet. Curious if others are monitoring. Ben Link to comment Share on other sites More sharing options...
matjone Posted May 23, 2014 Author Share Posted May 23, 2014 still waiting. Maybe they ran off with the money. Link to comment Share on other sites More sharing options...
bskptkl Posted May 23, 2014 Share Posted May 23, 2014 No updates, still waiting... holding them at OptionsXpress. Anybody here have an updated status on the AOBI cash out? I didn't participate but had a client do an inbound ACAT and funded their account with a few shares and I couldn't liquidate them at IB... so I waited. No cash yet. Curious if others are monitoring. Still waiting (Fidelity and AMTD) on AOBI, SPGZ, GSOL... Ben Link to comment Share on other sites More sharing options...
bskptkl Posted May 23, 2014 Share Posted May 23, 2014 I screwed up that post - I meant to say: Still waiting (Fidelity and AMTD) on AOBI, SPGZ, GSOL... Link to comment Share on other sites More sharing options...
bskptkl Posted June 7, 2014 Share Posted June 7, 2014 Still waiting (Fidelity and AMTD) on AOBI, SPGZ, GSOL... GSOL paid off yesterday at $10. Need to find more nickels to pick up... Link to comment Share on other sites More sharing options...
Compounder Posted June 7, 2014 Share Posted June 7, 2014 Is it safe to participate in these using an Interactive Brokers account? i.e. does IB notify you and ensure you get cashed out? Thanks. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 8, 2014 Share Posted June 8, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. Link to comment Share on other sites More sharing options...
bskptkl Posted June 9, 2014 Share Posted June 9, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. IB makes it very easy to tender. Go to the corporate actions button on support/tools menu to tender. All done on line. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 9, 2014 Share Posted June 9, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. IB makes it very easy to tender. Go to the corporate actions button on support/tools menu to tender. All done on line. I know :) Link to comment Share on other sites More sharing options...
Ghost Posted June 9, 2014 Share Posted June 9, 2014 Still waiting (Fidelity and AMTD) on AOBI, SPGZ, GSOL... GSOL paid off yesterday at $10. Need to find more nickels to pick up... +1 for receiving money. Link to comment Share on other sites More sharing options...
bskptkl Posted June 9, 2014 Share Posted June 9, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. IB makes it very easy to tender. Go to the corporate actions button on support/tools menu to tender. All done on line. I know :) Dang. I have the hardest time replying...sorry about that. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 9, 2014 Share Posted June 9, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. IB makes it very easy to tender. Go to the corporate actions button on support/tools menu to tender. All done on line. I know :) Dang. I have the hardest time replying...sorry about that. Haha, now I understand you were replying to the post above me. Anyway, I added the smiley to not come across as an asshole. I just didn't really get your reply ;) Link to comment Share on other sites More sharing options...
bizaro86 Posted June 10, 2014 Share Posted June 10, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. How do you feel about the likelihood of HKFI going through? It's not a business I would especially be interested in owning without the tender, and they are highly levered. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 10, 2014 Share Posted June 10, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. How do you feel about the likelihood of HKFI going through? It's not a business I would especially be interested in owning without the tender, and they are highly levered. The board wants the buy back and has approved it already. Why go through all this to not do it? Going private will save 600k a year and will cost approximately 1.2M so it seems like a good decision. Because of all this I think it's way more likely to go through then not (and the 26% I'll realize is sufficient to make this +EV). The amount of research I've done is limited though. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 10, 2014 Share Posted June 10, 2014 By the way: more reason to buy UDF today as I've just been notified I will be receiving a $0.1367 dividend with ex-dividend June 12th. How nice of them :) Link to comment Share on other sites More sharing options...
turar Posted June 10, 2014 Share Posted June 10, 2014 I bought 99 UDF for a odd lot tender at the end of the month and 999 of HKFI in anticipation of the reverse merger to go private. Is there an odd-lot provision for UDF? I can't seem to find it. Link to comment Share on other sites More sharing options...
matjone Posted June 11, 2014 Author Share Posted June 11, 2014 I was wondering about that distribution payment, watchwoord. I calculated it as 21 cents. I tried to call them but no one seemed to know how much it would be. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 11, 2014 Share Posted June 11, 2014 I was wondering about that distribution payment, watchwoord. I calculated it as 21 cents. I tried to call them but no one seemed to know how much it would be. IB send me the following: UDF@NASDAQ (Name: UNITED DEVELOPMENT FUNDING I) announced a cash dividend with ex-dividend date of 20140612 and payable date of 20140625. The declared cash rate is USD 0.1367. Link to comment Share on other sites More sharing options...
Hielko Posted June 11, 2014 Share Posted June 11, 2014 For those that think discussing odd lot opportunities in the open is a good idea: GSOL 2010 tender offer: The Company has accepted for purchase on a pro rata basis 11,107,023 Shares and on an “odd lot” basis 13,977 Shares and will promptly pay $9.00 per share in respect of each of the Shares accepted for purchase. GSOL 2014 tender offer: The Offer expired on May 28, 2014, at 12:00 Midnight, New York City time. Based on the count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 30,062,715 Shares were properly tendered and not properly withdrawn at a price of $10.00 per share. The Company has accepted for purchase on a pro rata basis 4,482,132 Shares and on an “odd lot” basis 517,868 Shares and will promptly pay $10.00 per share in respect of each of the Shares accepted for purchase. So odd lots as a percentage of the buyback increased from 0.12% in 2010 to 11.55% in 2014. I'm betting this was the last tender offer from GSOL with an odd lot provision... Morgan Stanley already eliminated their odd lot provision in all their CEF tender offers in 2013. So something to think about before you post in this thread or decide to do a post on SA for a few bucks... Link to comment Share on other sites More sharing options...
wachtwoord Posted June 11, 2014 Share Posted June 11, 2014 So, let's create a shielded of section on this forum or other community and invite me there. Link to comment Share on other sites More sharing options...
jmoy911 Posted June 11, 2014 Share Posted June 11, 2014 Wow, very interesting Hielko. For those that think discussing odd lot opportunities in the open is a good idea: GSOL 2010 tender offer: The Company has accepted for purchase on a pro rata basis 11,107,023 Shares and on an “odd lot” basis 13,977 Shares and will promptly pay $9.00 per share in respect of each of the Shares accepted for purchase. GSOL 2014 tender offer: The Offer expired on May 28, 2014, at 12:00 Midnight, New York City time. Based on the count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 30,062,715 Shares were properly tendered and not properly withdrawn at a price of $10.00 per share. The Company has accepted for purchase on a pro rata basis 4,482,132 Shares and on an “odd lot” basis 517,868 Shares and will promptly pay $10.00 per share in respect of each of the Shares accepted for purchase. So odd lots as a percentage of the buyback increased from 0.12% in 2010 to 11.55% in 2014. I'm betting this was the last tender offer from GSOL with an odd lot provision... Morgan Stanley already eliminated their odd lot provision in all their CEF tender offers in 2013. So something to think about before you post in this thread or decide to do a post on SA for a few bucks... Link to comment Share on other sites More sharing options...
stahleyp Posted June 12, 2014 Share Posted June 12, 2014 Hielko, To be fair, a ton more people are in the market now than in 2010. Plus, GSOL was posted on quite a few sites. I wonder what the numbers were on less publicized tenders. Link to comment Share on other sites More sharing options...
Hielko Posted June 12, 2014 Share Posted June 12, 2014 Sure. It's not only because publicity in this thread. But don't underestimate how people read about it here and then decide to write about it on their own blog or SA. Unfortunately a lot of people don't seem to understand how damaging publicity is for the long term sustainability of the opportunity (I used to be guilty of this as well...) . Link to comment Share on other sites More sharing options...
oddballstocks Posted June 12, 2014 Share Posted June 12, 2014 Hielko, To be fair, a ton more people are in the market now than in 2010. Plus, GSOL was posted on quite a few sites. I wonder what the numbers were on less publicized tenders. I don't think that's the case at all. These things were very well known back in 2010, I was a pig at the trough with them back then. As far as I can remember investing odd-lot tenders have been around. There was a guy named George with a site FatPitchFinancials who used to discuss these things. He'd walk through the details and has been doing this back to 2006. What killed the golden goose in my view was when these things hit Seeking Alpha. A few hundred blog readers are never going to move the needle, but millions of readers on Seeking Alpha will surly move the needle. Seeking Alpha brought new visibility to these things. Link to comment Share on other sites More sharing options...
writser Posted June 12, 2014 Share Posted June 12, 2014 The worst thing is that there is an incentive for guys like Jae Jun from Oldschoolvalue and Chris deMuth on SA to promote these deals because the promotor receives a very small benefit ($200 SA pro article fee, some ad revenue, personal promotion, more Twitter followers). But I'm really at a loss for words why they think these peanuts are more important than keeping these opportunities alive. Is it shortsightedness? Egoism? Global Sources has to shell out $5m to cash out minority shareholders, I'm pretty sure they won't do that again ... But whenever I confront one of these posters they get angry and defend their actions by pointing out that 'others do it too'. Literal reply from a SeekingAlpha article writer: do not blame SA articles for this. odd-lot thing is already widely known and covered on many blogs, forums and etc. Thus me not writing about it is not going to change the trend. As with many other investing ideas after some time they disappear. And on CoBF people are saying the same thing but are blaming SA .. Really pisses me off. Link to comment Share on other sites More sharing options...
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