Outcome record – 99 Shares

The outcome record: every position we close in our own account, with the fill prices and the realised result from the broker’s records. Losses stay on this page.

Updated 11 Oct 2026 · from our IBKR trade records · after commissions, before tax

Closed

Air Canada · AC · Toronto

Odd-lot tender into a C$800m Dutch auction issuer bid, C$29.00–33.00

Entry: 99 shares at C$28.03 · 10 Sep 2026
Exit: 99 shares at C$27.80 · 11 Sep 2026
Result: −C$24.95 · −0.9%

Sold before the offer closed. The circular put paid-up capital near C$10.60, so withholding on a non-resident account came to about three times the spread. Worked through in Issue #2 · Offer terms, 17 Aug 2026

Zevia · ZVIA · New York

Not a special situation: a speculative holding with no offer and no date

Entry: 2,000 shares at US$1.425 · 25 Aug 2026
Exit: 2,000 shares at US$1.272–1.285 · 10 Sep 2026
Result: −US$323.10 · −11.3%

Cut in a clean-up of the book. It stays here because Issue #2 disclosed it.

Lindsell Train Investment Trust · LTI · London

Tender for 20% of each holding at NAV less 5% · these shares settled after the record date and could not be tendered

Entry: 260 shares at 574p · 14 Sep 2026
Exit: 260 shares at 588p · 22 Sep 2026
Result: +£22.67 · +1.5%

Bought for a tender these shares were never eligible for: the offer counts shares held on the record date, and settlement landed two days after it. Sold once that was clear. The shares were quoted at 562–572p on 23 September, below the exit, with the offer open until 9 October. The record date, worked through in Issue #3

Arbutus Biopharma · ABUS · Nasdaq

Odd-lot tender into a US$230m Dutch auction self-tender, US$5.00–5.75 · tendered, taken up whole

Entry: 99 shares at US$5.05 · 1 Sep 2026
Exit: 99 shares at US$5.00 · tendered · paid on or about 5 Oct 2026
Result: −US$4.96 · −1.0% · computed; broker statement pending

The auction cleared at the US$5.00 floor. Odd lots were not prorated, so all 99 shares were bought; other tenders were taken up at about 55.6%. The clause worked as described and the entry price, above the floor, was the mistake. Worked through in Issue #5 · Final results, 1 Oct 2026

Oma Savings Bank · OMASP · Helsinki

Board-recommended cash tender offer at €17.20 · tendered

Entry: 300 shares at €17.07 · 4 Sep 2026
Exit: 300 shares at €17.20 · tendered · paid on or about 7 Oct 2026
Result: +€39.00 · +0.8% · computed; broker statement pending

The offer completed with 96.78% acceptance. The broker’s own deadline fell about two days before the offer closed, and cash arrived twelve days after it. The broker cutoff, worked through in Issue #3 · Final result, 30 Sep 2026

Open

Apollo Commercial · ARI · New York

Plan of liquidation · estimated US$7.75–8.50 in total

Cost: 300 shares at US$6.92
Next: First distribution US$4.10 a share · record date 20 Oct, payment 29 Oct, ex-date 30 Oct (New York) · shares trade with due bills from 20 to 29 Oct

Delivery Hero · DHER · Xetra

Cash takeover offer at €41.50

Cost: 50 shares at €37.04
Next: Broker cutoff 3 Nov, 03:00 New York (09:00 Frankfurt) · offer ends 5 Nov

Perfect Corp · PERF · New York

Going-private merger at US$2.00 cash · no election to make

Cost: 1,200 shares at US$1.81
Next: Extraordinary general meeting 18 Oct, 21:00 New York (09:00 19 Oct, Taiwan) · closing expected in the second half of 2026

SDCL Efficiency Income Trust · SEIT · London

Managed wind-down, approved by shareholders in July 2026 · no offer price and no timetable for returning cash

Cost: 2,150 shares at 35.31p
Next: General meeting 15 Oct, 09:00 New York (14:00 London)

Atai contingent value rights · New York

Contingent value rights from a closed transaction · no market, held on a placeholder line

Cost: 100 rights at US$0.63
Next: No payment date announced

Closed positions show fill prices. Open positions show average cost, including commissions and stamp duty. Facts from our own account and public filings. Not investment advice; the decisions stay yours.