ITC Corp (0372)

[soros]

A few days ago, when rushing to beat the closing doors of MTR train I twisted my leg and injured my knee. I was unable to walk for 3 days and whilst under severe pain, I made an irrational decision that waiting for higher shareprice didn't matter anymore.

So I sold all my shares at 85 and 88 cents .

[opmi]

Read the offer circular.

[soros]

Thanks, opmi,

I was not aware the independent directors had recommended accepting the mandatory offer . I had decided to get out before seeing this recommendation.

[opmi]

I am referring to the IFA valuation.

[soros]

Somerley's recommendation is copied below :

OPINION AND RECOMMENDATIONS
Based on the above principal factors and reasons, we consider the terms of the Offer to be fair and
reasonable so far as the Offer Shareholders are concerned and recommend the Independent Board Committee
to advise, and we ourselves advise, the Offer Shareholders to accept the Offer. However, as the market price
of the Shares has exceeded the Offer Price since the Joint Announcement, closing at HK$0.85 as at the Latest
Practicable Date, it is advisable for the Offer Shareholders to consider selling their Shares in the open market if
the market price of the Shares exceeds the Offer Price during the period when the Offer are open and the sales
proceeds, net of transaction costs, from disposal of the Shares exceed the amount receivable under the Offer.
The Offer Shareholders should also monitor the overall trading volume of the Shares, as they may or may not be
able to dispose of their Shares in the market at prices higher than the Offer Price.
However, the Offer Shareholders who are attracted to the future of the Company under the management
of the Offeror and the historical dividend payout record may consider retaining some or all of their Shares.

My understanding : Although the IFA concludes the mandatory offer at 73 cents is fair, its also saying "sell in the market at 85 cents whilst the buyers are still out there". I have done that and taken my profit . No regrets . what more can I say ?.

[soros]

opmi,

I saw the shareprice jump in afternoon and close at 92 cents. So yes, I must withdraw my "no regrets" comment.

Its been a crazy day in HK especially for COL capital (00383.HK) which jumped up 101% to $9.78 after announcing a subdivision for its shares and one share will be subdivided into 20 subdivided shares. The interim result announced in Mar 2015 , the company recorded a loss of $249 million and nothing justifies the 100% rise seen today in the shareprice.

[opmi]

HK market is bubbly. I would say “今朝有酒，今朝醉”

Rather than pointing at the illogical behaviour and get out,
Wait for Mr Market to buy from you at manic price. Well,
Value investors seems to only want to buy from a depressive
Mr Market.

Remember what 方展博 decode from his 师傅 “股票必胜法”

[opmi]

opmi,

I saw the shareprice jump in afternoon and close at 92 cents. So yes, I must withdraw my "no regrets" comment.

Its been a crazy day in HK especially for COL capital (00383.HK) which jumped up 101% to $9.78 after announcing a subdivision for its shares and one share will be subdivided into 20 subdivided shares. The interim result announced in Mar 2015 , the company recorded a loss of $249 million and nothing justifies the 100% rise seen today in the shareprice.

soros, would u consider buying those shares u sold since you regretted your irrational decision?

[soros]

During the period ( Jan- March 2015) before the mainland investors entered the HK Market, I had the feeling that 00372 whilst paying out a good dividend , was not getting much recognition and buying support from the public investors.

So I was expecting after the 73 cent mandatory offer by Dr Chan had expired , the share price ( based on my assuming still lack of public support ) would probably revert to previous support levels at around 60 cents level where I could consider buying back. I suppose those independent parties which had each accumulated staying whilst below 5% disclosure threshold and somehow found the right broker to sell in aggregate 15% shares onto Dr Chan at 73 cents have some advantage in knowing beforehand there would be a mandatory offer to follow and could afford to push up the shareprice to 84 cents before suspension of trading.

So even before the 73 cents mandatory offer has closed, I am surprised there are buyers in the market willing to take the price above 89 cents to close at 94 cents . I don't know what is the justification for taking the shareprice to 94 cents.

To answer your question , yes if the price falls below 73 cents.

[opmi]

Soros, do you think Shell King Chan taking control is a catalyst to more unlocking of value? The previous one was the sale of Rosedale generated
30-40 cents per share in cash/notes.