Since The Star, Nang Yang Siang Pao and Focus published articles about my late reporting of my shareholdings in Latitude, VS and Focus Lumber, many people including news reporters wanted to hear my side of the story.
The reason why I reported late is because of the cumbersome system of reporting to the Bursa Malaysia. To fill up Form 29A & B requires details such as the number of shares and the dates I bought or sold. Moreover, the buying or selling prices frequently change. To report the price I have to work out the average price I traded in the whole day.
To complicate the whole issue, I have margin accounts with TA Securities, Maybank, Kenanga, CIMB, RHB, HLIB, Alliance and Affin.
As I have so many trading accounts and I am 83 years old, I do not key in my orders to buy or sell myself. I simply give instructions to my remisiers to buy or sell and they keep record of all my transactions. It is very difficult for me to keep track of my shareholdings.
How I overcome my difficulties?
As a result of the above difficulties, I waited until I have sold enough to own less than 5% of the total issued shares of the company. I just have to fill up one form to state that I have ceased to be a substantial shareholder without the requirement of stating the dates and the prices I sold.
I assure you that I have no intention to mislead people to lose money by my late reporting. Moreover, I am not a director in any of the companies that I have substantial amount of shares.
I am sure the Authorities can understand my difficulty in reporting my shareholdings late.
Human Nature: People always complain
From my long experience in share investing which is risky, I know most people lose money. As a result, some of the losers will take this opportunity to complain that my late reporting has misled them.
Three people can buy the same share at the same time and each of them can end up with 3 different results. Usually the one who loses money will find some reason to complain. They must remember that I did not mislead any of them to buy or sell their shares.
When the round wheel was first invented the farmers complained that it created ruts or furrows on the foot path and they would break their ankles if they were not careful.
When airports were first constructed, farmers were complaining that their cows produced less milk due the roaring noise of the airplanes.