21 Sep | Renesola and Another Dear John Letter
Readers of Investor Trader may remember my brief tryst with West China Cement which came to a premature end back in May of this year.
Sadly, growth saw them forget their roots, pull their AIM listing and try to make it in the big city. In this case, the big city being Hong Kong. And as it turns out, the big city has been quite kind witnessing gains in WCC in excess of 20% in the month since they headed east. I was willing to take that one on the chin. Let bygones be bygones and all that. Until……
Until yet another Dear John letter from my broker. This time it’s my beloved Renesola (another Chinese share) that are pulling their AIM listing and heading for another big city, well big apple to use the local parlance, New York. And no, my broker doesn’t trade on the NYSE. You seeing the theme here?
Anyway, to cut a long story short, I can either hunt down a broker that can trade across the pond or I can give up on my Renesola’s and keep my hard-earned in UK listed shares. I’ve got until early November to make my decision.
The spanner in the works is that Renesola is really flying at the minute making the timing all important.
I’ve been in and out of Renesola for years now and it’s the one share that I have consistently profited from. I’ve bought in at under a pound and I’ve sold at over six pounds with lots of buys and sells in between (and always for a profit I might add).
Currently Renesola sits just north of £3.50. Our portfolio holds 1,000 SOLA.L with an average purchase price of £1.12. If we sold today we’d be looking at a triple-bagger, not too bad by any standards, but it’s the forcing of my hand that I find hard to stomach.
So, what to do? Would you be looking at bailing out after a month like the one below?
Watch this space.