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!

Odd-lot Players

Remember those good old days when shares were traded in lots of 1000 shares? Well, time then was tough indeed, especially when you had to put up RM50,000 for just one lot of OCBC shares. When the market fell, you immediately lost 90% of it! There were all kinds of street talk those days of people jumping off tall buildings in the center of KL.

Today, shares are traded at 100 shares-lot for those counters more than a ringgit. For those below a ringgit, you will have to buy them off their lot value of 1000 shares. Anyway, these are a dime a dozen on the Bursa.

If you analyze the shares which are the market movers, their actual values have weathered the sub-prime pretty well. Dividends are still being paid and they do not willy-nilly seek rights and warrants. Just look at IOI, Tanjong, Public Bank, London Pacific Insurance,British American Tobacco, Nestle and Ajinomoto and you would know what I mean.

As these shares continue to be premium-priced, what could one do to partake of some of the action? Well, you would want to perhaps get some small offerings of dividends or even get some trinkets at their Annual General Meetings.

So, what do you do? You buy units of these shares. For example, you can buy 10 units of the shares. Let us look at Sime Darby. It is RM7.00 today but the odd-lot trading is priced differently. You can have sellers selling 99 units at RM8.00 and buyers bargaining at RM5.50 for 10 units. If the seller is desperate, he will sell down,bargaining perhaps to sell at the market price of RM7.00. By the end of the day, he may just take the buyers's quote for only 10 shares and still have 89 more on the block!

Once you have procured your 10 units of odd shares, you generally cannot really trade them at a profit because trading charges at much higher. So you keep the shares and wait to collect dividends (if there are any)and also trinkets at the AGMs.

For example, you may get a few ringgit as dividend for Sime Darby shares or a night free stay at Genting Awana if you have Resorts World or Genting shares. Also when you attend AGMs, you are given a nice morning breakfast and a good packed lunch to take home too!

So, for a few hundred ringgits, you can still play the 'odd lot' game,spent time in some nice hotels and particularly making yourself a complete nuisance as a minority shareholder at the AGMs, holding up the floor with all types of silly, inane questions.

Gladiator Revisited

It is definitely one awesome movie, the likes of Braveheart in terms of blood,gore and violence.

The story-line is thin, perhaps even improbable. A common man becomes a great general and was destined to return the reins of government to a republic,only to be thwarted by Commodus, the son of Marcus Aerilius who killed the father, to become the next Caesar.

At once, soldiers were dispatched to kill him and his family. They succeeded in killing his wife and son whom they crucified. Maximus, the general in question, was sold into slavery and became a gladiator of distinction known as The Spaniard.

As expected, he killed Commodus in the Great Coliseum after being wounded by foul means before the battle royale. He dies after handing power to the Senate to make Rome a republic once more.

Perhaps in terms of violence, it is better that the all time great Spartacus, another great movie about gladiators. Other than that, Spartacus is a more superior movie especially with the acting prowess of Kirk Douglas, Laurence Olivier, Jean Simmons and Tony Curtis.

Don't Mess with the Zohan

At first, I thought it was the usual run-of-the-mill Adam Sandlar movie but I was indeed surprised at the side-splitting fun it brought. Most of the jokes and actions border on sex.

Excellent movie here even though, reviews in Malaysia were bad because the censorship board has made mince meat out of it until it made absolutely no sense to anyone!

I recommend the movie to those who wants a big laugh!

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.

It's A Long Way from 'Heavenly Bodies'

Seeing "The Reader" reminds me of the times I first saw Kate Winslet on the big screen. At first it was "Heavenly Bodies" where she began to make her mark. "Sense and Sensibility" brings out her latent acting talent to the fore and "Titanic" gave her world fame.

It has been a long time coming and the Academy Award eluded Kate until "The Reader". I think her acting in this movie is the epitome of her success. Kate is a beauty that just grows and grows on you.

I hope we will continue to see her acting prowess on the big screen.

Remembering Jean Seberg-Paint Your Wagon

Missed this movie when it made the circuit ages ago. However, I did remember some of its songs such as 'Wandering Star','I Talk to the Trees' and 'Gold Fever'.

What was memorable about this film was not the story line of a woman having two husbands, or even Lee Marvin and Clint Eastwood singing some mighty good songs. It was the vivacious and unforgettable American actress, Jean Seberg.



Jean Seberg was a tragic actress who died young under very mysterious circumstances. Many suspected suicide from an overdose of pills. Her body was found at the back of her car under a blanket,in a highly decomposed state. A fashion maven, she was considered more an icon than an actress.

As I have not seen Jean as her pretty self in other movies, 'Paint Your Wagon' is the only one that I can see her in animation. The other ones I can recall is "A Fine Madness" where she starred with Sean Connery, "The Mouse that Roared" and "Breathless" with Jean Paul Belmondo.