EPF-Is There a BSKL Ruling to Fine it for Churning?

Churning daily to hoodwink?

Company directors of PLCs get fined and reprimanded.

What about the EPF?

It is buying and selling almost always the same counters.

This is definitely churning and trying to create the impression that there is so much volume on the BSKL on some counters.

What I noticed lately is there are a lot of EPF action on Digi.com and YTL Corp.

I think this is very unethical of a large state-owned pension fund to be involved in this.

Already BSKL and the Securities Commission has its shameful closet of ghouls from the indefensible E&O-Sime Darby deal to the  unsupportable listing of Astro that screwed up the investing public's confidence both at home and abroad  by its ridiculously over-rich valuation and allowing cornerstone investors to exit.

The EPF must have someone to direct their buyers to buy certain stocks and not to sell them within the same period.

There must be ORDER in EPF!

It is understandable for the same EPF buyers to trade to make arbitrage profits but certainly downright wrong for some of  EPF buyers to buy and other EPF buyers to sell at the same time. This is churning!

Where is the Commander-in-Chief at EPF?

Apa buat? - twiddling your thumbs?

BSKL-have a re-look at your rules and ensure EPF does not trade against the law to hoodwink innocent investors!

RCE RCPS-Doggone!

And so it came to passed.

There is a principle in law. The thing speaks for itself.

As such there is no need for witness or evidence.

 Open and shut case.

The Hainanese has a word  for a good for nothing or rotten person.

kalawoleh

It is called Phooi Bhoot!

The Hokkien has a word version referring similarly to such person as chau chua!

dead dreams

The RCE RCPS is really chau chua!

I will murder... take my revenge?

All sellers and no buyers.

Gelak ketawa!

Such is the RCE exercise in irrelevance.

Stupid Arab Bank?

The winner is Hong Leong Investment Bank  with RM1.2 million for professional advice and POS Malaysia with fat postage stamps revenue in the bank.

Send some more-lah!

And the losers are shareholders and the forest which had to be fell to make paper for the useless RCPs to be printed.

Nothing good came out of the exercise.

A lost Cause...these RCPs!

It is best for Azman to buy it all up!

Murphy during Halloween

A lurking pipsqueak is around

When time is tight and you have to fill petrol in the morning before work, who would you possibly meet?

Yes, that's right, during the season of Halloween, Murphy comes a-calling at the petrol pump.

Got into my regular Esso station to fill my tank and found that it was closed.

Then, quickly drove to the nearest Esso station in the vicinity.

Murphy in action

What do you know-nasty mischievous Murphy was there too!

The pump refused my credit card and so I had to go into the station office to get my payments done up-front.

Crazy morning, don't you think?

The RCE RCPS-What are these?

What is this creature called the redeemable convertible preference shares (RCPS) that will be traded tomorrow by RCE Capital ?

Interestingly, what is the basis of it being offered at 38 sen? How was this price arrived at? Pegged to what?

Questions abound.

I have just read the document circulated to shareholder today.

I have mixed feelings-really mixed like ABC (Air Batu Campur) or rojak buah (fruit cocktail). I just had that!

Let us go first to the price pegging at 38 sen. Interestingly it was arrived based on the then average trading price of RM 0 .445 sen which was then calculated to offer shareholders an incentive premium of 27.95 %.
Following their construction then, the all ex-bonus price will be RM 0. 297 sen.

But alas! RCE is now only trading at RM 0.305 and RM 0.31 sen.

The premium of 0.008 to RM 0. 018 cannot even cover the brokerage,stamp duty and clearing house charges.

How-lah Azman?

So, if you buy the RCPs, you already lose 7 sen gross.

Best to kasi buang semua tomorrow when it trades,right?

If you are thinking of that, make sure you have at 3.5 sen differential before dumping the documents.

Anyway, for your knowledge, the trading of the rights is only from 1st to 7th November.

After that you get saddled with these RCPS like a pony until 2019 !

As for the 20% dividend, itu belum tentu-lagi samada it will be declared or not.

The projected returns is nice at 5.26 % but for now it may be illusionary and a 'bridge too far'

For me, this is my quandary.

 I have 500 shares, now I will have 750 shares in my CDS.

The number of  RCPS, I am entitled to will be 300 RCPS.

I will have to cough up the following:

RM 114 for subscription
RM 5 for bank draft
RM 10 for revenue stamp

So, kena bayar net RM 129.00 for only 300 units.

Worth it, ah?

If not, can buy some more when trading starts tomorrow?

Nah!

With Astro screwing up everyone, I think most minority shareholders will rather keep their cash.

Malaysian security industry watchdogs are  sleeping-lah!

Should be sacked en bloc!

The Gambit-YTL Power Warrants

Fair Distribution?

Did we play to lose in subscribing for the 20 sen YTLP warrants(YTLPW)?

I subscribed plenty and came out absolutely below average.

End result-I procured only 4.5 %.

Let us look at the gambit.

In chess, it means sacrificing some pieces to gain an advantage.

So my gambit consisted of the following:

4 bank-drafts at RM 5 each to total RM 20.00.

Revenue stamps-RM 20.00

Bus-fare of RM 1.90 to Tricor at the Gardens North Tower

As such gambit cost amounts to RM 41.90.

Power Failure

Now, let us look at the returns.

My son only got 400 units-very poor returns.

Sold at RM 0.42 sen and netted RM 138.94 after deducting overheads of RM 29.06.

Subscription was RM 80.00. Revenue Stamp took RM 10 and 2 bank drafts at RM 10.00

As such, net returns is RM 138.94 - RM 100.

So, the slim gain was RM 38.94.

Puny Returns

Compared to the gambit of  RM 20.00, actual returns for the risk taking is a return of 94.7%.

Now for my incursion.

Got 2,300 units. sold all at RM 0.42. Net returns of RM 936.71 after overheads of RM 29.29.

Subscription was RM 460.00. Revenue Stamp took RM 10 and 2 bank drafts at RM 10.00 and transportation of RM 1.90. This totals up to  RM 481.90.

So deducting for gambits, net return is RM 936.71-RM 481.90=RM 454.81

This may sound not too bad.

Return to gambit of RM 21.90, will be more than 2,200%

Between my son and me, we netted  RM 493.75.

Not even RM 500.00!

Good deal in percentage terms; but in absolute gains, puny!

So much for trying to play pucks with the market!

The Deserting Diners at the MCA Kulai Dinner

A Majestic Walk out in a Captive State?

Just like the dinner held recently in Kulai, I attended a free dinner in SEAPARK, Petaling Jaya about a few months back.

It was in conjunction with the Chang or Chinese dumpling festival.  It was certainly sponsored as I did not have to pay. All members of my family had a hearty dinner of about 8 courses.

There was no walk-out in the sense that occurred in Kulai. People left on three occasions during the dinner.

Once was when the dumplings were distributed and many brought them home.

The second time was when the electricity went out, an ominous and foreboding sign. So, without the whirring fans above, many more went home to escape the searing Malaysian heat.

The last was after all the dishes had been served. No one had any reason to stay behind. Would you?

The most incredulous thing was the people at most tables were talking when the MCA President was giving his speech. Nobody cared for the tirades of this de facto has-been, beyond-the-shelf-life office bearer. 

Some ladies were also whispering and giggling about his famous hotel escapade caught on DVD.

So, it is no wonder when 3,000 guests purportedly left the dinner when Soi Lek was giving his speech. Again, no surprise when not all tables were full. It happened in our SEAPARK function as well.

For the bastion state of MCA, the writings are on the wall in Johore. 

Running dog days may just be on the home stretch as MCA stumbles and fell at the 13^th GE.

Many could not see another more fitting ending for MCA but for it to fell to the abyss that it will never recover ever. 

One-time Keeper of the Ring

Soi Lek is no White Gandalf!  The  PR balrogs will get all its candidates.

One ring to conquer them all.

That has always been with a senior partner of the BN all along. 

Real BN power

Even puny parties from Sabah and Sarawak had a better deal in BN just like Gollum with his Precious!

PS:

He now blames China Press for highlighting the episode of the  exodus of the dinner guests, citing that they were leaving early to beat the traffic.

Bad Food, Broken Trust

Broken trust!

It was one of the worst traffic snarl in a long while.

I was caught for almost an hour and the toll plaza at the Kerinchi Link.

Traffic was hardly moving on the Federal highway though we almost caught a breeze on the Cheras road leading to Bandar Sri Permaisuri, even as the traffic caught up with us on the approach road to the new township.

As it was impossible to drive back in the glacier like traffic, we stopped at this Malay restaurant to have a bite. We thought we passed it a while ago and it was serving  kampung fried rice with that aromatic salt fish flavour.

Sorry, no such dish. Imagine that!

So we ordered an ikan pari, so-called Portuguese style which was at best, insipid without the sambal and the local salad.

I could tolerate the Mee Bandung.

The chicken goreng  rempah was so miserable; you just wanna laugh or on second thoughts, cry! It was so scawnnily small.

The fruit drinks we ordered, mango and star-fruit were okay.

Cost me RM 31.00.

Verdict- lousy.

Tears won't help here!

No need for apologies!!

Never darken their doorways again!