TBH - any explanations?

M

m22au

Chart shows a previous close of 15.40

Quote says +8.57 to 11.75

so I assume some type of corporate action.

Does anyone know what happened?
 
Now halted.

Quite an impressive intraday range, and congratulations to anyone who bought near the start of the trading day below $6
 
There was a stock distribution of BTM and BTM.C that lowered the previous price to $3. Apparently some traders did not get the information.:)
 
thank you Mertman.

From the Yahoo messageboard for TBH:

"because brp was spun out as btm and btm-c"


Quote from mertman:

There was a stock distribution of BTM and BTM.C that lowered the previous price to $3. Apparently some traders did not get the information.:)
More...
 
Mertman,

How did you find out about the spinoff?

For example, I can't see anything in Yahoo Finance that mentions this corporate action.


Quote from m22au:

thank you Mertman.

From the Yahoo messageboard for TBH:

"because brp was spun out as btm and btm-c"
More...
 
http://www.streetinsider.com/Corporate+News

More News related to Corporate News
November 24, 2009 3:25 PM EST

The NYSE issued a statement on Brazilian Telecommunications Corp. (NYSE: TBH), in view of the unusual market activity is stock. The exchange is re-confirming its previously announced distribution, ratio and ex-distribution date of Telecomunicacoes Brasileiras S.A.-Telebras.

As previously announced, the NYSE was advised that BNY Mellon distributed on November 23, 2009:

* 0.3032056 of a American Depositary Share (Each representing three Preferred Shares) (NYSE: BTM) of Brasil Telecom, S.A. for each (1) share of Telebras HOLDRS held.


-AND-

* 0.1720066 of a (New) American Depositary Share (Each representing One Common Share) (CUSIP 10553M 20 0) (Symbol "BTM.C") of Brasil Telecom, S.A. for each (1) share of Telebras HOLDRS held.



"TBH" was quoted "ex-distribution" today, November 24, 2009.
 
http://www.nyse.com/press/1259061213426.html

Telecomunicacoes Brasileiras S.A. - Telebras (NYSE: TBH)


In view of the unusual market activity this morning in the following security, the Exchange is re-confirming its previously announced distribution, ratio and ex-distribution date of Telecomunicacoes Brasileiras S.A.-Telebras (NYSE: TBH).

As previously announced, the NYSE was advised that BNY Mellon distributed on November 23, 2009:

* 0.3032056 of a American Depositary Share (Each representing three Preferred Shares) (Symbol "BTM") of Brasil Telecom , S.A. for each (1) share of Telebras HOLDRS held.

- AND -

* 0.1720066 of a (New) American Depositary Share (Each representing One Common Share) (CUSIP 10553M 20 0) (Symbol "BTM.C") of Brasil Telecom , S.A. for each (1) share of Telebras HOLDRS held.

"TBH" was quoted "ex-distribution" today, November 24, 2009.

As a result, TBH is now comprised of two constituents: TIM Participacoes S.A. (NYSE: TSU), 10 shares per 100 round lot of TBH and VIVO Participacoes S.A. (NYSE: VIV), 10 shares per 100 round lot of TBH.

*******************

TSU price is about 26.11
VIV price is about 29.21

TBH is worth
(10/100 * 26.11) + (10/100 * 29.21) = 2.61 + 2.92 = 5.53

This seems to be a lot higher than the $3 figure quoted earlier in this thread, but it's still more than 25% above the current bid of 7.13
 
http://www.adrbnymellon.com/holdrs_corp_actions.jsp

Do a search for TBH

http://www.adrbnymellon.com/files/HC27501.pdf

PDF announcement of corporate action.

Includes the following text:

"After the distribution the remaining securities in Telebras HOLDRSSM are as follows:

Tim Participacoes S.A., CUSIP 88706P106, 10 shares per 100 round lot of Telebras HOLDRS

Vivo Participacoes S.A., CUSIP 92855S200, 10 shares per 100 round lot of Telebras HOLDRS"

******************

NYSE: TSU
NYSE: VIV
 
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