July 07, 2012

Belittling the Commissioner for Oaths?

Chopping Man?

Loyar Buruk in the Selangor Times dated July 6-8, 2012 has an obtuse wit or unforgivable scorn towards Commissioners for Oath.


A query from a Walt Whitman, via email, possibly an imaginary modern-day missive went like this.


Lord Bobo, 


What is a' Commissioners for Oath'?It sounds very grand but I understand all that they do is sign photocopies of documents to make them certified true copies. What else do these commissioners do? I'm considering my career options and looking for a career involving monotonous tasks that I can attend to between writing poetry, and to bring in a steady income stream.


This is the answer proferred by the Lordy Bobo from the Comedy Courts of Mirth.


Here goes:


On a scale of 1-10, on the power scale,  a Commissioners for Oath (COM) ranks a big zero.


Unlike a police commissioner,commissioner of census or commissioner of law revision-who are all in command of the many competent and intelligent men and women of rank, and do important stuff for the nation, a COM has only his chops, record book,badge, and trusty signing pen at his command and sits around waiting for customers a lot.


It is a position often given to retired civil servants,,current government officers entrusted to administer oaths, or very ambitious lawyers.As his powerfully sounding title suggests, he has the power to administer oaths.


Although he is most famed for administering oaths when someone affirms an affidavit and taking and receiving statutory declarations ( a sworn statement), he can do other things too depending on his underlying role.


If he is also an advocate and solicitor,he can receive acknowledgement of married women when it is required by law, receive acknowledgement of bail and bail bonds, administer oaths for justification for bail, oaths for examination of witnesses and swearing of executors and of witnesses in a court action.


Aside from that, a COM would have long thoughtful discussions with the dispatch or customers who seek his services, eat a fair deal of unhealthy food, sit on hsi rapidly expanding posterior due to the lack of exercise and grow pretty cynical about life.


He would however cultivate the awesome ability to burst-sign something like 60-70 pages per minute for about 10 minutes. that is not an ability  to be looked down upon. Not many humans or even wonder monkeys can do stuff like that.


As for career options, you'd best keep that day job, even if it's writing poetry no one reads. His fee's is just RM4 per affidavit and RM2 for each copy of an affidavit (not sure why since he has to sign it the same way with the same ink as the first. It's not like he can just dot the rest since he gets a lesser rate). It's also RM2 per exhibit and RM1 for each copy of the exhibit.


A COM gig, however, would suitably complement a food stall business like nasi lemak  or various kuih.


Take note however that you cannot affirm the awesomeness of the food you are selling. That's a flagrant conflict of interest. So keep it fragrant.


I will write some of my thoughts raised by loyar buruk in another posting.



Jessica-A Potential Kim for Miss Saigon?

More Positive and Confident

I think the entertainment world sees Jessica Sanchez as value in acting now.

Even when on tour with the other 10 finalists of the last season's American Idol, she is already hard at work recording for Interscope recording.

More interesting is the producers of 'Glee' are creating a character for Bebe chez  on their show. I think this will be a win-win for both Jessica and the show.

Most interesting is that Jessica is one of two persons  pipped for the role of Kim in the film version of Miss Saigon. The other person is Charice.

To me, Jessica is more slim and lithe to play the part of Kim and she has that sweet sexy smile and her moves can wow you!

Anyway, let the jury decide on that!

The Amazing Spiderman

Love with a Masked Crusader

Truly fascinating in 3D, watch this movie and see how special effects plus 3D can make a movie with a rather   simple story-line quite unforgettable.

The 3D in Titanic was good but not so in Star Wars 1: The Phantom Menace. It was better in Wrath of the Titans.


For  this Spiderman outing, catch Andrew Garfield and the adorable Emma Stone light up the screen. Superb swinging amidst the legendary tale of how Spiderman lost his parents and how gentle Uncle Ben was killed. The fight with the Lizard was godzilla-like.


I enjoyed the movie. Do catch it at a nearby local cinema but in 3D!

What You Should Know of YTLPower International Warrants




Powering the YTL Group

Please read this when buying YTL Power International which should be on offer soon.

YTL Power - WB

Profile for Warrants

Instrument Type : Warrants
Description : 1,776,371,304 2008/2018 Warrants to subscribe for new YTL Power Shares
Issue Date : 12/06/2008
Issue Size in Unit : 177,6371,304

Listing Date : 18/06/2008
Maturity Date : 11/06/2018

Revised Maturity Date :
Exercise/Conversion Period Type : 10 Year(s)
Revised Exercise/Conversion Period Type : 0 Year(s)
Issue/ Ask Price : MYR 0.1000

Exercise/ Strike/ Conversion Price : MYR 1.2500
Exercise/ Conversion Ratio : 1:1

Mode of Satisfaction of Exercise/Conversion Price : Cash
Settlement Type/ Convertible info : Physical (Shares)

Paka Station
Remarks : The 2008/2018 Warrants are issued at an offer price of RM0.10 per
2008/2018 Warrant pursuant to the offer for sale of up to 2,205,127,393
provisional rights to allotment of 2008/2018 Warrants on the basis of one (1)
2008/2018 Warrant for every three (3) existing ordinary shares of RM0.50 each
in YTL Power International Berhad ("YTL Power Shares") held as at 5.00 P.M. on
15 May 2008.

Seraya Station Singapore
The exercise price of the 2008/2018 Warrants stated above of RM1.25 ("Exercise
Price") is applicable for the exercise of the 2008/2018 Warrants at any time
from 12 June 2008 up to 11 June 2018 ("Exercise Period"). The Exercise Price
may from time to time be adjusted upon the occurrence of certain events in
accordance with the Deed Poll dated 5 May 2008.


Water Power in the UK
Each 2008/2018 Warrant carries the entitlement, at any time during the Exercise
Period, to subscribe for one (1) new YTL Power Share at the Exercise Price as
stated above per YTL Power Share, which shall be satisfied in cash. Any
2008/2018 Warrants not exercised during the Exercise Period will lapse and
thereafter cease to be valid for any purpose.

July 06, 2012

Would you invest in YTL Power International Warrants?

Up,Down and Up!
This warrant were issued in 2008 for a 10 year period until 2018. The price of RM1.2.1 is the conversion factor.Looking at the chart, prices were good in April touching 62 sen before slumping down in mid April and going further south in mid June before a gradual rebound to46-48 sen in late May. Thence, on an upward trajectory, it has moved to 60 sen currently. 

YTL Corp has decided to sell to its shareholders these warrants  in their holdings to reward them for their loyalty. The selling price is 20 sen per unit. This is a 66% price discount.

This offer for sale involves 682mil to 738mil warrants (based on the minimum and maximum scenario), which account for 73%-79% of the total 934mil  YTLP warrants held  by YTL. 

Question is would you buy,sell into strength in the market or accumulate them for  conversion as it has less than 6 years to go?

Let us look at some data on this warrant.

At the then price of 43 sen, it represents a steep discount of  46% . The converion rate is RM1.21.

Adding 0.20 sen to RM1.21 for a conversion is still profitable as YTL Power International is trading at RM1.81. Selling will bring you a profit of RM400 per lot of 1000 units.

Currently this warrant is trading at a good price at 59.5 sen.

Assuming YTL Corp shareholders take this up, it will be adding more money onto  the war chest stockpile of YTL Corp which currently is brimming with RM14 billion ringgits with nowhere to go!

If you buy the warrants at a steep discount of 20 sen, from the current trading price of RM0.60 sen, it is a super savings of about 66%.

The date of offer is not known yet but I guess it will be soon.

Let us assume you want to buy 20,000 YTL Power warrants. If you are successful and the price do not dip


much, you can trade them off for at least at 50 sen. At 20,000 shares, this will amount to RM10,000. Deducting for the 20 sen paid, your profits should show 30 sen x 20,000 which is RM6,000 in the best scenario.


In the worst case scenario, the warrant only fetches 30 sen.  The net gain is only 10 sen. So at 20,000 shares,  you will stand to gain RM2,000. 


Assuming the warrant is traded off by 10%, it means it will  trade at 53 sen.  Deducting 20 sen as your access price, there is a gain of 33 sen. This would mean selling 20,000 of the warrants should fetch RM6,600.


As the only project hanging around the neck of YTL Power International like a millstone is the Yes! project which should start making profits in 2013, I think it will be a calculated risk to go into this warrant but do not go overboard. 


Money to lose is risk money. Lose that is all you need too or make profit the other way around!


All the best.


Caveat emptor!

Buying Tickets at Paradigm Mall GSC

Latest Halls and Equipment
If you intend to go to the GSC cinema chain at Paradigm Mall, take note of the following advice:

On Wednesday all tickets are priced at RM8.00

Senior citizens rates are available on weekdays for shows before 6 pm. I need to check what is the entry ticket rate.

If you are paying by credit cards and debit cards, taken note that there is an offer in July 2012.

Those using Citibank credit cards can book the ticket earlier than the show day. For every ticket bought, you get one free.

For RHB Cards, you can use it only for the show day. It is also a one ticket free for every ticket purchase.

The same goes for Hong Leong Bank Credit and debit cards. Though, I need to check on this.

Free lists can be used for shows that have been screened for more than 2 weeks. They are shown with asterisks  on the GSC  web pages.

Shareholder entry tickets can be used for any shows.

BJFoods-Sellers Dumping Options?

A Cup of Kindness
I wonder why?

With just 18 trading hours to go, yet we see sellers dumping their shares down to RM1.33 this evening. 1,370 lots of 100 units changed hands. Day seller? Anyway, small potatoes.

The question is what gives?

Who are these sellers? Why are they selling at the 13th  hour when they can buy the new rights at 65 sen only on 12 July?. Or is it they know something we do not?

As I know, it is a rights issue and one has to pay another RM650. Plus the investment of  RM1400 you have to pay on a cum purchase, it will add up to RM2.050. this means for 2000 share, you could make a gain of  30 sen per lot. For 2 lots there should be a RM62 sen gain (RM600)

Then, there is the warrants given gratis with a conversion rate of RM0.70 per lot. This is also trade-able. To convert into 1000 BJF shares, you need to pay 70 sen or only RM700.00.

If the mother share continues to trade about RM1.30 ex, it means you will stand to gain 60 sen profit per new BJF shares on converting grossing  a profit of RM1,200 for 2 lots of 1000 new shares.


The  theoretical gross profit then should amount to RM 1,800 at the end of the exercise with the price staying at RM1.30.


To ensure the uptake of all the rights, it is pretty sure that the 'powers that be' will try to keep the share price at RM1.30 or above to show a ringgit for ringgit return on the rights issue.


Let us assume that you only bought 1000 shares at RM1.36. What would you gain in terms of new shares and warrants and what could be your returns?


The factor to be used here is 0.8


As you will only get 800 shares per 1000 shares held, you will have to pay RM520 for the rights. You will also get 800 free warrants.


As you have bought the mother share cum rights at RM1.36, it means you have paid about RM1,400  for the shares (plus overheads). If you add this amount to the rights issue price outlay of RM520, it will add up to RM1,920. That means cost  per share to you will be RM1.06 sen; with a safety trading margin of  0.27 sen.


When the share goes ex on 12 July, watch out for any premiums. If it goes up beyond the last trading price on11 July , then you can get back you capital by selling off the mother share to let the new rights at 65 sen ride the high wind.


It it does not, be an investor and pray hard that Starbucks will do the magic by August 2012.


Also, throw the warrants for good measure if you do not want to take on an option for future gains.