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).
4 Comments:
bought me too at 2.41 for a 2.08% yeld
now hit 2.40, strange that is not supported, news?
No news... Market jitters, especially anything associated with China.
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.
Aapltrader
I'm holding... There still a bit of time to vote so I anticipate SNY to make their move soon.
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