I just shorted the shares around $6 actually - Tack Fiori has a small loss making clothing business and is basically an empty shell. The transaction is actually a reverse merger.
the whole transaction looks like another scam
SFC seeks disqualification orders against former chairman and executive directors of TACK FIORI
The Securities and Futures Commission (SFC) has commenced proceedings to disqualify four former directors of Tack Fat Group International Limited (Tack Fat or the Company), now known as TACK FIORI (00928.HK) 0.000 (0.000%) .
They are the Company’s former chairman and executive director Mr Kwok Wing, and former executive directors Mr Norman Ho Yik Kin, Ms Michelle Kwok Choi Ha and Mr Lam Yick Sing.
The first hearing of the petition was heard in the Court of First Instance today. The SFC alleges that:
1. The Company proposed to acquire a 40% interest in a timber company in Cambodia, shortly before the Company was placed into provisional liquidation, falsely announcing that the vendor was an independent third party when in fact the transaction was a sham involving an undisclosed connected party.
They try to but obviously things don't go too well given the latest stock price developments. Might be just tax selling but who knows. At least Vertex Capital averaged down on its holdings of ENTR - upped stake to 10%
Great news for investors but would short the shares here. Retailers obviously don't want to risk being out of stock on new IPhone items and ordered big time but this will lead to poor orders starting next quarter.
indeed there's a brand new article out on seekingalpha this morning shining some light on the SHERF story. Must read.
would firmly expect the shares to turn red this morning
CUBA is a simple fund which is ultimately bound to its net asset value over time. It's holdings look mostly conservative and most of them are actually not really Cuba related.
FUGI doesn't even exist - Yahoo profile adress and phone number do not work.
SHERF in fact is a very real $700 mln company despite acting in the heavily pressured energy and mining sector.
The companys Oil and Gas segment is involved in the exploration and development of oil and gas properties in Cuba, Spain, Pakistan, and the United Kingdom. Its Power segment constructs and operates electricity generating plants that provide electricity in Cuba; and owns an electricity generating plant in Madagascar. As of December 31, 2013, this segments power generation facilities located in Cuba had a total capacity of 356 megawatts. It operates primarily in Canada, Cuba, Madagascar, Europe, and Asia. Sherritt International Corporation was incorporated in 1995 and is headquartered in Toronto, Canada.
unreal how management makes themselves dependent on Apple here - at current margins it will take more than 25 years to amortize this investment - and I bet Apple won't stay with them that long
stock down one dollar from after hours highs - would short the shares here as I expect the shares to fall into the red tomorrow
no - absolutely zero upside here as already evidenced in afternoon trade - the market is desperately looking for Cuba related vehicles and this is virtually the only one - but when looking at the share composition the fund looks quite conservative. It will come back to it's net asset value below $8 perhaps as soon as tomorrow.