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pumper The dividend you seem to refer to was a different sort of stock dividend involving museums in China.
I think "other measures to solve the problem" would be something that does not involve FINRA. After numerous attempts to get FINRA to process the dividend, the company is surely pretty frustrated with FINRA - should they not make this happen within a reasonable time frame, that is.
It could still be a cash dividend (from the setllement with parent). Perhaps they weren't ready 2 months ago but they are ready now.
The cash dividend would still be processed by FINRA. But it would be different because the amount would be disclosed and announced in advance (as well as the settlement with parent).
I told you, FINRA has a real problem here with the preferred shares (and the spin-off) because of the sheer size. Anyone who is short (and this can include the market makers) could be presented with a $10/share bill after the distribution. And they in turn can sue FINRA for allowing this distribution to go ahead even though the assets have never been disclosed by the company.
No dividend coming, but talk, excuses, and blame as to why it wasn't issued will be plentiful.
I'll try to bump this once a month or so. I know the "coming dividend' will still be expected to happen and discussed here for over a year from now!
FINRA looks like the scapegoat, for now!
Should be fun!
I think the dividend will be distributed eventually, when FINRA get their thumb out.
But IF they don't act soon enough, I get the impression that the company will try to come up with another solution that doesn't need to go through FINRA. And what could that look like? Would it be possible for the company to simply make a bid for the 14M shares in the free float and thus give the minority shareholders the shareholder value they are looking for?
It is many years since a bid for $11/share was turned down. OK, the terms of payment were not straight forward which made the bid unacceptable. But the price indication could be used as some sort of guidance; $11 six-seven years ago should be $20-$30 today.
I wouldn't say denied. I'd say "not yet approved". My interpretation.
Are you saying you received an update that the dividend was denied? Or is it that they have not yet approved? Sounds to me like they are still waiting for an answer- correct??
FINRA is obligated to give a reason, or at least inform the company, if they choose not to process the dividend. Although the way this is going, they could delay things for up to three months and then give them a BS reason like a "public concern" or even more general and meaningless than that.
I hope they settle with parent and blow it wide open. Followed by a tender offer.
"Nor do we know for what reason that FINRA did not approve, we will wait a
week, and if do not approve it, we will take other measures to solve the
problem."
The problem with HERB is, when you start looking into it or reviewing it as FINRA is doing then more and more questions arise that they need answers to.
Which is what happened last time with the spin-off. In the end they decided to not allow the distribution unless HERB is fully reporting. Probably also because of the sheer size of the distribution relative to the small market cap. "Disclose, or take a hike".
The preferred shares are different. I think this has a chance because there may not be an obligation by the company to redeem the shares. So you could argue that legally they aren't distributing anything. Subject to certain conditions etc.
We are still waiting on FINRA at this point in time.
Looky here, it is very simple what the company has to do if this doesn't work.
1) settle with parent and announce it
2) tender offer or go private
But for some reason these idiots still don't get it.
This company doesn't have a future.
They threw it all away years ago when they went dark again.
I assume if FINRA had an ironclad reason for denial, something Yasheng could not successfully appeal, then the company would have to inform us of that fact.
That they have not informed of us anything means either FINRA is dragging out their review as long as possible to send a message to other scofflaws, or Yasheng is formulating their next move before giving us the bad news.
I don't see the company giving up. If our securities counsel is worth anything they will keep trying different loopholes until they find the one FINRA cannot plug. And if it truly looks like there is no way forward the company will have to spin it whatever way most limits their liabilities. Silent and dark at this point doesn't seem plausible.
But I've been wrong many times before.
lol. Yes, lets just say there is a 50% chance that they can still pull this off, down from 75% a week ago. It really sucks.
I am beginning to get worried now. This just takes too long - again.
petrejus What I had reason to expect did not happen. I sold one third of my shares in SPZI and the pps is down 40% since I did that. There has been no news for weeks. I invested the money in BDCO at the wrong time. My investment there is down 25% since my investment. I have not been very lucky about my timing of late.
Is it not happening or is it just delayed? It's down 50% since you sold 10% of your HERB.
Excuses are of no interest. We are all trying to make a return on our investment here. I am up 100% at the moment, so I am not crying.
You are simplifying things. The circumstances have changed compared to 2015-2020. They are not silent anymore, like they were for five years. The company is now communicating and trying to pay a dividend. Their endeavours leave a lot to wish for, but they are trying. I think they will eventually make it. Your conclusion is another.
There's always an excuse for YaSheng not meeting targets! No different than the dozens of reasons stated here for YEARS of great value in assets here, which have EVENTUALLY become be realized YEARS later that the great value does not exist.
Same old same old!
If you can get $2 worth of Equity Art for every common share, that should move the share price significantly.
On May 11 you expected the share price to go up to $1-$7 when we get the preferred shares. But that has changed?
But this train wreck has a "dividend"! It's a nicer train wreck!
Why would things start to move here? Based on what they reported, the stock should be worth $0.20. Perhaps a bit more.
The equity art dividend could be worth $2/share. But you won't be able to cash it any time soon. And they seem to be keeping those assets off-balance sheet as well.
So, yeah, it is mostly about the preferred shares. If they represent the plantations they could be worth $7 or even $12 per share. But we don't know that yet.
But it's not just about qualifying for the dividend, is it. You also want your share of Equity Art, as well as a surge in the stock price when things start moving here.
same train wreck - how do people continually pound the table on the same stock while losing so much money?
So, are they compelled to tell us before they can distribute the dividend, or is it optional?
I asked HZ today if it is even possible to distribute the dividend before they have disclosed the actual value of the stock dividend. Let's see if I get a reply.
Petrejus Nice! Thanks for staying contact with management and for telling us about your communication.
Thanks for sharing. I remain quite confident they will accomplish this, seems to be getting closer to reality.
Perhaps you can tell them to prepare a press release in advance, about these preferred shares.
It is very likely that there will be no ex-date assigned by FINRA. Which means we all qualified on the Record Date. Which also means that the company can issue the PR immediately, on the same day as the FINRA announcement. No need to wait for the dividend to end up in our accounts.
Should win a few days at the very least. At a crucial time, when we are all waiting.
Nope. This is just pink sheet speak! Company just laying the BS on shareholders... and apparently, it's working!
"everything is done step by step".
"don't need to worry too much".
75% chance IMO that the dividend will be paid AND that you already qualified for the dividend on the Record Date, weeks ago.
Carry on, folks.
I received an email from the company. They are communicating with FINRA and "everything is done step by step".
The email was a reply to my questions regarding the dividend that we have been promised but not yet received. In an email to FINRA the company is saying that they are ready to distribute the dividend "at this time", as previously communicated.
Huirong Zhang tells me "don't need to worry too much". I think it feels comforting to hear that they are on it as we speak.
What you can do, is write to the Board of Directors and ask for Yong Li's resignation. The person who is responsible for this.
Don't even think that this is only FINRA's fault. It is HERB who has been hiding the high value assets from us since 2015. And someone has to pay.
BOD@yashenggroup.com
And because there are only 2 potential outcomes
1) They will deliver, in which case we already qualified for the dividend on the record date. And the stock will go down.... or,
2) They will fail again, in which case the stock will go down...
What a mess...
pumper Some of the shareholders in this stock may have followed a recommendation to buy another stock that has more than tripled in not much more than two weeks. When shares are sold that has normally a negative effect on the stock price.
Why would a shareholder letter affect a 2-month low here?
And btw, it was me. I told a friend to dump some shares into the bid. And the reason is simple. Because there is a 50% chance or better that we already qualified for the dividend on the record date.
Near 2 months lows here! I thought shareholder letters were going to change things here?
Any word on the shareholders threat of a lawsuit? Care to post the case number?
It's probably tough for him to answer this. But you already know that the max review period for this is 3 months.
FINRA is probably wondering (again) about this massive distribution and asking questions why they haven't disclosed the assets.
So it's not just FINRA's fault. It is HERB too.
Which is why I have been telling you all along that this company should not be public anymore. They should do a tender offer or go private.
GIVE ME MY BLOODY MONEY
And then they should disappear. Quickly. Like all those other Chinese losers.
So what you are saying is that we from now on are the hostage of FINRA and this could extend up to six months, eight months or even longer?
I perfectly understand all that you are saying.
I looked into the International part of the business but I think it is the same as Interactive Brokers. Same affiliate another company is using.
Either way, I think I will pass on Fidelity as a whole.
I am still able to buy with Fidelity. I don't know anything though about how you could open an account. Looks like they will direct you to their International partner. I have no idea if they will follow the same rules for stock purchases, or what they even allow. I did not really take the time to look around at the details on this.
https://www.fidelity.nl/
When you try to sign up with Fidelity, you can pick like 200 countries. But the social security number, Zip code, and telephone number all have to be US format.
I have noticed this with some other brokers in the past as well. I don't know what the heck these people are thinking. Except that they must be very American, and very stupid. And I don't sign up with them out of principle.
How about Fidelity?
Yep, TDA didn't accept me as a client, being from an EU-country.
Also, TradeStation didn't allow trading in HERB a few weeks ago. And I don't think that has changed.
Does Tradestation let you buy HERB now? Probably not.
I don't think that leaves many options. (Questrade is only for Canadians)
I'm pretty sure that TDA only accepts customers outside the European Union. Like Norway.
And I'm pretty sure that Etrade only deals with customers from the UK. At least that is how it has been in the past.
Let me know if you find one.
It's still an outrage, when you think about it. It's like living in the 1700's.
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