BJF-The Final 7 hours of Trading

Roasters and Merriment

Less than 19% free-float. No wonder the counter is hardly traded.

So, once the counter goes ex-rights on 12 July; and subsequently when the new rights are listed and the warrants converted as well, we should see  more vibrant trading of BJF shares. Until then, it will be as silent as a ghost town.

Currently, we do not know when the new rights will be listed.

Also there is no news about the free warrants and for what period is the conversion allowed. Then what is the conversion rate? Is it still 70 sen as they reported to Bursa KL in August last year?

As the seven final trading hours starts at 9 am,perhaps we can see some action.

Will this last day be a buyers or sellers day?

Jolly Muffins

If bulls go hyper Pamploma style on this counter, expect tossed up prices, matadors and all.

On the other hand, if that grizzly comes back early after salmon trout fishing, prices may be pawed down with  pasar malam sale to cool down everyone's siok sendiri.

Pray for blessings from heaven, my hopeful friends......

My Writing Life begins........

Hemingway,here I pretend........

No, it is not Batman Begins.

I am just chronicling the beginning of another more serious chapter or mile-stone of my life -writing

I have just completed the translation of a Malay text to English for a government Commission. Today I will meet up with another Corporation to take on a turnkey project incorporating both writing the text in English and then translating the approved proof copy into Bahasa Malaysia.


Big job but I think with God's blessings, I should pull through before the dateline in August.


It is not that I have not written prior to this.


I wrote the annual performance report s for a promotion council for three years though for 2011 due to budgeting problems, there will be no report. However, they may offer me a 2011-2012 bumper issue at the beginning of next year or so.


On top of that, I was also involved as a domain writer for the embodiment of the National Innovation Policy for the Prime Minister's Department back in 2011.


Currently, there could be a over-run of assignments as I will now editorised grant applications.  I do hope they pay me promptly.


I will attend the meeting with the corporation at 3.30 pm this evening and may post some-more on my return.

T-2 Days to Ex All-BJ. Foods (BJF)

Singing big bucks for BJF Rights

I am  feeling that de javu feeling right now;that same feeling again as when YTL Corp went ex-all two years back.

For YTL, the disinterest was deafening though volume continue to be there on a slowly falling price pattern.

We all know from hind-sight how YTL went up on ex;possibly spun by Treasury buy-ins. Those who held on to their shares laughed and guffawed as they were in the money with 137 shares to boot from the Treasury in-specie distribution and a 20 sen offer of YTL Power warrants currently in the pipe-line for restricted sale.

Today is 2 days before 12 July-the ex-all day for that ubiquitous beverage food counter, BJF. As far as effective trading hours, there is 4 hours left today and tomorrow will be the last day with its last 7 trading hours.

Let us observe what is happening at the Kenny Rogers-Starbucks counter.

The morning trading session has ended .Here is the status.

The buyer bid is RM1.37 while the seller bid is RM1.38. The last deal done was at RM1.37 with 951 lots done. The number of lots in demand at RM1.37 is 60 lots while selling lots numbered only 45. The gain is 3 sen currently. The lowest price done is RM1.33 while the highest is the current price of RM1.37. Will it hoppity hop up in these ensuing trading hours?

My layman judgement?

Fair volume;fair price and fair game.

If you think you can hightail off the ex-all by taking a calculated risk on this counter to play the game again at a new low of 65 sen per share,then you may yet be the winner. "For tomorrow is another day", so says Scarlett O'hara; and at 65 sen,there is little downside to worry really on this newly re-rated counter when Starbucks pumped its RM4.5 million net profit  into BJF's revenue sheets this September when the deal is expected to be done. Signed,sealed and fully delivered with coleslaw and mash potato on the side.  Also you can listen to Kenny Roger singing 'Lucille' as you hum along.....

If BJF sprout wings to fly at these last hours of trading, you could be in the money on all mother shares.

Let us assume it flew to RM1.41 ex-all by 12 July, it means you can get off scot-free with all your investments on mother shares intact.

For those with low-risk appetite, my advice is throw them all out then.

For those with a 50% risk appetite, throw 50% off-lah. You lose potential winnings but you earn the right then to average down on poor market days.

For those with that devil-may-care attitude, ride the high wind and take in any premiums; mother-share,rights issue and warrants. Play both ends,so they say.

You may just be that winner and laugh al lthe way to the banco!

Maybe it is too early even to smile broadly,but BJF has melonjak to  to RM1.44 before settling down at RM1.41 for a 7 sen gain.

Wow! Scarlett, you are a real prophet of cash! Wait for tomorrow...leh!

BJFoods-T Minus 3 Days to Go

Will it roast,fry,fly or soar?

The calm before the storm?

Or has the crying hills turn into dying hills like in Penang?

Why is there so little interest in food-based counters which take cash plenty upfront and get supply on 60 days to 90 days credit? Even if credit cards are being used, food companies get cash into your account after three banking days.

There will be less food-based counters on Bursa KL. Going out of the door are KFC and QSR Brands. They are taken out to save Johor Corp which is cash-strapped and need large dividend payout to stave off CIMB and Maybank on their tail for principle payback of more than RM2 billion this month. If CIMB can pull out from the Asian Petroleum hub project, they can also pull the carpet off Johor Corp here.

Old Town and Tai Tung Resources are the other publicly traded food concern. Tai Tung Resources is also a Berjaya associated company through Dijaya Corporation.

The other food shares indirectly traded are Sushi King through Texchem and A&W through KUB.

Today is T-3 day to the ex-all date of BJFoods (BJF) rights at 0.65 sen and free warrants at a conversion price of 70 sen. The rights is 4:5 meaning for every 5 shares held, you are entitled to 4 rights share and a similar number of free warrants. The number of warrants to be issued will be determined by the number of rights taken up. Less will be issued if there is no total uptake of the rights. So,buy excess shares,won't you?

Today, trading on BJFoods started hesitantly. From nowhere(not being queued), 50 lots of 100 shares were thrown into the arena bringing the counter down three sen. Fortunately, there were genuine level-headed buyers picking up the stock gradually as the hours ticked by.

At this moment(4.34 pm),there are more than 440 lots on demand at RM1.34 while selling lots account for 112 lots. Last done was RM1.34 for a one sen gain. At a volume of 2,441 lots done, it can be said that it is an active day out for BJF. (PS. There was no business done until 5pm and the stock closed up one sen at RM1.34;... tsk!tsk!-tomorrow is another day!)

Assuming the counter holds good at RM1.35 as it closes on 11 July, then theoretically it should open at the same price on 12 July ex-all. That would mean that you could then sell the shares you have and still be entitled to the rights and warrants. If you do not want the rights and warrants, you can also sell out the offer documents for valuewhen they trade from 17 July to 23 July. It ceased trading on 24 July.

After that, you would have to cough out hard cash to take up your entitled rights. You must subscribe for the rights before 5 pm on 31 July 2012. So get your drafts ready and pay your revenue stamp of RM10.00 for every offer form to be subscribed. The best bank to get your drafts is Public Bank.

I have written up my theoretical scenario in earlier posts and will not repeat it here.

The similarity between investing and gambling is that both involved risk capital.

The difference between gambling and investment however is that the risk capital in share investment is based on calculated risk after studying the counter. If at all things do not come your way, it will come by and by if it is a good stock that you have bought in.


Gambling is sudden death. Put all your money on a Sports Toto draw and if you do not win, all the capital will be lost forever. Stocks give you many times to recover and to make handsome profits too.

Rotisserie Goodness

So, in BJF, what are the odds against you? First there is the cheap rights at a 50% discount, then the warrants with a value spread of 65 sen which can be sold for good cash; good dividends annually (Interim 2% just paid) and now the potential inclusion of BStarbucks RM4.5 million profit into BJF's revenue stream in September 2012. 


Also do not forget the potential earnings from the Indonesian operations in Jakarta, Surabaya and Medan and the forthcoming Dubai investment proposal.

The Silly Season of Debates is On Again

The Silly Season

I did not have the opportunity to watch and  listen at the whole video recording of the Lim Guan Eng-Dr Chua Soi Lek debate 

Suffice to say, on the outset, it was difficult for both speakers to speak objectively about the topic given which was," Whose Policies Benefit the Country More?".

They lashed at each other and got personal from time to time.

The impression one gets is Lim Guan Eng has the upper hand trumpeting his successes in Penang while Chua Soi Lek had the ' un-envious' task of supporting transformation programmes and matters that are not politically appealing.

Though the crowd was tame at most times, some of the questions from the floor really floored Chua Soi Lek as he had trouble defending the privatization of Penang Port  which he is Chairman. He also got a drubbing on the brain drain and was stumped when he could not answer why MCA rejected a RM30 million gift from a well-known millionaire to buy hostel facilities for students in Kampar.

Anyway, thankfully Lim Guan Eng says that this will be the last time he will debate with the MCA President.

Hopefully, this signals the end of the silly season.

The True Life of a Commissioner of Oath

Not Really Exciting Job, lah!

As Loyar Buruk puts it in an earlier posting,in his own laughable treatment of this subject, I would like to tell you a story in the life of a Commissioner of Oath(COM).

I do not believe the comparison of a COM with the other Commissioners is apt on almost all counts. While the others are almost ordained full-time occupations with fat pay and a platoon of workers to boot, COMs are lowly paid, providing a much needed community service on behalf of the courts.

The COM is a humble person doing his 'business', if ever that could be called. He is an extension worker of the court system; an adjunct of sorts.

Granted the poor man's rate of only being paid RM4 per document for the work he has to do and all the obligations he has to carry out if he is not to fall foul of the COM Rules, 1993, he is indeed a wretched creature eking out a humble  living while the government pour and heap revisions upon revisions on doctor's salaries and allowances. That goes for nurses and particularly police, army and teachers.

The rates are overdue for a revision ages ago and yet no one cares about the poor plight of the COMs. The process can be tedious and not what Loyar Buruk under-represented. Just take the laborious process of oath taking for the documents that needs to be formally administered by a COM. This include explaining the contents to the blind, illiterate as well to those who do not understand the language in which such documents are written in. Inter-language translation and interpretation may also be involved. A lot of patience,Loyar Buruk!

A fair rate would now be in the region of RM6 for an original affidavit or affirmation and other such documents that needs to be administered by oath. The attached exhibits should similarly be set at RM3 a piece and they also go through a similar process. For  duplicates, it should now  be at RM4 apiece with copies of exhibits at RM2.

Why the need for this revision? Grossly overdue!

The rental of a small office or even a small corner of a secluded one now cost minimally RM350 in a city such as in Kuala Lumpur or Petaling Jaya, Subang Jaya and possibly as far as Klang and Kajang. Just eating lunch in such places could damage your pocket by RM10 these days. No, Chatime, my friend-too expensive!

Speaking to a friend who happens to conduct his business in one of the suburbs of Petaling Jaya, he tells me honestly, he makes about RM1,000 or so a month after deductions for all overheads from rentals, land-line and mobile phone bills. That would not include bus fares as he cannot pay monthly parking on the meager takings as a COM.

Those who have choice offices located near government departments such as court complexes, National Registration Department offices, Immigration, customs etal  can make 'more money'. Sometimes as much as RM3,000. But then, how lucky are you without those connections and cables?

Then there are rules to follow when you conduct a COM business. These rules are water-tight such as how you should be dressed, what should be affixed to your office wall and procedure galore that you must lead the customers through before administering the oath, sealing and signing the deponent's documents.

Also, watch that uncalled for business just about time you choose to close the office which delays your departure for home. The other thing are those pesky lawyers who want you to sign documents without the presence of deponents and some who lure you to their office to administer the oaths there.

According to my friend, he had better experience with accountants and company secretaries.(No offence to lawyers!).

Then, there are also those shock and awe visits from officers of  the courts. If, you are not there at the office at that time, woe betide you! This cat and mouse game is played to catch you with your proverbial trousers down.

If on that day, you do not have your name tag on; your register has yet to be in order,  your signboard is off the approved dimensions,and your  appointment and duties documents are not affixed on the wall, you will likely get a nasty report that could lead to your suspension and permanent revocation as a COM.

So, what does a COM do everyday at work? He reads his hard copies of "The Star" or " The News Straits Times" forward and backward and from bottom to top and from top to bottom. If he is an investor, he follows the snail-paced stock market movements on his iPAD; and keep on drinking tea (of many sorts) and running to the toilet;and eating biscuits to fatten his 'money bags' around his waist while awaiting for lunch hour and time to close office. A poor life this is , no time to stand and stare......

Yes, it will be a dull life and is only suitable for retirees. You also have to pay RM120 per year to be a COM at work. Duit lesen of sorts, faham? Each extension or reappointment if you are successful,will be for another 2 years.

Do not be a guarantor for you may end up in a bankruptcy proceeding and do not be an intrepid investor and get involved in petty  crimes accusations particularly deceit and cheating.

Mere proceedings may dent and annihilate your 'short  COM career' forever.

Also once you reach 65 years they will retire you for the second time. Unless the Chief Justice extend your service; which is unlikely.....

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.