Urgent Need of Reinsurance-MNRB

They Need Reinsurance at the AGM today!

I speak in jest for this is one company that is going places.

I think there was one year that they did not give out dividends and its share price tumbled.

Even now, in spite of giving 17% gross dividend this year and 20% last year, share price of the counter is still in the doldrums.

Anyway, I just wanted to describe the big hoo-ha that took place at noon at the MNRB Building when Symphony House was trying to register shareholders and proxies for their 3 pm AGM.

I was told they got ready early but because they did not start the registration process as well, the crowd because too dense and someone, in the melee, stepped on the computer wires, tripped and dislodged the connection and the whole registration process went kaput!

The tense situation was to drag on until 2.20 pm, 40 minutes to AGM time.

Then they brought out the food and the hungry crowd just could not contain their hunger and their ire. So, they make a bee-line to the food tables and eat as well as 'tapau' to the heart's content.

Finally, they got the registration going with pushing and shoving until even the computer tables rocked!

A MNRB staff had to use a hailer to quell the anger of the maddening crowd that refused to line-up but to rush in all directions towards the Symphony House officers.

I knew a few senior citizens just could not take it. In super-hyperventilation mode, they just sat down, have their mee-hoon, telling me they will register when the crowd become more sober.

They gave away RM50 Aeon shopping voucher to shareholders and proxies as well as a nice-looking thermos flask each.

What a day!

The AGMs-Interesting Occurrences

I have been attending AGMs since May this year. Some were good AGMs;some were not that good. It reflects the company and the caliber of its Board.

The last few AGMs really had its great moments.

Let me relate one laughable one. The company, to save cost, decide to hold the AGM at their office instead. So, they put the registration of shareholders in front of their front office. That was not too bad. However, they put the registration of the proxies right in front of the lifts. Imagine, the number of people who wants to use the lifts. They could not come out or go in because of the crowd near the lift apron. Couldn't they find a more appropriate place?

After the registration, a shareholder or proxy then collects his morning breakfast pack. It was an assortment of Malaysian cakes plus a bottle of mineral water. They refused to give out the food voucher;saying that it will be distributed only at the end of the meeting.The reason was they wanted the AGM to be fully attended. As the meeting room was so small, it filled to the brim in no time. But no, they were stubborn. No food coupon until the end of the AGM.

Meanwhile, there was this issue of car parking. The company decided to foot only RM3 for each shareholder. This is definitely not enough because it would have cost a shareholder to spend something beyond RM9 for the entire AGM duration. They stick to their guns!

So to circumvent the loss of car parking expenses,shareholders lined up three times each to get the equivalent of RM9. The company should have just endorsed all the tickets and pay the car park management the real amount. The whole exercise of being restrictive at RM3 came to naught! Silly corporate ineptitude!

Finally, the meeting was over. No one knew where to get the food voucher. There was pandemonium! So,finally the great brainy management decided to dispense them at the table where the directors sat at the AGM. They asked for lines to be formed. No one bothered. Every one crowded around the table and tried to get the vouchers. There was pushing, screaming,elbowing and what not. Those dispensing the food vouchers lost their patience many a time but they have to swallow their ego and pride because of their unthinking selves. If only they had given the vouchers at the time of registration.

I had a great day at this AGM. It tells me of things that those managing AGM ought not to do.

I heard they had a similar problem of this nature last year.

I think the next AGM will be about similar. When will they ever learn?

BJ Media Berhad AGM-Quick Draw and Away

This got to be the fastest AGM I have ever attended. The Chairman, as usual cloistered himself away like Howard Hughes and ask a fellow Director to filled in as Chairman. A Mr. Loh did the honours. The AGM was held on 3 September at the Berjaya Hall at the Bukit Kiara Equestrian Club.

This AGM did not attract any questions whatsoever. After the briefing by the CEO,there was no questions either to ask for more information or for clarification.All the resolutions were passed like clockwork. Before, you know it, the meeting was over and all non-Muslims went for light refreshment.

Every one was happy. Quick, fast and out of the door. And all shareholders and proxies received a golf umbrella each as a door gift. Viva BJ Media!

A Funny Thing Happened on the way to.....

Well, the proxy papers did not arrive. A lady at the registration counter promised to help us perhaps by putting us on the invitee lists, if the Directors should have no objection. Then came the Company Secretary. With her stern countenance, she satred at us and disagreed. so, do not only expect only bureaucracy and inflexibility in the government service. They are inflexible in public listed companies too. I then asked her who I can talk to to resolve this problem. He pointed me to someone in a black suit-I think he could be the Chairman. He listened to my tale of woe but stood his ground. It was a negative. No proxying without proper forms formally lodged.I told him I am not interested in breaking the rules of his company as well as the Companies Act. All I asked was for him to help save the situation as suggested by the Secretary that we be placed on the Invitee List. This did not cut either. It was a flat No! So, we requested if he could resolved our car-park payment as it has cost us money just to come for the meeting from so far away. I guessed he felt that he did not want any more hassle or trouble from us. He then quickly fished out RM10 from his wallet to pay for the parking charges. I guess it was his way to summarily get rid of us! That he succeeded!

I do not blame QL for the trouble we were in this morning but I thought the Chairman or whoever he was, could have save us the day by making us invitees.

After all, there were not many who were in the same quandary as us this morning! Sadly, it was just poor goodwill on his part. A shame, I would say for a company that made RM1 billion+ per year!

Attending the Dataprep AGM

At 1.45 pm, I drove to Tropicana Golf Club where Dataprep was scheduled to hold its AGM. There was a display of some real estate scheme in China by VXL. After registering, I got into the meeting room. The meeting started promptly with Tan Sri Azmi Wahab in the Chair. It was a very small meeting and the mood was amicable.This is the maiden meeting where I proposed and seconded resolutions to be passed.

Afterward, at tea I met Tan Sri again, Dato' Lim Chee Wah of Genting Highlands and a senior brother of Paul Leong ,the ex-Minsiter.Compared to the othere AGMs where the Directors will just meet away in some other place for food, Dataprep's Board of Directors mingled with the shareholders.I did not know that Dato' Chee Wah was the largest shareholder of this company.

When I told him that my good friend who worked with him once in Genting Plantations often spoke of him,he tongue-in-cheek retorted, "I hope it is all good."

A Day at the Petronas Dagangan AGM

As Petronas Dagangan Berhad (PDB)was one of the better AGM to attend, I started early by LRT to the KLCC. On registration, I was given a breakfast pack. Great way to have your own packed breakfast without rushing for breakfast like hungry wolves as seen in most AGMs.Tea and coffee was free-flowing.

Took the opportunity to apply for Petronas Maybank Co-branded Visa Card and CIMB-Petronas Co-branded Visa as well. CIMB gave me an umbrella while Maybank gave me a journal and a pen. I also re-registered for my Mesra Petronas Loyalty Card.

It was a good meeting. PDB pays good dividend to its shareholders. It paid 33% for fiscal 2008. One of the Director which refused to agree to a suggestion that they franked out all the retained earnings as dividends to shareholders got a real good tongue-lashing. Poor China man-must have been a great accountant to be hired to sit on the PDB Board.

I also got two squeeze balls from Petronas for both me and Choo Peen. Good to practice palm and finger exercises to avoid rheumatoid attacks and carpal tunnel syndrome.

Lunch was very good. Cukup baik Petronas. Syabas!

AGMs This Week

I attended the AGM for Alliance Financial Group yesterday and TAHPS this afternoon. Alliance was a good meeting with an excellent presentation by Brigitte Lai. Meeting went on well. Breakfast was good but the packed lunch box was dismal.
The TAHPS meeting attracted not many members and proxies. After afternoon tea, the meeting started and ended by 4 pm. High tea was fine with mee-hoon, fried siew kao, cakes and fruits.

Both did not have any door gifts.

So please take note of this next year.

Tanjong Plc AGM

Today was Tanjong Plc's AGM.

After fumbling at the registration counter, I finally got registered at the H-L counter. They were generous-a door-gift of RM50 gift voucher tenable at any food outlet except the Wasabi Japanese outlet, was given to both shareholders and proxies. Guess the Japanese guys thought they were exclusive and want the riff-raff out of the way!

They also gave shareholders and proxies two complimentary tickets to Tanjong Village cinema shows.

As for the breakfast, there was satay and timsum besides the regular fare. As usual human crows flew in and played ( including gate-crashers)the grabbing game and tahpau all the satays and timsum.

I have to contend myself with a plate of meehoon and fried rice, a piece of martabab,bread pudding and fruits.

Even the drink stations ran out of cups and tea. I was fortunate to have a cup of bitter coffee.

What an AGM! A lady was busy taking photos of the mad rush as old ladies grab at timsum trays!

Something must be done about these human parasites. The PR Department of Tanjong must come out with a fresh new way to control such wanton behaviour from recurring.

Astro All Asia Networks plc AGM

Shareholders really felt appreciated today for their loyalty to the company. At the Astro All Asia Networks plc AGM in KLCC this afternoon, a sumptuous lunch was provided. There was complete order and decorum and all shareholders and the first and second proxies were given door gifts of food vouchers at the Trader's Restaurant.Third proxies were allowed to have lunch and to attend the AGm and the EGM.

I met a trader outside the main hall and he was trading in all kinds of AGM paraphernalia. From electrical goods, to Genting hotel rooms to food coupons, he traded them all. Real resourceful chap.

This is one AGM I am pretty contented with.

PS. Also attended the SILK AGM this morning. Poor company got to ask for a rights or else it will be delisted. They gave the usual finger food cakes and tea.

Tradewinds Corporation Berhad AGM

Right now, I am certainly uncertain of the value of the hotel room vouchers they gave to shareholders this morning at their AGM. If these are gratis, then it's well worth attending the AGM. If not, they are just another marketing ploy and meant to have you spend more money. I think they are all not free stays and as such of dubious value. Not really friendly.

The registration of the TWS was at Hotel Istana. It was orderly. Everyone had either a cup or two of tea or coffee. Sadly, no accompaniment of cakes, cookies or sandwiches.Everyone was given a food box. I found the following in the box.

A bottle of mineral water,
A bottle of apple juice
2 muffins
An apple
A packet of cookies.
A packet of refined sugar

I would say Tradewinds could be more generous. As a hotel chain, as they claim, the largest in Malaysia managing the likes of the Hilton chain and Crowne Plaza Mutiara et al, they definitely could give shareholders a better breakfast spread and a sit down muhibbah lunch to boot.I guess the Corporate Communications Department guys are just not sensitive enough. They have forgotten they are in the hospitality industry!

The Sumptious EON Cap AGM lunch

This is one AGM that is different from the rest. First they gave good door gifts. Two water tumblers. The morning tea was good-roti canai and roti jala. Then a sit-down lunch.

Very well-organised AGM.

I am talking about the EON Cap AGM at the Crowne Mutiara Plaza KL.

For the first time, I sat through the whole AGM and listened to the briefing as well as the questions been leveled at the board and at the Chief Finance Officer.

Matters touched on includes tax credits, office re-branding,better debt collection, the rejection of warrants to Primus and new products for the public.

I was surprised when they told the meeting that they pay interest up front when one open a savings account and the existence of a special forced savings account with better interest basis points built into it.

Same old people asking the questions until the Chairman seems to know all of them by face.

The lunch was a round table sit-down affair. Food was served in a platter and we took our fill of it. There was sour soup and iced longan and almond jelly for dessert followed by tea/coffee and kueh nyonya. I was a thorn among the roses at this table and got to know some people. There was a Ms Khaw who lives nearby who walks through my alley and Nancy, a lady who is well traveled. She recommended Mesiniaga to me for its dividends-19% yearly!

EON Cap really treats minority shareholders nice.

More Horror Stories at the AGMs

Yes, I was told about more horror stories at the AGMs.

This friend of mine told me about a couple of incidents at the AGMs he has attended since last year.

This is what happened at the POS Malaysia luncheon at the Legend Hotel.

When the buffet was open, this women went over to the fish curry pot, dipped her hand fully into the pot and retrieved many pieces of fish which she then put onto her plate. Apparently, the pot of food was cold for her to this.All this while, she avoided eye contact with everyone and ignored taunts from the other shareholders. She was shouted at and some even scolded her, telling her to desist from scooping the fish out of the pot as it was for every body and she was polluting the pot of gulai with her hand. But it was to no avail!

Then,there was this old man that came to sit near my friend at the far corner of the restaurant. He had a plate full of fried chicken. Without a care to what the world thinks, he took out pieces of tissue paper from his pocket and wrapped each chicken,one by one, before putting them all into his already bulging pockets. He must be the Malaysian version of the Transporter!

This friend of mine then related to me me about an incident that happened to him at that luncheon.

He has just left his table to have dessert, leaving his door gift-a first day cover on it. From the corner of his eye, he saw an elderly man from the next table quickly popped to his table, opened the envelope to see whether the stamps were there and then he spirited the door gift away to his table.

After taking his dessert, my friend went to that man's table and accosted him; asking him why he has taken his door gift. At first the man pretended not to know what my friend was talking about. After some time, listening to my friend's lecture that he should not take things that does not belong to him, shame got the better of him and he just walked off. His wife then explained that he took it to compare whether the stamps were the same. Lame excuse! She then diffused the situation by taking the door gift and putting it back on my friend's table.

My friend agreed that at all the AGMs, those that embarrassed us most were Chinese senior citizen ladies. and yes; elderly men are also into this! They not only grabbed at the food like jackals but even tapao it home for consumption while others are deprived of their 'just desserts'!

At the rate they are doing this, I think they will be seeing their cardiologists very,very soon!

The Resorts World AGM

Monorail stopped in front of Wisma Genting and so it was good for me this morning.

Then I witnessed a real classy act by the organisers of the AGM held today at Wisma Genting(16 June).

Signages were good. The guards were at hand. We were directed to the registration area. We passed a mineral water station. All shareholders were given a bottle. A guard quickly directed me to a registration personnel who swiftly registered me. I was orange-tagged as a shareholder.

We then proceeded to Level 25 for the AGM. After collecting our Annual reports, we went for a cup of coffee. Introduced myself to a Mr Wong, Mr Tony and another gentleman. We spoke about other AGMs, the crazy greedy food busters,life and health in general.

I then proceeded to the 26th Floor for the AGM. Hall was okay size to fit in the shareholders. Genting staff were at hand to help those infirmed to climb the stairway to the meeting room.

I met Dr. Gan, ex Vet Dept in Ipoh and spoke of old times.

The same people got on the floor to ask Kok Thay questions. As usual, they wanted more dividends and wanted to know about the possible forays of the Genting group into Macau via the MGM route.

Door-gifts?

RM30 of KFC vouchers and RM30 McDonald vouchers. Good one!

Gobbledygook,Grilling and Greed

I went to the MEASAT AGM this afternoon. They held it at the Mandarin Mutiara Hotel besides KLCC. Bukan main. There was no door-gift and also no cookies or cakes to go with the tea. Speaks volume for the company's respect for minority share-holders.

The meeting started when I got in. The bunch of directors sat facing us. The CEO, a business graduate white-man from Yale yakked away and to me, most of it was gobbledygook. Then came his response to the queries of the Minority Group. The projected slide was atrocious and amateurish and he got a chiding of his life from some brazen shareholder.

In my mind, I thought only one of the directors seems to know what he was talking about, the rest sat perched to their seats like clay pigeons, getting fat on directors' fees.

The CEO took a lot of grilling and as usual sidestepped questions. They always do when they are in a bind. The chairman just paid lip service. Can't expect him to do more.

Then the resolutions were passed and the meeting adjourned for high tea.

And what do you know, the hungry ghosts appeared at the venue. Senior citizens, mostly ladies swooped upon the food and some with open bags dumped the food into these bags for future consumption. Two ladies screamed in pain as trays of tim sum scalded them.

I skipped the tim sum section and went for the satay. Before you can say "Ah!", someone scooped up all the chicken satay and I was fortunate to get half a dozen of beef satays. I got some beehoon and half a sausage bread and started eating.

Meanwhile all around me, there was rushing, pushing and grabbing and squealing.

Absolutely shameless. A woman half bent for age had two plates full of fried rice and meehoon. Can she consumed such quantity?

After having a piece of water melon, a cake and some bread pudding,I took a lift back for home from Kheng Joo and his wife.

The only thing good this day was at the AGM at UEM Land where I received RM10 worth in a Touch and Go Card.

The Invasion of the Greedy Ghouls

'Tis surely must be the season of the hungry ghosts!

I have attended three AGMs of public listed companies thus far and this time I really came into close encounter with a new breed of beasts-the greedy kind.

Who are these people?

Mostly senior citizens. They looked very kind and gentle at first sight. Sitting around and chatting convivially just like ordinary folks. But....when the food came in after the AGM was over,what do you know?

Like Transformers, they mutated into monsters and in a bout of pre-feeding frenzy, grabbed at whatever food that was laid on the tables. With steady and ready platters and well trained hands and fingers, they scooped away curry puffs and cookies, leaving almost nothing for the other less fortunate shareholders and proxies. Really shameless as the scooted away with the loot!

The aftermath? Half eaten puffs and cookies-testimony of greed and inconsideration for others.

Sadly, some of these folks who smuggled out the cookies from the Sime Darby Convention Centre were caught red handed and had to return them to the empty platters on the table.

Alas, what a woeful end for them at the SCOMI Marine and SCOMI Engineering AGMs!

My sister convinced me to attend the Axiata AGM. So I attended it, my maiden appearance at the Sime Darby Convention Centre in Bukit Kiara today.
Traffic was heavy as I made my way to the venue. Reaching there, I found a car park and proceeded to the Registration Counters on the first floor. Met my sister and she gave me a tag so that I could pop into the refreshment room for tea and snacks. As usual, "The Mob" was ahead of me and like crows, have devoured a major portion of it. Had what remained- mee-hoon, kiau teow and a piece of martabab and a cup of tea.

AGM started on time. I was impressed with the Board. They spoke immaculate English-very little ahs and oohs. We have the usual shareholders from the floor asking pricky questions but these the Board members put paid to gracefully.

Axiata's future by all reckoning, is bright as it is a growth company. With the recent rights issue, is is cash rich i.e. RM 2.6 billion. Also the subsidiaries will be bringing in the moolah especially Dialogue of Sri Lanka now that the civil war is over. Also, the USD is now favourable to the loans in Indonesia.

Do not expect any dividends for the year but they have promised that once the money is in the kitty, they will pay out 30% as dividends.

Left the hall as it was very cold. Moreover, as the proceedings were just too slow when a minority group threw a apanner in the works by getting board members to be individually re-elected.

Meanwhile 'The Mob" was getting to be dense at the lunch hall. Most of them were old folks waiting for a free lunch. They came after the meeting has started and stuck around outside near the dining area. A Mr Wong told me it is the same type of crowd at all AGMs he has attended. However, he said, it is better at the Sime Darby Convention Centre as the company replenishes the food once the first round has been literary "cleaned-up"

I could not wait for lunch and so left for SS2 to buy some cheap economic rice for Peen and Jon.

To me, the Axiata AGM was nothing great except it taught me more about mobile telephony. Some shareholders crowed at the meeting that it was the best AGM that they have ever attended.

If that is so, then I will use this AGM to benchmark against the other AGMs that I will attend in the future.

To go or Not to Go?

So how does this proxy thing actually work?

Axiata will hold its AGM on 20 May 2009 at the Sime Darby Convention Centre at Bukit Kiara.

Should I go since I have not lodge any proxy form with the company's Registrars at The Gardens in Mid Valley City?

So I phoned my elder sister who is scholarly in things AGM.

As I have informed her that I would not be going, she has already sent in 2 proxy forms on my behalf.

If I should go, then these 2 proxy forms will be withdrawn.

So what is the issue here?

Well, it pertains to door gifts for shareholders and proxies.

If door gifts are given for each proxy, then it pays to go the proxy way. If only one door gift is allowed per proxy, then it wouldn't matter if a shareholder registers himself personally.

So, for me, it's best not to attend th Axiata AGM and play the proxy option. There is more upside and less downside.

Likely door gift? A postpaid Celcom phone card and perhaps a meal voucher.