I sold my small fortune on HSBC the day after its result was announced.
No, it's not because the profit is disappointing (seriously I have not gone through the report in detail); it is not even because shareholders have to chip in more money for its running - but it was because of the simple reason that it would be a 5 for 12 rights issue.
It indicates that Stephen Green and other HSBC administration are drowned by details and lose the touch with reality.
Otherwise the arrangement should be 1 for 2 (or 1 for 4, while changing the lot size from 400 to 500 shares), so that most of the humble investors, like me, could keep up with round number of share. At present, to end up with a round number, you need a minimum of 4800 shares (or its multiple !) - and you will have 2000 new shares after all these torture.
(Jove, I need to work out this number by my TI BA-II Plus calculator. Thank you.)
And therefore I sold it all for their failing in a simple arithmetic test.
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2 comments:
Agreed. This is a sign of ignoring the benefit of small shareholders, which is an exclusion criterion for stock investment.
You think so? But chartered bank also issues right at 30 for 91. BTW, I found it easy to sell the shares even it's not round up as a lot. I did it via the HSBC internet-banking and the unrounded portion is sold at 1% lower the market price only. Moreover one can always ask for the "number of shares" when recieving the interest to round up the number.
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