* Quoting from "Frank Malcolm to Andrew Freeman on 18 Nov 94  07:50" *

 FM> Hi, Andrew.

 FM> [DRP discussion chomped]
 
 AF> BM> choice at the time. Thirdly, DRPs create odd lots for small
 AF> BM> shareholders which may have to be sold at a significant discount to
 AF>the
 AF> BM> market and offset the original discount.
 
 AF> Can be problem if only participating short term. I encourage
 AF> people to participate over long term. Can sell large parcels
 AF> with odd lot element (e.g. 11001 Westpac shares) without needing
 AF> to pay premium on odd lot element.

 FM> How can you do that? The odd-lot (1 in this case) will automatically
 FM> be sold to the Odd Lot Broker at the regulated discount to the price
 FM> the bulk were traded at, depending on the share price.

 FM> Regards, FIM.

If sold seperately, yes. If sold as an add on to a marketable
parcel - possibly you are technically correct as to the
mechanical procedures which need to be gone though, but it will
not require big amount of additional brokerage or in the case of
Pont generally no additional brokerage, according to two
brokers I have discussed with. E.g. if you sold via Pont, $120
brokerage applies to selling 11001 Westpac shares (because it
would involve between $6000 and $120,000 worth of trade), or
around 2.5% of cost (minimum brokerage $60) if sold by a
non-discount broker I know of. Please check with your broker, if
s/he tells you I am wrong, check with Pont on (008) 252 134 (Ray
Ackerman) or Falkiner Collins and Co on (008) 331 307 (Norman
Falkiner Jnr). If I have misinterpreted the advice I have gained,
I will be interested to hear about it.

Are you a member of the Australian Shareholders Association? If
not, I would encourage you to join, and encourage them to use
this Fidonet echo as an aid to discussion of the above sorts of
issues.

Contact details for the Australian Shareholders Association:

Australian Shareholders Association
P.O. Box 5210
Sydney NSW 2001

Tele: (02) 282 6982
Fax:  (02) 212 5636

Annual membership fee: $50

This message is written in a purely personal capacity. I am not
making any recommendation as to brokers. I do not claim to have
any expertise in the matters discussed about.

--- GEcho 1.10+