Seven Pounds of Kindness

As usual, Will Smith is in his usual self in the movie Seven Pounds. This time sacrificing his body parts that others may live and have wholesome lives.

After losing his wife in a car crash which he blamed himself, he gave half of his lungs to his brother, eyes to a blind pianist, his heart-literary to his girlfriend and his house to a Hispanic battered wife and her two children.

The movie borders on self-pity and the need to be useful even after death so that parts of a person continues to live.

A morbid premise and so at times, it is quite difficult to watch.

Otherwise, watching the beautiful Rosario Dawson in her many moods, is surely delighftul.

The Great Debaters

I do not believe this movie will come onto the Malaysian circuit.

Set in the early 1930s, prior to unionism, a Professor of Wesley University built up 4 great debaters to fight all the way up the championship at Harvard. It was a first for black debaters to trounced the whites in the hallowed grounds of Harvard in Cambridge.

I believe it is based on a real story and there is sufficient excitement especially the lynching of a Negro in Texas and the chase by a white mob when the debaters were en route to a debate venue.



As usual, there is the 2 boys love one girl triangle to take away the 'heat' from the movie.

Produced by Oprah and Denzel,it is quite a good movie and a breeze to watch.

Genting International-The Way Forward

The last three days saw the Genting units-Gentings International, Genting Berhad and Resorts world in frenzy buying support as rumours swirled around that Genting is going to finally get a foot into the Macau casino lay.

In their reply to the BSKL, Genting and Resort world gave the standard answer that they cannot support or deny speculation but will make an announcement if there is nay material development.

Yesterday night, Genting International shares were offered for sale by the parent company of Gentings. The price of the tender for a total size of $425 million is at the lowest of yesterday's Genting International price-a cash out while the going is good.

The news that Sentosa Genting Casino will be ready on time by March 2010 and within the budget is good news and spell the end of the bad news bears for the Genting group. The very fact fro the competitor casino MGM is in debt is the best news for the Genting group as MGM may just sell out to the Genting group in Macau.

Let us read the news item from Singapore on this momentous event.

Two investment companies controlled by Malaysia's Lim family were in the market last night attempting to divest their direct 9% stake in Genting Singapore, a Singapore-listed subsidiary of the Genting Berhad group. Genting Singapore is involved in international casino operations and the development of integrated resorts, including a new casino resort on Singapore's Sentosa Island, which is due to open in the first quarter of next year.

The 853.88 million shares were offered in a range between S$0.72 and S$0.76 and late last night the indication was that the price would be fixed at the bottom for a total deal size of S$614.8 million ($425 million). However, the deal wasn't launched until 8.30pm Hong Kong time yesterday and, at the request of a number of Asian investors, sources said the bookrunners had agreed to open the books for a short while before the start of trading this morning to give those who were unable to make an investment decision last night a second chance.

As a result, the terms will not be fixed until this morning. However, the deal was already covered last night and the books included close to 40 accounts. The buyers ranged from specialist gaming investors to long-only Asia funds to deal players who liked the big discount.

The price range corresponded to a discount range of 12.1% to 16.8% versus yesterday's close, which at first glance looks well wide of where most other recent Asian placements have priced. However, the share price has rallied 18.5% over the past three trading sessions, which means investors may have needed the additional incentive to invest at current levels.

There is a lot of positive momentum surrounding the company at the moment however and the share price has more than doubled from the beginning of March when it matched its 2009 low of S$0.415. The company has caught the attention of investors as, contrary to other casino and resorts developers, it is seemingly having no problems to stick to its completion target.

This was confirmed two weeks ago in connection with Genting Singapore's first quarter earnings release, when the management said that it will deliver the Sentosa resort on time and on budget. It also stressed that there is no need to raise more money for this project. This is in sharp contrast to some of its larger rivals like Sands and MGM, which are already laden with debt and have been forced to delay projects because of difficulty in securing the necessary funding. In fact, market talk has it that MGM is looking to sell its 50% stake in MGM Grand Macau and Genting may be a potential buyer.

Aside from Singapore, Genting currently has casino and leisure operations in Australia, the Americas, Malaysia, the Philippines and the UK, but nothing yet in Macau.

Sources say the fact that the Lim family is selling its entire direct stake in Genting Singapore, which it holds through investment companies Golden Hope and Lakewood, isn't a reflection of its views on the company. But with the share price having gone up so much in such a short time, it makes sense for them to monetise part of their holdings. It will also streamline the family's holding in the casino business through one vehicle. The family will still control 55% of Genting Singapore through Malaysia-listed conglomerate Genting Berhad.

J.P. Morgan and UBS acted as joint bookrunners and underwriters for the deal.

With this kind of news and positive scenario building, it may be good to give a closer look at Resorts World which incidentally, is changing its name to Genting Malaysia Berhad, to differentiate operations from the other side of the Causeway.

Board Lot versus Oddlot

Went to the Pos Malaysia AGM today at the Legend Hotel as a proxy. Written clearly at the Registration Desk was the message than only those who have 100 shares could avail themselves to door gifts, have breakfast and buffer lunch. I was a proxy of only one share and so am definitely not entitled. So I had to go to the Help Desk to sort things out.

Fortunately, they decided to give me the full treatment as if I was a board lot shareholder. Lucky me!

Interestingly, I have been informed that in many AGMs,only the first proxy can avail themselves to the so called "goodies". Second proxies get nothing except to attend the meeting. I guess that is one way companies get rid of opportunists that want to capitalise the proxy options!

For me, the message rings loud and clear-You are not out of the woods unless your have a board lot.

Sometimes, odd lots just wouldn't do!