Wednesday, June 15, 2016

Bought China Ming Yang Wind Power Group

Yesterday, I initiated a position in China Ming Yang Wind Power Group (Ticker: MY) at $2.42 (~ 14% position). This company is being acquired for $2.46 (after subtracting the $0.05 ADR fee from the buyout price of $2.51). The company recently notified Citibank (their ADR sponsor) that they are terminating the ADR program as of June 23rd (click here), which I expect to be the last trading day. I am modeling that the cash will hit my account by June 27th, which would equate to a net gain of 1.65% (~ 42% annualized return).


At June 16, 2016, Anonymous Anonymous said...

bought me too at 2.41 for a 2.08% yeld
now hit 2.40, strange that is not supported, news?

At June 16, 2016, Blogger Money Turtle said...

No news... Market jitters, especially anything associated with China.

At June 22, 2016, Anonymous Anonymous said...

I thought SNY would increase MDVN bid as soon as the the proxy cards would arrive.
U still holding? I will sell if it drops around 57.

At June 22, 2016, Blogger Money Turtle said...

I'm holding... There still a bit of time to vote so I anticipate SNY to make their move soon.


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