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All banks sufficiently capitalized with Alpha and NBG leading, which leaves 20 Billion Euros bailout cash on the table. NBG CEO's term was up in 2 or 3 weeks.
Banks seen passing stress tests http://www.ekathimerini.com/227647/article/ekathimerini/business/banks-seen-passing-stress-tests
Bad idea? What good is a costly 500M share ADR facility on 9B shares. It was doing nothing for NBG and is indicative that a reverse split might not happen anytime soon. In NBG's hindsight this probably should have been done long ago.
Cool. Visa has partnered with National Bank of Greece for the development of payment-enabled jewellery such as rings and bracelets. http://www.ffgroup.com/media/ta-nea-mas/press-releases/274/
I'll never touch an ADR again!
That was my initial plan to avoid the .05 fee, but like somebody else pointed out nbggy isn't tracking accurately at all. If this keeps up I'm converting the shares, certainly not selling.
Yes you'll receive one ETE for one NBGGY, but the fee is probably higher for delivery vs. sell/repurchase on your owe, although you don't realize the loss via delivery. When I do the math on a sell/repurchase it looks like we could possible save a few hundred dollars. The only way to make it wash is to sell on a rally and buy on pullback but will that happen who knows
We own ETE "contractually". You posses "receipts" for shares of ETE held not in your account, but in a depository managed by BNY Mellon. You have the right to "surrender" your receipts in return for ETE shares.
Earnings = improvements. Bottom line, we should have bought ETE all along. The ADR was toast after the dilutions... I was dumb not to see this.
I would rather see the price dropping to do the switch myself! If it continues to rise I might fork up the BNY fees
https://www.otcmarkets.com/content/doc/FAQ-F-Shares.pdf They are the same as trading ETE on the OTC market, but usually less liquid, but maybe this will change now that nbggy is done.
Ok I currently have 3 options: 1) Have BNY Mellon "deliver" the underlying shares for a fee of up to .05 per share 2) sell NBGGY and subsequently buy/trade OTC ordinary via NBGIF 3) sell NBGGY and subsequently buy ETE on ATHEX. Currently the con to using NBGIF is volume is so low, but maybe it will pick up now that the ADR is out? Liquidity and ETE is non issue
As an alternative to the (up to .05 per share fee with BNY) I'm going to look into having a rep do a quick swap(sell nggby and quickly buy ETE) while also increasing my position.
Can we trade NBGIF or is this somehow part of NBGGY? I was reading on Fidelity that tickers ending in F are foreign "ordinary" shares, something different than an ADR?
Well shortsqueeze.com indicates only 3M so it's not very significant.
Also, according to shortsqueeze.com there appears to be quite a bit of short interest. What will be their action, and when with this news...anybody know?
So I am trying to understand why the bank has opted to terminate the ADR, as did the Bank of Ireland which has lost value since from 9 to 7 Billion since then; however, NBG is near rock bottom already. Perhaps the bank wants to create confidence and stability in the SP, minimizing currency exchange arbitrage and day/swing trading which would also serve to raise the price as a reverse split is a bad idea as look what happened to Piraeus after their split. Additionally, it could be seen as a fiscally responsible thing to do, irrespective of performance. The least likely reasons: Could the bank be acquired? Is there some weird reason to make it hard for us little guys to capture this emerging market, but that doesn't really make sense. Any thoughts?
NBG is the most liquid and trusted bank in Greece.
Why would this be needed? Cash is returning and real estate is finally being sold off which is way overdue.
It's nice to see ETE:GA traders took advantage of our ADR panic.
Have ya'll read this? https://www.adrbnymellon.com/files/ad569583.pdf So if we elect to surrender our "ADSs" in return for ETE shares BNY Mellon will charge up to .05 per share??? WOW am I reading this right? If so is there a cheaper way to pull this off?
Amazon has shown signs of behemoth instability for various reasons resulting in an overbought condition. What more perfect time for JC Penney to report another beat. What I do like about JCP is that it's making great decisions, advertising has been aggressive, and it has been in fight or flight mode for three years now leveraging it's old money real estate(425 stores owned outright!)/storefront advantage. I'm most certain it is running a tight ship now, and don't be fooled...Amazon has plenty of brick and mortar. JCP can only go up!
Brick and mortar is especially relevant to apparel, makeup, and appliance products! Lets see it and try it on first!! AND you can't get a haircut online. Strong Buy.
JCP opens NEW STORE!, prime location in San Bernardino, 1000 people show up for opening - early arrivals received $100 gift cards. The store "pops" with red facade visible from highway. JCP is getting nicely aggressive and is already undervalued. Brick and mortar is not dead - a powerful weapon in the overall aresenal.