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.

Review of 2014

End of year means time to review how I did.

Overall up c22%, given that the FTSE is slightly down for 2014 that isnt a bad result. As quite a few of my holdings are small cap AIM is down quite significantly about 20% so this makes performance even more positive. This was done with minimal leverage.

DUPD – He who turns and runs away….

… Lives to fight another day.

Decided to terminate all positions in DUPD.  

I havent found anything wrong with my thesis originally.  All that has happened is the political situation has deteriorated markedly over the past few days, to the point where protestors are literally manning the barricades across Ukraine.  

DUPD – beginning to realise but price not rising.

Good news – time to post on another of my holdings – DUPD.

This is a highly undervalued Ukrainian property developer.  I have traded in and out over the years luckily getting some of the big rise to 2010 and missing the fall.  My  main entry was 28p back in September 2012. I have added more today at 36p giving me an average price of 31.4p.