NBGGY Year end loss taking from this level likely to be minimal next week. However, profit taking after the first may provide another round of buying opportunities. Since I didn't wish to pay hefty conversion fee's on ADRs trading under a buck in the future nor do I want to do nothing allowing the sale of my ADRs at some undetermined future date & price, I've closed out my position and moved my funds to a broker allowing me to trade the underlying ETE shares. The disadvantage is that GTC orders are not allowed on the Athex Exchange, and the commish is higher plus 1% surcharge on every trade. The advantage is that I remain the captain of my investment moving forward and managed to take a small profit when closing my ADR position so I don't care if I recover all my shares when buying back in but I will wait for another dip into oversold territory.
Only time will tell if this strategy is wise much less the best. There are a lot of "if"s in the future:
1. Someone may create an after market for the ADRs negating my reason for closing out my position.
2. Good news could send the SP soaring making the $0.05 per share conversion fee negligible.
3. There may, or may not be another panic sell off of the ADRs before the cancellation/decision date. IMO, this depends on whether or not there is another announcement before the March cancellation date. Otherwise I believe the market is now oblivious to that reality due to day trader's built in forgetters, LOL!
4. There is no guidance on when, or how, the 500mil ADRs would be converted or sold... On, or after the cancellation/conversion date? Dumped all at once? Might the bank buy back unconverted shares at the market price that day, or will they be dumped on the open market? IMO, these undetermined/undisclosed wild cards could greatly affect the sp in either direction.
My new broker that allows Athex exchange trading mentioned they've received a lot of query's regarding this issue which is good in the sense that there is so much interest but also represents a lot of fear/apprehension of what is yet to come IMO.
In conclusion I must disclose I've no trading experience with any issue in a similar circumstance so I'm taking a "preservation of capital" approach while labeling this portion of my portfolio "Mr Toads Wild Ride", LOL!
Happy Holidays, and GLTA!
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