Wednesday, January 16, 2013

Potential traps at ATM

I went to ATM to subscribe for 30,000 Olam rights. Due to the troublesome process at the ATM, with so many terms and conditions to read and so many steps to take, I made the mistake of subscribing for 3,000 shares (not 30,000). Fortunately, I discovered it in term to cancel the transaction.  There are so many traps that one can fall into, and a mistake could be costly.

I recall an earlier case where another person made a mistake in subscribing to the rights at the ATM, due to the confusing procedures,  and lost a large sum of money.

My message is to MAS who must be the party to impose these requirements. By burdening the public in this manner, you are not protecting them; instead, you are causing a big risk to them.

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