Just got a call from our broker – we did not get Tim Horton’s stock in the IPO. Not a surprise, but a bit disappointing. It starts trading tomorrow on the TSX and NYSE, both under the ticker THI.
We own some Wendy’s stock, who will remain the majority owner of Tim’s even after tomorrow’s listing. Wendy’s was cheap about a year ago, and we (along with everyone in Canada except Kris) are frequent customers, so bought at US$32. It’s up above US$60 right now heading into the spinoff.
Had we got some at CAD$27 per share, I probably would have set a sell at $33 or so, with the expectation that the furor would die down and we could re-buy them at a lower price in a few months.
Let’s see if that theory proves out …
Kris - Hey…I didn’t say I DON’T go to Timmy’s, I just have a slight preference for Starbuck’s. I’m not a big Starbuck’s junkie or anything…I’m not about to link Starbucks.com to my blog or anything lame like that. Just a West Coast gal paying homage to my West Coast roots with a West Coast business that is unfortunately ridiculously overpriced. Just like everything else on the West Coast.
dan - It’s weird that Starbucks can charge such a premium for their joe. We are weekly visitors there too 🙂
As of 10am, THI trading at $35, up 30% … 😐