Hi Wexboy,
why did you purchase Total Produce in Dublin with 1% Stamp Duty and not in London (0,5% Stamp Duty) or Nasdaq grey market (no stamp duty)? I am very strongly considering buying but I am not sure where to buy. Thanks for your analysis. Nasdaq OTC seems to have the lowest price (TTPPF).
Hi Martin – yes, I compare Irish vs. London market (and have bought on one & sold the same shares on the other). I didn’t expect the US OTC quote would have any decent volume – thks for pointing it out, volume’s not bad actually! Just goes to prove you should always check every alternative!
Generally, I’ll buy where all-in cost is cheapest. Irish market may be superior – i) it offers (in theory!) the most volume, which helps, ii) offer is the best you can get on lots of London listed shares, but it’s easy (bt chk w/ your broker) to place bids on the Irish market – so Irish all-in price is often much better.
I’ve seen strange (delayed?) London prices occasionally, and have taken advantage – but if you can’t beat the offer, it’s usually not worth it. I agree US price looks best, but I don’t see the typical bid-ask, which cd present a problem. Possibly your broker will/can push through a bid on the US stock quote..?
btw If you can hold various currencies with your broker, and depending on the FX spread/charge they assess, selling/buying via multiple quotes/listings may be an efficient way to transact FX or to change your FX exposure.
Hi Wexboy,
thanks for your impressions. I have used Dublin, because as you said the price was better due to:
I didn’t know and personally can’t verify: Even if you bought in London you would have to pay the 1% irish stamp duty.
OTC Nasdaq would have been possible but my broker can’t guarentee execution. Many orders seem to be canceled. Maybe I will look into opening an US based account, but alone for total produce it is not worth the effort.
Don’t agree with your summary on PCI, as it assumes the cashburn carries on? That is very unlikely, as each farm out reduces its percentage, and exploration drilling at Isarene has been concluded with a development plan to follow? Historic spend in the past is no guide to spend for the future, and where each farmout reduces PCI’s pro rata spend, and increases its cash
I think in most resource stocks, any relief on cash spend will be replaced by fresh production spend or development spend elsewhere – after all, management surely don’t want investors getting used to a lower spend…!? It’s like spending the rest of your budget in the corporate world before year-end, or else it will be cut the following year!
You may well be right here specifically with PCI, farmouts certainly are often a smart way to move forward, it will be interesting to see developments. I prefer to stick with a conservative assumption as it leaves some extra room for positive news and/or revaluation.
Hi Wexboy
I like your blog. And the design too. You obviously have an in-depth knowledge of Balance Sheet accounting etc. I’m getting there. I also use technical analysis. I know I shouldn’t!
I run a site called shareladder.com. It’s mainly behind a paywall but I can get you a free login.
Anyway, the point is that I’m looking for someone to contribute to our monthly newsletter ongoing which goes out to our subscribers. Best of all, we’re based in Ireland…well Donegal actually but with subscribers from Munster in the main.
I can pay a wee bit too. I don’t mind you using the content elsewhere either (such as on yr blog!). My site has a Value ethos with a nod to Growth /Zulu shares on the side.
Let me know what you think
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Hi Wexboy,
why did you purchase Total Produce in Dublin with 1% Stamp Duty and not in London (0,5% Stamp Duty) or Nasdaq grey market (no stamp duty)? I am very strongly considering buying but I am not sure where to buy. Thanks for your analysis. Nasdaq OTC seems to have the lowest price (TTPPF).
Hi Martin – yes, I compare Irish vs. London market (and have bought on one & sold the same shares on the other). I didn’t expect the US OTC quote would have any decent volume – thks for pointing it out, volume’s not bad actually! Just goes to prove you should always check every alternative!
Generally, I’ll buy where all-in cost is cheapest. Irish market may be superior – i) it offers (in theory!) the most volume, which helps, ii) offer is the best you can get on lots of London listed shares, but it’s easy (bt chk w/ your broker) to place bids on the Irish market – so Irish all-in price is often much better.
I’ve seen strange (delayed?) London prices occasionally, and have taken advantage – but if you can’t beat the offer, it’s usually not worth it. I agree US price looks best, but I don’t see the typical bid-ask, which cd present a problem. Possibly your broker will/can push through a bid on the US stock quote..?
btw If you can hold various currencies with your broker, and depending on the FX spread/charge they assess, selling/buying via multiple quotes/listings may be an efficient way to transact FX or to change your FX exposure.
Hi Wexboy,
thanks for your impressions. I have used Dublin, because as you said the price was better due to:
I didn’t know and personally can’t verify: Even if you bought in London you would have to pay the 1% irish stamp duty.
OTC Nasdaq would have been possible but my broker can’t guarentee execution. Many orders seem to be canceled. Maybe I will look into opening an US based account, but alone for total produce it is not worth the effort.
Pingback: The Great Irish Share Valuation Project XII – Thank You! « Wexboy
Don’t agree with your summary on PCI, as it assumes the cashburn carries on? That is very unlikely, as each farm out reduces its percentage, and exploration drilling at Isarene has been concluded with a development plan to follow? Historic spend in the past is no guide to spend for the future, and where each farmout reduces PCI’s pro rata spend, and increases its cash
Jack,
I think in most resource stocks, any relief on cash spend will be replaced by fresh production spend or development spend elsewhere – after all, management surely don’t want investors getting used to a lower spend…!? It’s like spending the rest of your budget in the corporate world before year-end, or else it will be cut the following year!
You may well be right here specifically with PCI, farmouts certainly are often a smart way to move forward, it will be interesting to see developments. I prefer to stick with a conservative assumption as it leaves some extra room for positive news and/or revaluation.
Thanks
Wexboy
Hi Wexboy
I like your blog. And the design too. You obviously have an in-depth knowledge of Balance Sheet accounting etc. I’m getting there. I also use technical analysis. I know I shouldn’t!
I run a site called shareladder.com. It’s mainly behind a paywall but I can get you a free login.
Anyway, the point is that I’m looking for someone to contribute to our monthly newsletter ongoing which goes out to our subscribers. Best of all, we’re based in Ireland…well Donegal actually but with subscribers from Munster in the main.
I can pay a wee bit too. I don’t mind you using the content elsewhere either (such as on yr blog!). My site has a Value ethos with a nod to Growth /Zulu shares on the side.
Let me know what you think
Pat
Hi Pat,
I emailed you last week on your info@shareladder.com email address. Did you get it?
Wexboy