Quick update KPN – Sold rights & stock

Today I sold, both the KPN Shares and the rights .

All in all, I got around 2,91 EUR (1.68 for the shares, 1.23 EUR for the rights) which results in a gain of ~ 11.5% before trading cost. Quite a nice outperformance against the AEX with ~ 3.5% in the same time period.

Nevertheless, this was clearly a “bumpy ride” as the chart for the rights shows:

The optimal timing would have been to buy on the second day of the trading period. I guess this was the result of the very short time period between announcement of the terms and the start of trading.

I heard that for instance US investors were completely taken by suprise and couldn’t actively trade the rights.

Main reason for selling was that I was not sure if I want to exercise the rights and I have some other, in my opinion better ideas in the pipeline. Also I am not really optimistic about KPN in the long term.

In general, those “deeply discounted rights issues” are interesting special situations for a short term trade but have to be handled with a lot of care and patience …

Edit:
Someone asked me why I don’t show annualized returns for my single portfolio stocks. In my opinion, annualized returns for single stocks are pretty meaningless. The KPN Trade would have been an annualised 280% but what does such a number say ? As my investment strategy includes a lot of “sleeping” stocks, I think that showing annualized returns on single stock level do not provide any benefit at least not for me. Much more interesting than an annualized return per stock is the potential gap between the current price and intrinsic value.

10 comments

  • Ich habe heute mal ein paar KPN unter 1,40 gekauft. Da sieht man mal wieder wie unsicher das regulatorische Umfeld bei den Versorgern zur Zeit ist.

  • Martin :

    Ja, das war Ex-Bezugsrecht. Man hĂ€tte ein paar peanuts in Frankfurt abrĂ€umen können, aber fĂŒr Xetra war es dann zu spĂ€t.
    Auf jeden Fall hat der Staat es geschafft zu den niedrigsten Kursen zu verkaufen. Wahrscheinlich haben die sich dabei noch auf eigene Kosten beraten lassen :-)

    Das ist ja das “schöne” an den Bezugsrechts Kapitalerhöhungen: Es gibt immer irgndwelche “unökonomischen” VerkĂ€ufer.

  • Ich habe jetzt auch KPN verkauft.
    Die Commerzbank ist mir noch zu teuer. HĂ€tte auch fĂŒr unter 7€ dem Soffin Aktien abgekauft, aber die werden nur an ausgewĂ€hlte Leute verkauft. Ein GeschmĂ€ckle wenn der Staat mit Steuergeldern einen Rabatt einrĂ€umt.

    • wieso “GeschmĂ€ckle” ? Ich vermute mal die 7 EUR sind ex Bezugsrecht und zu dem Kurs konnte man heute frĂŒh um 8 selber auch handeln.

      • Ja, das war Ex-Bezugsrecht. Man hĂ€tte ein paar peanuts in Frankfurt abrĂ€umen können, aber fĂŒr Xetra war es dann zu spĂ€t.
        Auf jeden Fall hat der Staat es geschafft zu den niedrigsten Kursen zu verkaufen. Wahrscheinlich haben die sich dabei noch auf eigene Kosten beraten lassen 🙂

  • Kommt nun nun das Commerzbank KE-Spiel?

  • I join you and sold all shares in Stuttgart today for 1,675 (bought for 1,55). At the same time I activated a buy order for 1,6…let me see whether I join again or the share price runs up and away. Last few days there was always a significant share price drop at the end of the day. I guess today it will rise to 1,80…because I sold ;-).

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s