by Travis Johnson, Stock Gumshoe | May 21, 2013 10:42 am
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Source URL: https://www.stockgumshoe.com/2013/05/closing-out-a-lonrho-loss/
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Thanks for the advice. I was a late comer to this stock and picked it up at .06 not long ago. Just sold it at .13……. Looking forward to your next pick.. 🙂
I agree, it is time to move on. Luckily bought Lonr in London at about 7.3 pence and will have a nice gain at 9.87 or there about. I was ready to hold this one for at least 5 to 10 years.
Now the Swiss billionaire will make the money instead of us.
Anyway, thanks again Travis. There will be other opportunities and it feels good to have some cash again to get into action when needed.
What would be a reasonable price to expect for LNAFF on the US market? There’s no bid or ask posted in Ameritrade. I’ve had a limit order sitting idle at 14.5 cents for a few days, while some fairly large volumes have been traded at 14.9 cents. Meanwhile, there are tiny orders of a few hundred dollars popping up like quarks at weird prices. And what happens if I don’t sell?
I don’t know how long it will take for them to get around to forcing a purchase of your shares after the deal closes, it’s probably best to check with your broker and see what’s going on. Pink sheets trades are treated differently by each broker and are not always routed very well, and it’s frustrating when your offer below the last sale doesn’t go through, that’s for sure. I wouldn’t take less than 14.5 cents, but with an offer price of 15.5 cents (10.25 pence in London, so the US value will fluctuate with the currency) you ought to be able to do better than that with some patience, I would think.
Thanks. It’s not a big amount of money, so I can leave the order in until the cows come home. It’s sort of like fishing for bluegills in a clear pond, but I am not sure who is the fish in this game. Probably me.