# NHH - Newhaven Hotels



## Smurf1976 (16 August 2016)

I'm trying to sell my shares in NHH but am having rather a lot of difficulty doing so. Whilst the stock is rather illiquid and I accept that, I thought I'd at least be able to put an order into the market. Seems not.

Last sale price = $1.65 with 10,000 shares trading at that price yesterday. That's considerably more than the volume I'm trying to sell so should be no issue there.

Market depth shows two sellers, one at $1.65 and one at $1.70

I've tried placing a sell order at literally every possible price between $1.50 and $1.90 and all are rejected by the broker. Even at $1.65, the last sale price, it's apparently too far from the last sale price and they're required to not allow that. If there's something illegal about selling at that price then how are there two other orders in the market at those prices? 

I'm missing something here. Any help?

I've contacted the broker, ANZ, yesterday and thus far no response.

PS - A search didn't bring up a thread for this stock hence starting a new one.


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## PZ99 (16 August 2016)

ANZ should be able to sell it as a phone order for you. Did the same thing myself 2 weeks ago when I had no internet.

Did you ring the day trading number?


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## Boggo (16 August 2016)

Smurf1976 said:


> I've tried placing a sell order at literally every possible price between $1.50 and $1.90 and all are rejected by the broker. Even at $1.65, the last sale price, it's apparently too far from the last sale price and they're required to not allow that. If there's something illegal about selling at that price then how are there two other orders in the market at those prices?
> 
> *I've contacted the broker, ANZ, yesterday and thus far no response.*
> 
> I'm missing something here. Any help?




Not sure exactly what the issue might be but I suspect it is something to do with what you are saying.

As an example, I currently hold instalment warrants on QAN and because of the current distance between the last trade and the current bid if I wanted to sell them tomorrow I know that I would have to ring the broker and tell them what I am selling and at what price to get an override. Luckily mine has a number that puts me through straight away.

This also highlights the issue with some of the larger institution type brokers, the inability to be able to get hold of someone and get a system override immediately otherwise your cheaper broker can get very expensive while you are on hold and you are watching the price heading the wrong way.

Sorry if this is not of much help but is an opportunity to highlight a broker consideration item, hope you get it sorted.

Pic below of the part of the Iress help file.


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## McLovin (16 August 2016)

Smurf1976 said:


> I'm trying to sell my shares in NHH but am having rather a lot of difficulty doing so. Whilst the stock is rather illiquid and I accept that, I thought I'd at least be able to put an order into the market. Seems not.
> 
> Last sale price = $1.65 with 10,000 shares trading at that price yesterday. That's considerably more than the volume I'm trying to sell so should be no issue there.
> 
> ...




I've had sells being too far from the current price and in my order status in Iress it shows as "Authorising". After about 30 seconds it places the order. I have no idea if the order is allowed through after some human intervention or the system has a fat finger circuit breaker with time to cancel your trade. I don't use ANZ. Not much help, I know.


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## skc (16 August 2016)

Smurf1976 said:


> I've tried placing a sell order at literally every possible price between $1.50 and $1.90 and all are rejected by the broker. Even at $1.65, the last sale price, it's apparently too far from the last sale price and they're required to not allow that. If there's something illegal about selling at that price then how are there two other orders in the market at those prices?
> 
> I'm missing something here. Any help?
> 
> ...




Every broker is different and have their own filters. Given what you described as the last trade there seems to be little reason why you can't do what you said you've tried.

One guess is that ANZ has a low liquidity filter (e.g. if your order is 10x greater than the bid then reject), or it's considering the mid point between the bid and ask as the reference price (for some reason).

Only ANZ can help you there...


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## Smurf1976 (16 August 2016)

Thanks everyone, I'll give the phone trading number a call and see how it goes. 

Previous contact was by email but I haven't heard anything yet. Maybe someone's scratching their head trying to work it out?


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## Klogg (17 August 2016)

skc said:


> Every broker is different and have their own filters. Given what you described as the last trade there seems to be little reason why you can't do what you said you've tried.
> 
> One guess is that ANZ has a low liquidity filter (e.g. if your order is 10x greater than the bid then reject), or it's considering the mid point between the bid and ask as the reference price (for some reason).
> 
> Only ANZ can help you there...




I had a similar problem when attempting to sell, however I use CommSec. When I attempted to put in the trade, it rejected it. I called their support desk, who then informed me that they wouldn't allow the trade as they were required to maintain an "orderly market" (price had dropped significantly), or something of that nature (it was 2 years ago).

I had to wait until later in the day to sell it, as the price recovered a little.


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## System (7 October 2016)

On October 6th, 2016, Newhaven Hotels Limited (NHH) was removed from the ASX's official list in accordance with Listing Rule 17.11, following shareholder approval to remove the Company from the official list.


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## Smurf1976 (7 October 2016)

Thankfully I did end up selling all my NHH shares prior to the de-listing.

That's not a view on the company itself, just didn't want to get stuck holding something that would be very difficult to get out of at a future time as it's no longer listed on ASX (or any other stock exchange).


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