Ireland Bank, American Dep. Shares (IREBY)

[itzgood]

Sadly we seem to venture into this territory around this time each year.

[Huggy Bear]

Lol. Many large cap banks in the EU have pink sheet desinations because of their listing of origin. All kinds of legitimate large cap big board stocks in other countries have this designation in every sector.

[EmptyBones]

Nice pic. It got de-listed... to pinks.

[Gaintrader]

Nice financial report today! This one is due for a nice run up.

I'm sure you've noticed the arbitrage has moved in favor of BKIR recently, along with the rise of the dollar against the euro.

BKIR @ .34e x 1.1192 x 40 = $15.22 - $15.08 = $0.14, or nearly a 1% premium on the euro shares now.

[Renee]

IRE delisted from the NYSE to the OTC. New ticker IREBY:

http://otce.finra.org/DailyList

[itzgood]

This is what I received:


View Online | Mobile
Scottrade®
Contact Us | View in Chinese


Re. IRE position in account *****414:

CUSIP: 46267Q202
Description: IRELAND BK SPONSORED ADR (IRELAND)

The above-listed stock is part of a non-mandatory reorganization or tender offer, which currently expires on 04/20/2016.

Where to find more information:

For offers initiated by the company, information can often be found on the company's website.
If the offer was initiated by a third party, additional information can be obtained by contacting your local Scottrade team.
For mini-tender offers, the US Securities and Exchange Commission has urged caution. To review an SEC educational piece entitled "Mini-Tender Offers: Tips for Investors," go to http://www.sec.gov/investor/pubs/minitend.htm.

If you choose to accept this offer, please inform your local Scottrade team no later than 10 a.m. ET on the expiration date; a $25 fee will be charged to your account. These shares must then remain in your account until the reorg/tender occurs (be advised that expiration dates are often extended and terms are subject to change).

Scottrade is not endorsing or recommending this offer, and the terms have not been reviewed to determine if participation would be in your best interest. If you do not wish to accept this offer, no action is required.

For further assistance, please contact your local Scottrade team at [phone].

Sincerely,
Scottrade, Inc.

[Huggy Bear]

Not yet.

[itzgood]

Has anyone else received the reorganize/tender offer notice?

[Huggy Bear]

Well certainly not much to crow about here lately.

[Digra Ive]

Economic recovery has always been good for banks.
Manufacturing is blooming and investors are angry of good earning and future projects.

[Huggy Bear]

We will see 20 and more.

[Digra Ive]

Hi M._S.

Our board is doomed and abandoned. Zero activity.
However, the current time is quite exciting.
IMO, the last days upward trend is beginning of rally and I hope to see levels of $20 us again. Tried to find on LSE the source of such strong jump but there aren't much clues.

[Digra Ive]

Taken from their board:
""
Everyone on here has their alarms set for 6am next Friday morning
""
It is looks like on the 1'st of August, there supposed to be available finances
GLTA

[Huggy Bear]

Thanks. I suppose this is what is causing a bit of a stir?

http://www.forbes.com/sites/raoulruparel/2014/07/04/the-ecbs-new-lending-operations-are-off-target/

I do not really have an opinion on that, although I tend to agree that very little of this EU version of "stimulus" spending will actually get thru to bolster the local economies.

The goal is to provide more incentive for the private banking sector to make non-real estate backed loans to the public, assumingly for small business growth to strengthen the economy as a whole correct?

Remains to be seen how effective this round will be in accomplishing those goals, or not. The historic low interest rates the banks will pay for access to these funds cannot hurt the bottom line fiscally. But I do not expect any EU financial institution with primary operations in the EU to make significant gains earnings wise until the economy as a whole recovers more and interest rates overall rise naturally.

Overall I still have a strong opinion of IRE and BKIR.L as long term growth assets to accumulate and hold.

[Digra Ive]

Hi MS.

There is some interesting development around banking system.
http://www.lse.co.uk/ShareChat.asp?page=2&ShareTicker=BKIR
Go their board and focus on posts Fri 20:27 & 18:41

GLTY

[Digra Ive]

I think it has base under its legs. Somehow forgot about this blog.
Watch it here:
http://www.lse.co.uk/ShareChat.asp?page=1&ShareTicker=BKIR

[Digra Ive]

Hope for good news.
Thanks

[Huggy Bear]

Will have to research later thanks for the heads up.

[Digra Ive]

Do you have logical explanation for today's activity ?
Ballistic trend with normal volume. May be earning report but there is nothing in the press on Yahoo except this one from today:
O’Donnells get two weeks to file defense to Bank of Ireland claim of fraud.
http://www.irishtimes.com/business/sectors/commercial-property/o-donnells-get-two-weeks-to-file-defence-to-bank-of-ireland-claim-of-fraud-1.1852919

Don't think that the last one would influence PPS......

[Huggy Bear]

No surprise to me. Contrarian investors moving on to the next unloved yet solid enough distressed stock.

Let's crunch the arbitrage, it has been awhile.

BKIR.L at .284 x 40 x 1.3 = 14.77

IRE running a slight premium over BKIR.L

The days of the historical 40% over seem to be long gone in the rearview mirror.

[Gaintrader]

Ross moving on out...

http://seekingalpha.com/news/1791793-ross-exiting-rest-of-bank-of-ireland-position?uprof=45

[Digra Ive]

Upgrade by 2 levels to Baa1 from Baa3 can tell a lot. Actually they have been improving gradually and trust in the banking system is going and strengthening from day to day.

[Huggy Bear]

No, I did not today, but that purchase is impressive.

[Digra Ive]

Have you seen that 30K purchase at 2:00 PM o'clock ?
Impressive cash value of $500,000 US.
This pick is so notable for the normal day trading volume.
Just added 500 shares to my portfolio. Looking for 3-4% of uptrend before it touching $16.
However, 3-4% can easily become 15-20%. It depends on momentum to decide if sell freshly purchased shares or just hold.

[Huggy Bear]

Unrelated IMO. Seems more like IRE tracking BKIR.L as always, with IRE holding a slight premium over BKIR.L, the arbitrage.

At .257, BKIR.L is barely off a 52 week low.

Will be repurchasing trading shares when an uptrend in BKIR.L is established.

[Digra Ive]

Do you want to say, that after purchasing 95k of shares we lost 9% of height. Terrible. In case if there will be another purchase by director at lower price share then it was acquired today will we see drop too?

[Huggy Bear]

BKIR.L director acquires 95K @ .26688 euro.

.26688 x 40 x 1.37 = 14.63 in USD.

BKIR.L currently at .257. .257 x 40 x 1.37 = 14.08

IRE running a slight premium to BKIR.L again.

Random arbitrage at its finest. Long gone are the good ole days of 40% arbitrage it appears.

[Huggy Bear]

One has to wonder if Ross and Watsa shares are still being washed thru. At least I do. Arbitrage still in effect in seems, weird.

10% is not anything like 35-40% though. I think those days are over.

[Gaintrader]

I put a nice dent in my Jameson, and now I'm gonna put a dent in my pillow (NY is a hour ahead of bamma).

[Huggy Bear]

It is the real deal. The US imports were ok, but then we got switched to the Canadian, when they bought out Molson or someone, Moosehead, someone, and it was a rough decade until those barrels got seasoned right. Not too bad now but...

Anyway way behind but I have my corned beef and cabbage in the belly and ready to go. Trying to catch up with the washing down part...

[Gaintrader]

Dichhsuffiischshoowmuschbttrr inn illrrnlanndd...! hickkp

[Huggy Bear]

Happy IRE day and have a Guiness on me !!!

[Gaintrader]

PS A happy St. Patricks day to all!

[Gaintrader]

Premium back up a bit over 10% on today's move, a little St Patty's day magic I suppose. I'll be thinking of ya while I tip a wee dram or six to ward off the winter chill up here, in honor of the great "Apostle of Ireland".

[Huggy Bear]

BKIR.L lost 5.7% today, and IRE had been assuming a slight premium before today.

17.33 is the intrinsic value as of now. Just saying.

[Huggy Bear]

That is the kind of real deal information I find extremely useful. Thanks for the link, I can go from that.

I also find it quite interesting that Ross and Watsa are only taking one-third of their stake off the table at this juncture, while institutional funds and retailers alike are absorbing that transfer of shares at this level. The Irish govt seems to be holding their 14% stake in shares a bit longer?

110.4M volume on BKIR today is moving the transfer to of that big block of shares the next investors, which may not get washed out for a bit longer.

It is a strong sign for future BKIR and IRE appreciation, but BKIR is not going to one euro nor IRE a hundred bucks in the next year.

A few years down the road, perhaps.

Ross and Watsa took one third off the table for their initial investment and then some. I did as well.

There is always another deep value investment to get involved in. These guys are going to move their money into the next opportunity they find attractive and so am I.

I find Santander quite attractive at this level for accumulation and have been acting accordingly.

[Digra Ive]

watching the yesterday show and thinking volume. It was obvious they want to take the profit from their investment.
IRE has good future prediction and there wasn't much logic to sell all portfolio vs enrich from the future uptrend.
You know, the recent publication about adding the 3'rd player, Scottish bank, among 2 leaders of banking system. It as an excellent trigger to shake PPS.

[karltimber]

Independent newspaper article

http://www.independent.ie/business/irish/how-two-billionaires-made-huge-killing-on-boi-shares-30063647.html

main part is - "inbound inquiry" - to me that sounds like Ross was offer a good deal on some of his shares and also states he isn't selling any more.

will be buying more in Dublin this morning.
Will go back up today - hopefully after a quick retail drop at the open.
Thats me loaded up for a while.


:)

K

[karltimber]

hi

this is the text extract

As you can see on the site below, there are actually 59 Funds (listed at Onvista) who have an engagement in BKIR.

Yesterday it was 57, last week I guess about 52, ansd in January (when I discovered the page) it was 48 Funds.

http://www.onvista.de/fonds/filter-suche/top-holding.html?WKN=853701

Best regards + GLA from Germany


---- In german too :)

K

[Huggy Bear]

Hi Karl, thanks for the input.

I have been reviewing and thinking about all the info contained in the conference call following earnings, and this is bull juice, the market is reacting the wrong way and it will correct IMO.

http://seekingalpha.com/article/2063063-bank-of-irelands-ceo-discusses-q4-2013-results-earnings-call-transcript?page=4

No, I have not mustered the stones yet to get into the full filing. No rush for me, I am confident in the long term direction.

If folks were thinking FKIR.L was going to rush off to a buck then they were swilling absinthe.

Hell, Ross himself announced his target exit starting around .29 when he bought recap shares at .10, so why would anyone be surprised is beyond me.

Appreciate the update on the local fund holdings, I don't have access to that info readily. Is there a link you could provide? Not that I don't believe you I just like to review things for myself.

Slan leat,

malc

[karltimber]

Hi,

A few things.
Over reaction from retail who though it would be Euro1 this week.
Along with some heavy hitters selling too.

I am just waiting for cash to clear -and will buy Wed am, because - when I look back in 2 or 3 years, I will laugh at today.
Ross is indeed reducing his take but it will be taken up by other institutions.
Long term - Bir will be fine.

Text from a lad on LSE
As you can see on the site below, there are actually 59 Funds (listed at Onvista) who have an engagement in BKIR.
Yesterday it was 57, last week I guess about 52, ansd in January (when I discovered the page) it was 48 Funds.

[Huggy Bear]

Karl, what is your take on the massacre over on FKIR.L today?

[Digra Ive]

We have no much time to wait. This weekend,for me, will be longer then usual. Following Yahoo board too.
Here is what we have there
http://finance.yahoo.com/mbview/threadview/;_ylt=AlJDqTG.7y78EsSrouF3VjTeAohG;_ylu=X3oDMTB2b2NvNWRrBHBvcwMyNQRzZWMDTWVkaWFNc2dCb2FyZHNYSFJVbHQ-;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3?&bn=416ebee8-db53-3d69-aa55-6c8b4c307bcc&tid=1393606720044-780461a6-3530-4706-82fa-64654a567b1d&tls=la%2Cd%2C2%2C3

[Huggy Bear]

BKIR.L at .038 today. Saweet.

[itzgood]

Nice to see it climb back to the level of three years ago.

I don't see a spike like late 09 but as things seem to improve it should have a steady hold for some time.

[Huggy Bear]

Thank you.

[Digra Ive]

Ok it seems to be the next Monday.
Found it on Bloomberg reports:
The Governor and Company of the Bank of Ireland to Report Fiscal Year 2013 on Mar 03, 2014 ( CapIQ 03/03/2014 5:00 AM ET )
http://investing.businessweek.com/research/stocks/earnings/earnings.asp?ticker=IRE

[Digra Ive]

I'll check it on other boards

[Huggy Bear]

I don't know sorry. Those 10-F's are a complete mug though and although I am looking forward to it is also comes with great mental burden. Need Bushmills afterwards.

[Digra Ive]

What day they expect to report earnings ?