Member Info for adzy2k11

Wow they’ve been quick to remove all reference to shetty and manghat... just a shame they left a huge section on corporate governance still on the IR section of the site.

I’ll stick my neck out again and say I think ftse 100 interim bottom was seen today. I’m long from 6850.

Again, wishful thinking but hope you are right. I can’t find another share that has come out of a share suspension when financial accounting irregularities was the reason. The more likely outcome in my view is exactly what happened with Sino Forrest with a filing of bankruptcy after 6-9 months.

Meanwhile the reaction in the bond market suggests the equity is near worthless.

KOH - I like your optimistic thinking.

But there’s no way the CEO, and Shetty himself get fired with no formal explanation if this wasn’t material in nature. It’s just not plausible to suggest this is a minor error. Doing so is nothing but wishful thinking.

Regardless it’s pointless speculating now, we’ll find out soon enough.

Thanks for the kind words guys but trust me I take no pleasure in being “right” here. The company has well and truly screwed so many people over. In future it’s best to just sell and not invest in such unpredictable companies subject to a short attack.

I was very lucky to get out of my long yesterday in the last hour (again called it live) but still had a small holding left (with guaranteed stop) - not sure what will happen with that, but I’ve written it off.

Found it...
https://twitter.com/WShak1/status/1232976083798106113?s=20
Nmc bonds have crashed, just imagine what will happen to the equity!

Anybody got a price for those?

I’m sorry to hear that.

Best to assume the money is gone. If it magically comes back then you might get a fraction of the last closing price, but better to mentally accept and write this off for now.

This is essentially why they had to delist as they’d have been in breach of the 4 month rule.

There are no shorters left! Everyone assumed the short tracker was going down because there was little downside, but now we know they were quickly closing because they foresaw the suspension!

Mrrahman -
“But can't agree with adzy2k11 that so many institutions will do mistake of this level even if it's only 1% of their investment and all used new grdas.“

Have you ever worked at a large buy side house?? Trust me it’s full of posh academically smart kids who end up making these horror mistakes.

No they don’t HAVE to now that they are suspended.. companies have historically taken 6-9 months to restate accounts. So don’t be surprised if this doesn’t return any time soon.

To be fair it’s probably new analysts at these big IIs... the ones doing the research on an emerging market mid cap like nmc are usually fresh grads so don’t be too surprised by this.

Investors can face losing money, but share suspension is something that many will not tolerate... this will be punished much worse if/when it resumes... I can’t find any shares that successfully resumed trading without a huge drop... anybody have other experiences?

Big institutions f*ck up too... but the difference is that’s it’s usually less than 1% of their portfolio so doesn’t matter too much...
http://www.theglobeandmail.com/amp/globe-investor/the-billionaire-investor-who-bought-into-sino-forest/article592688/

“He is not the only investor who decided to gamble on Sino-Forest after short-seller Carson Block alleged the company was a "multibillion-dollar Ponzi scheme" in June. Boston-based institutional fund manager Wellington Management Co. LLP has also amassed a significant stake, making it Sino-Forest's third-largest shareholder.“
The same players lost big on sino forest too.

Really? I can’t find any evidence of this... and the share price never got to 150p...

I doubt it comes back out actually.

Don’t read anything into it.
Shares are suspended, as expected.
Sadly I’m not sure whether they will now reopen. Assume the worst and say goodbye to that money.

Does anybody have a good reference to other large companies which actually came back after “temporary suspension” and how long that took?