Davis and Hendersen or D+H Corporation
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Thread: Davis and Hendersen or D+H Corporation

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\r\n https://twitter.com/amberkanwar/stat...rc=twsrc%5Etfw\r\n
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    \r\n Another short seller attack, a-la VRX. There is a report out somewhere.\r\n
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    \r\n thanks for that makemerich. I couldn\'t find anything.
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    \r\n BNN video about what\'s going on\r\n
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    \r\n Quote Originally Posted by HaroldCrump\r\n View Post\r\n
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    \r\nthankx for this. Amber Kanwar is one journo who\'s right in the eye of the storm, isn\'t she?
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    \r\nharold what do you make of this new breed of sullen, frumpy, ill-spoken short sellers who are succeeding in bringing some of what Kanwar calls "darling" stocks down to their knees?
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    \r\njames4 has posted that he thinks iti\'s all a market phenom, the market was far too overbought to begin with. If that\'s true, then i guess sullen, frumpy, ill-spoken & Co are going to have a field day.
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    \r\nQ: who are SFIS going to behead next?\r\n
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    \'\'A narrow place can hold a thousand friends" - old Syrian proverb
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    \r\n Quote Originally Posted by humble_pie\r\n View Post\r\n
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    thankx for this. Amber Kanwar is one journo who\'s right in the eye of the storm, isn\'t she?
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    Yup, she is certainly courageous for taking on these irascible Yankee short sellers.
    \nShe is not afraid to ask the tough questions and does not get unnerved when they lose their temper and fire back at her.
    \nMore than one of these irascible yanks have been fooled by her demeanor and thought they could walk all over her.
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    \r\n \r\n harold what do you make of this new breed of sullen, frumpy, ill-spoken short sellers who are succeeding in bringing some of what Kanwar calls "darling" stocks down to their knees?\r\n \r\n
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    Here is the full video of Jason Donville talking about it (also interviewed by Amber).
    \nHe is asking the question, where does this end? What is next? Are these yanks going to go after the Canadian banks next?
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    \r\n \r\n james4 has posted that he thinks iti\'s all a market phenom, the market was far too overbought to begin with. If that\'s true, then i guess sullen, frumpy, ill-spoken & Co are going to have a field day
    \nQ: who are SFIS going to behead next?\r\n \r\n
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    So I think this whole oil crash and the warnings around real estate crash have turned the world\'s attention to sleepy, frozen, Canada.
    \nThese American short sellers and other speculators have traditionally focused on the US tech, bio-tech, and mining sector.
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    \nBecause of our energy sector carnage since 2014 summer, they have suddenly realized that there is an entire stock market north of the border that they can raid to make profits.
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    \nThey would have started with the energy sector and realized that they are already oversold, so there is no easy money to be made by shorting it further.
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    \nSecondly, these Yanks are not geologists, mining engineers, or have any specialized training in O&G extraction and valuation.
    \nIt is not as easy for them to challenge the valuations of energy and mining companies.
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    \nSo they have turned their attention to what they know best - bio-tech and financial services.
    \nIt is not super hard to find flaws in financial service, banking, and insurance companies.
    \nThey are all traditionally super-leveraged, carry a lot of different types of derivatives and securities on their books, mark to market valuations can easily be challenged (they are basically your word against mine), etc.
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    \nTherefore, these SFIS\'s are raiding the easiest targets.
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    \nCanada\'s real estate market and the related banking sector (as well as specialty firms like Home Capital, etc.) offer even easier targets.
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    \nOf particular concern is that American hedge funds and upstart short sellers have been trying to take down Canadian banks for the last 5 - 8 years.
    \nMany have tried and failed.
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    \nHere are a few upstarts that lost their shirts trying to take down Canadian banks
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    \nMeet the man who\'s selling Canada short
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    \nAnother hedge fund manager bets against Canada\'s big banks
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    \nLatest Great White Short on Canadian banks not working out
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    \nNote the date on the first two article...these upstarts bet against the Big 5 Canadian banks back in 2011.
    \nWe can tell how well that has worked out
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    \nHowever, now the focus on Canada and its stocks are unprecedented.
    \nHordes of these SFIS\'s are now looking for opportunities to raid mid-cap or even large car Canadian companies.
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    \nValeant has perhaps a hole or two in their accounting and business model that can be exploited.
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    \nBut I feel the DH case is just pure concoction.
    \nIt is possible to take pretty much any financial service stock, dig through their balance sheets and find small sub-companies and question their accounting.
    \nIt is possible to find illiquid, MTM derivative products and question their valuation.
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    \nIn the video above, Jason Donville makes a similar example...you could find a small community credit union owned by the Bank of Nova Scotia out in Belize and raise a question about that bank\'s mortgage loans.
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    \nThen put out a "report" raising those questions and recommending a "short"
    \nThen leverage social media to create a flutter.
    \nThen sit back and watch your short position explode...
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    \nHey, you and I with James4B can do this as a side business....\r\n
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    \r\n \r\n Last edited by HaroldCrump; 2015-10-27 at 10:19 AM.\r\n \r\n \r\n
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    \r\n Is anyone interested in getting in? Was guidance revised down hence the drop after turning green at opening?
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    \r\nMy limit buy is at 25/share.\r\n
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    \r\n Quote Originally Posted by HaroldCrump\r\n View Post\r\n
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    It is possible to take pretty much any financial service stock, dig through their balance sheets and find small sub-companies and question their accounting.
    \nIt is possible to find illiquid, MTM derivative products and question their valuation.
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    Aha, here is a new BNN video from a few minutes ago where the analyst is making a similar claim i.e. short sellers are targeting leveraged financial companies.
    \nShe is saying that the DH short report is "templated" i.e. the allegations are generic and vague - you can pretty much fill in any company name and off to the races...
    \nIt uses statements like "appear to be", "increased risk of market conditions", "facing declining revenues", etc.
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    \nThis is indeed scary...wannabe short selling artists can take these reports, find leveraged financial companies with derivative or MTM assets on their books, or offshore sub-companies, and craft up a case for "fraud".\r\n
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    \r\n I looked through their cash flow statements for last several years and their cash from operations appear to be very flat for last several years. Regardless of what\'s happening with the company last 2 days, what makes D+H corp an attractive buy?\r\n
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    Location
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    \r\n and now Boyd group... short report\r\n
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  • \r\n'; pd[873721] = '\r\n
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    \r\n HaroldCrump\r\n \r\n
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    Join Date
    Jun 2009
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    Posts
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    \r\n This is a small company...why are the shorts bothering?
    \nValeant was the largest Canadian stock by market cap when the short report came out.
    \nDH is small too, but Boyd is tiny.\r\n
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  • \r\n'; pd[873793] = '\r\n
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    Join Date
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    \r\n no idea, that\'s just what they\'re saying on BNN\r\n
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  • \r\n'; pd[873977] = '\r\n
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    Join Date
    Oct 2015
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    Posts
    43
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    \r\n Quote Originally Posted by Canuck\r\n View Post\r\n
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    and now Boyd group... short report
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    Do investors of BYD.UN have to file taxes differently in a non-registered a/c? I don\'t know much about MF trusts.\r\n
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  • \r\n'; pd[874105] = '\r\n
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    Join Date
    Mar 2012
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    Location
    vancouver
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    Posts
    315
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    \r\n anything with a ".un" after the symbol, usually pays out distributions as a mixture of eligible dividends, "other income" (taxed as income), and ROC (return of capital).
    \n
    \nI think that\'s your question?
    \n
    \n Anyway, it\'s a bit more work to keep track of compared to a stock that pays 100% eligible dividends.\r\n
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  • \r\n'; pd[874881] = '\r\n
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    Join Date
    Oct 2015
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    \r\n Quote Originally Posted by Canuck\r\n View Post\r\n
    \r\n
    anything with a ".un" after the symbol, usually pays out distributions as a mixture of eligible dividends, "other income" (taxed as income), and ROC (return of capital).
    \n
    \nI think that\'s your question?
    \n
    \n Anyway, it\'s a bit more work to keep track of compared to a stock that pays 100% eligible dividends.
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    Is it too complicated to keep track of those dividends in a non-reg compared to a registered?\r\n
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  • \r\n'; pd[875289] = '\r\n
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    Join Date
    Mar 2012
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    vancouver
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    315
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    \r\n Quote Originally Posted by cn_habs\r\n View Post\r\n
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    Is it too complicated to keep track of those dividends in a non-reg compared to a registered?
    \r\n \r\n
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    Well it\'s definitely more work to keep track of ROC. The Income and dividend distributions are easily laid out in the tax receipts you\'ll get from your broker.
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    \r\nI tend to keep reits and any other stocks with ".un" in my TFSA. In fact that\'s all I have in that account. I don\'t have to worry about keeping track of anything, or pay the higher taxes on the "income" part.
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    \r\nIt\'s not that bad though (if you have to buy in a non-registered), everybody seems to do it
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    \r\nJust read up on ROC so you understand it. Pretty sure all companies that pay out ROC have a record of exactly how much of their distributions were paid in ROC each year.\r\n
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  • \r\n'; pd[875321] = '\r\n
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    Join Date
    Jun 2009
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    Location
    Okanagan Valley
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    \r\n I agree it is not overly complicated. Tax slips and income summaries from brokers provide that information. One just has to remember that when they get their T3 tax slip....to go back and do the ROC adjustement on ACB effective December 31 the previous year.
    \n
    \nThe biggest issue that I think gets missed is if someone sells a partial position during the tax year. One does not really know the ROC adjusted ACB for the date of sale until the information becomes available from the tax slip the following March.\r\n
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  • \r\n'; pd[1281802] = '\r\n
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    Mar 2011
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    \r\n Does anyone have insight into what happened to this stock today? It\'s down nearly 4% and the only news I see is about a successful proof of concept trial with Rabobank for near-real-time cross border bank transfers. Seems to me that would be good news for the company!\r\n
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  • \r\n'; pd[1505537] = '\r\n
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    \r\n DH CORP has agreed to be taken over for $25.50
    \n
    \nI thought it would be for $26.00 or more
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    \nbut i\'m still happy with this price because
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    \n i bought at the low end @ $14.14\r\n
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  • \r\n'; pd[1505633] = '\r\n
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    \r\n My Own Advisor\r\n \r\n
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    Join Date
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    Location
    Ottawa
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    \r\n Congrats to all who bought in years ago and held!\r\n
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    Hidden Content - Working on a $1 million portfolio and $30k per year from it.
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  • \r\n'; pd[1505689] = '\r\n
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    \r\n I don\'t hold the stock, but do own the Convertible Debentures. Not sure exactly how this will work, but either they will buy the CDs or I may have to convert to DH shares & then get $25.50?
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    \nTHis is what press release said on this:
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    \r\n \r\n Within 30 days following the close of the transaction, as required in accordance with their terms, the Company will make a cash offer to purchase all of the outstanding convertible debentures of D+H at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest (the "Debenture Offer"). In addition, beginning ten trading days before the anticipated date of the closing of the transaction, until 30 days after the Debenture Offer is delivered, holders of the 6.0% Convertible Debentures will be entitled to convert their debentures and receive, subject to the completion of the transaction, an additional number of D+H shares as set out in the 6.0% Convertible Debentures prospectus. Completion of the arrangement is not conditional on whether holders of convertible debentures tender to the Debenture Offer or convert their debentures to receive D+H common shares.\r\n \r\n
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    As it is, I own the 5% 2020 convertible debentures. No mention of those above, so I presume they will be purchased at face value plus interest to closing date. Considering I paid close to face value, continuing to earn close to 5% until closing date (3rd qtr 2017) seems like the thing to do.\r\n
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    \r\n \r\n Last edited by agent99; 2017-03-15 at 10:22 AM.\r\n \r\n \r\n
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    \r\n Quote Originally Posted by My Own Advisor\r\n View Post\r\n
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    Congrats to all who bought in years ago and held!
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    Really? How about all the people who bought at $40 or even as high as $43? The $25.50 offer doesn\'t look so good to a lot of shareholders. This is defeat, not victory. It will probably succeed, but only really manages to save face for poor management. This isn\'t a takeover at an all time high such that everyone wins, it\'s only about 58% of the all time high in 2015 and still only 65% of the 2016 high.\r\n
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    \r\n right on , doctrine-' + '-' + '-i bought in november 2016
    \nwhen it really dipped to it\'s 52 week low\r\n
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    \r\n Quote Originally Posted by doctrine\r\n View Post\r\n
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    Really? How about all the people who bought at $40 or even as high as $43? The $25.50 offer doesn\'t look so good to a lot of shareholders. This is defeat, not victory. It will probably succeed, but only really manages to save face for poor management. This isn\'t a takeover at an all time high such that everyone wins, it\'s only about 58% of the all time high in 2015 and still only 65% of the 2016 high.
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    I didn\'t mean those folks....more the buy low, and got in early. Agreed, not everyone wins here - depends on your holding period and entry point!\r\n
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    Hidden Content - Working on a $1 million portfolio and $30k per year from it.
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    \r\n Seems it will be some time before shareholders get that $25.50. Considering low dividend, it may be just as well for shareholders to sell now and deploy their funds in other ways?
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    \r\n \r\n The transaction is subject to customary closing conditions, including receipt of all regulatory approvals, and is expected to close prior to the end of the third quarter 2017.\r\n \r\n
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    \r\n ^^^^^^ agent99- agree that should sell now ($25.25) and deploy elsewhere
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    \nbut why isn\'t it trading now @ $25.50 ?\r\n
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    \r\n Quote Originally Posted by AMABILE\r\n View Post\r\n
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    ^^^^^^ agent99- agree that should sell now ($25.25) and deploy elsewhere
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    \nbut why isn\'t it trading now @ $25.50 ?
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    Market usually figures these things out. What will $25.25 be worth by September (assumes deal closes then) if invested? Probably more than $25.50, so good reason to sell.
    \nStill slight chance deal does not close or another bidder comes in.
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    \nI only have convertible debentures, so will hold them until the end and continue to collect the 5% coupon interest.\r\n
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    \r\n I usually sell if there is a takeover offer. You can wait a week or two and see how the stock is trading; if it matches or exceeds the offer price, it means the market is anticipating an increased offer or competing bid. Otherwise, just sell - the stock usually has maybe a 0.5% per month to expected close as a discount to the offer, a discount for the time value of money. 1% is pretty tight though. It doesn\'t seem like a great offer to me; it was trading higher just 5 months ago.\r\n
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    \r\n Yeah, but D+H is headed downhill and needed saving. What it traded for 5 months ago is not relevant when one is standing on jello. I\'d take the money and run.\r\n
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    \r\n Quote Originally Posted by HaroldCrump\r\n View Post\r\n
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    So I think this whole oil crash and the warnings around real estate crash have turned the world\'s attention to sleepy, frozen, Canada.
    \r\nThese American short sellers and other speculators have traditionally focused on the US tech, bio-tech, and mining sector.
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    \r\nBecause of our energy sector carnage since 2014 summer, they have suddenly realized that there is an entire stock market north of the border that they can raid to make profits ... they have turned their attention to what they know best - bio-tech and financial services.
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    \r\nIt is not super hard to find flaws in financial service, banking, and insurance companies.
    \r\nThey are all traditionally super-leveraged, carry a lot of different types of derivatives and securities on their books, mark to market valuations can easily be challenged (they are basically your word against mine), etc.
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    \r\nTherefore, these SFIS\'s are raiding the easiest targets.
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    \r\nCanada\'s real estate market and the related banking sector (as well as specialty firms like Home Capital, etc.) offer even easier targets.
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    \r\nOf particular concern is that American hedge funds and upstart short sellers have been trying to take down Canadian banks for the last 5 - 8 years.
    \r\nMany have tried and failed.
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    \r\nHere are a few upstarts that lost their shirts trying to take down Canadian banks
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    \r\nMeet the man who\'s selling Canada short
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    \r\nAnother hedge fund manager bets against Canada\'s big banks
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    \r\nLatest Great White Short on Canadian banks not working out
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    \r\nNote the date on the first two article...these upstarts bet against the Big 5 Canadian banks back in 2011.
    \r\nWe can tell how well that has worked out
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    \r\nHowever, now the focus on Canada and its stocks are unprecedented.
    \r\nHordes of these SFIS\'s are now looking for opportunities to raid mid-cap or even large car Canadian companies.
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    \r\nValeant has perhaps a hole or two in their accounting and business model that can be exploited.
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    \r\nBut I feel the DH case is just pure concoction.
    \r\nIt is possible to take pretty much any financial service stock, dig through their balance sheets and find small sub-companies and question their accounting.
    \r\nIt is possible to find illiquid, MTM derivative products and question their valuation.
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    \r\nnice roundup reading list of recent canadian bank shorts!
    \r\n
    \r\nto this list one should add shortseller-turned-california-chicken-farmer Marc Cohodes, as brought to this forum\'s attention by Goldstone a few months ago.
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    \r\nearlier this year cohodes bet heavily against canada\'s Home Capital Group.
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    \r\nhe would not short canadian chartered banks, cohodes told the globe & mail. "They\'re well-run, they\'re diversified and they\'re too big to fail by the Canadian government," he said.
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    \r\ninstead, cohodes aimed at sub-prime finance that serves the canadian real estate market.
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    \r\nhttp://www.theglobeandmail.com/repor...ticle25715455/
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    \r\none comfort to this rogue\'s gallery of short artists is the fact that they have had to pay out whopping dividends over the past several years. Meawhile their short positions, although momentarily profitable here or there, have not actually paid off for them.\r\n
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    \r\n Quote Originally Posted by HaroldCrump\r\n View Post\r\n
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    Here is the full video of Jason Donville talking about it
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    \r\nHe is asking the question, where does this end? What is next? Are these yanks going to go after the Canadian banks next?
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    \r\nQ: is andrew left from nevada, the way jason donville keeps saying? is citron research incorporated in nevada?
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    \r\nnevada, home base of the naked shorts.
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    \r\nillegal in the US of A, typically the naked shorts have played in canadian penny mining stocks. Naked shorting is a cross-border issue.
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    \r\nare they now going mainstream, though? companies like valeant, D & H?
    \r\nbrrrr, it\'s a bit like finding out your nice neighbour is an ISIL supporter\r\n
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    \r\n Quote Originally Posted by humble_pie\r\n View Post\r\n
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    Q: is andrew left from nevada, the way jason donville keeps saying? is citron research incorporated in nevada?
    \nnevada, home base of the naked shorts.
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    Andrew Left lives in sunny, posh Beverly Hills, California.
    \nI don\'t know where Citron Research company is incorporated...will look it up.
    \n
    \nHe is a Carson Block wannabe.
    \nHe has been copying Carson\'s methodology and has managed to identify a few smaller Chinese firms with borderline frauds.
    \nThat has been his claim to fame.
    \n
    \nHe also claims he called the top in GoPro shares, but he was not the only one.
    \nMany analysts were screaming over-valuation on GoPro.
    \n
    \nPeter Hodson of 5i Research (a respected Canadian research firm) and current editor of the Canadian Money Saver magazine is very skeptical of Left and his methods.
    \nHe said this:
    \n
    \n"What they seem to do quite well is they\'re able to spin existing facts into a horrible scenario. It reads very badly.
    \nTheir job as a company is to create the most amount of panic so they and their clients can make the most amount of money
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    \nQuote is from this article\r\n
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    \r\n BNN just posted the following picture.
    \nThese Canadian companies have "growth by acquisition" as their core strategy.
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    \nIt seems Wall St. & Bay St. are abuzz with rumors that short sharks are circling most/all of these companies.
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    \nAccording to what Amber is saying, shareholders of these companies should watch out for shark attacks.
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    \r\n Is anyone buying at this level? DH\'s revenus have pretty much been flat.\r\n
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    \r\n Quote Originally Posted by cn_habs\r\n View Post\r\n
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    Is anyone buying at this level? DH\'s revenus have pretty much been flat.
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    I bought some yesterday at about $30.00. This is a solid business, I couldn\'t help myself at those levels.\r\n
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    \r\n Quote Originally Posted by cn_habs\r\n View Post\r\n
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    Is anyone buying at this level? DH\'s revenus have pretty much been flat.
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    I initiated a position yesterday; however, I was unable to catch the bottom of the range yesterday. That said, I still ended up with a gain yesterday, and further gains today. While revenue has remained flat, it has trended up -' + '- as has EPS and FCF. Per TD\'s analyst report, EPS and FCF are anticipated to grow next year. Forward PE is currently sitting at about 13.5x and P/B is about 1.7x at the current closing price of $34.90. Debt is still sitting at the higher end for my liking, but I do recall seeing it at a higher level in the past. So, it seems to me that they\'re starting to pay it down. In the past, this stock increased its dividend every year. However, the last couple years, it has kept its dividend at the quarterly payment of $0.32 per share. I think this shows management is being prudent and making sure it keeps sufficient capital to fund acquisitions or to pay down debt.
    \n
    \nFinally, TD just upgraded this stock to an Action List Buy (aka Strong Buy) as a result of the significant stock price drop. Unless there is actually an issue with the company and the short sellers are right, I believe the stock price has room to grow.\r\n
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    \r\n Hmm this drop is certainly surprising (and fishy). If it drops to $30 again or lower, I\'m willing to buy. Looking forward to financial results though.\r\n
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    \r\n This company is now being unfairly beaten up. The Q3 financial results were solid and does not deserve a 5+% drop, in my opinion. Trading at fairly cheap valuations at the moment, unless you really believe the short sellers.\r\n
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    \r\n
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  • \r\n'; // next/previous post info pn[871865] = "873129,871881"; pn[0] = ",871865"; pn[871881] = "871865,871905"; pn[871905] = "871881,871913"; pn[871913] = "871905,871953"; pn[871953] = "871913,872217"; pn[872217] = "871953,872225"; pn[872225] = "872217,872457"; pn[872457] = "872225,873049"; pn[873049] = "872457,873089"; pn[873089] = "873049,873393"; pn[873393] = "873089,873561"; pn[873561] = "873393,873705"; pn[873705] = "873561,873721"; pn[873721] = "873705,873793"; pn[873793] = "873721,873977"; pn[873977] = "873793,874105"; pn[874105] = "873977,874881"; pn[874881] = "874105,875289"; pn[875289] = "874881,875321"; pn[875321] = "875289,1281802"; pn[1281802] = "875321,1505537"; pn[1505537] = "1281802,1505633"; pn[1505633] = "1505537,1505689"; pn[1505689] = "1505633,1505849"; pn[1505849] = "1505689,1505913"; pn[1505913] = "1505849,1506066"; pn[1506066] = "1505913,1506138"; pn[1506138] = "1506066,1512450"; pn[1512450] = "1506138,1513002"; pn[1513002] = "1512450,1513106"; pn[1513106] = "1513002,1513114"; pn[1513114] = "1513106,874113"; pn[874113] = "1513114,874177"; pn[874177] = "874113,874217"; pn[874217] = "874177,874833"; pn[874833] = "874217,874873"; pn[874873] = "874833,875025"; pn[875025] = "874873,875073"; pn[875073] = "875025,872481"; pn[872481] = "875073,872673"; pn[872673] = "872481,873129"; pn[873129] = "872673,871865"; // cached usernames pu[0] = guestphrase; pu[45496] = "Canuck"; pu[51] = "kjmcrae"; pu[312561] = "makemerich"; pu[32651] = "GoldStone"; pu[1206] = "HaroldCrump"; pu[298265] = "jaybee"; pu[1181] = "humble_pie"; pu[43971] = "leeder"; pu[313409] = "cn_habs"; pu[300185] = "besmartrich"; pu[1190] = "AltaRed"; pu[33058] = "chantl01"; pu[136] = "AMABILE"; pu[51968] = "My Own Advisor"; pu[164561] = "agent99"; pu[39968] = "doctrine"; // -->

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    1. #24
      Senior Member My Own Advisor's Avatar
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      Quote Originally Posted by doctrine View Post
      Really? How about all the people who bought at $40 or even as high as $43? The $25.50 offer doesn't look so good to a lot of shareholders. This is defeat, not victory. It will probably succeed, but only really manages to save face for poor management. This isn't a takeover at an all time high such that everyone wins, it's only about 58% of the all time high in 2015 and still only 65% of the 2016 high.
      I didn't mean those folks....more the buy low, and got in early. Agreed, not everyone wins here - depends on your holding period and entry point!
      Hidden Content - Working on a $1 million portfolio and $30k per year from it.

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