Dragon Ukranian Property – Vote No at EGM

Brief post on Dragon Ukranian Property.

I bought this in March 2018 for c18p per share. I had a distribution of .09 USD per share or c 7p. So even if this goes through I am more-or-less flat.  It’s actually worse than that though.  Since I bought this in March 18 my portfolio is up 16%, so this has been a net detractor.

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DUPD – exiting at just over 15p – c+14%

Just exited my Dragon Ukrainian Property position at a touch over 15p.  This is a pretty disappointing result.  It is far less than the company’s NAV which is more than double this amount.

The tender offer has been accepted by over 50% (59.61%) of the shareholders at 15p.  This means it will happen.  The remaining shareholders have until August the first to tender (brokers may have earlier deadlines)   If more than 75% accept it’s likely the company will be delisted, if 90% accept the minority gets squeezed out.