Hi, Andrew.

AF> AF> with odd lot element (e.g. 11001 Westpac shares) without needing
AF> AF> to pay premium on odd lot element.

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

AF>If sold seperately, yes. If sold as an add on to a marketable
AF>parcel - possibly you are technically correct as to the
AF>mechanical procedures which need to be gone though, but it will
AF>not require big amount of additional brokerage or in the case of
AF>Pont generally no additional brokerage, according to two
AF>brokers I have discussed with. E.g. if you sold via Pont, $120
AF>brokerage applies to selling 11001 Westpac shares (because it
AF>would involve between $6000 and $120,000 worth of trade), or
AF>around 2.5% of cost (minimum brokerage $60) if sold by a
AF>non-discount broker I know of. Please check with your broker, if

I *am* my broker! 

AF>s/he tells you I am wrong, check with Pont on (008) 252 134 (Ray
AF>Ackerman) or Falkiner Collins and Co on (008) 331 307 (Norman
AF>Falkiner Jnr). If I have misinterpreted the advice I have gained,
AF>I will be interested to hear about it.

No, I think I misinterpreted your comment as referring to the share
price, not the brokerage. Most brokers will not charge extra for selling
the odd lots, including me, although if you sold only the odd-lot
portion you will probably be paying the minimum, which is expensive.

But even as part of a larger parcel, the odd-lot portion will be sold at
a lower price. A couple of days ago I sold 886 WBC for a client (the 86
having been built up through DRPs) at $4.14. The 800 were done at that
price, the 86 at $4.04. Brokerage $75.

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

No, I'm not a member of the ASA but I'm more than happy to contribute to
the discussion. :-)

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

 Mandatory disclaimer?

Regards, FIM.

 * * Life's Law:  NOTHING ever happens when liberals lead!
@EOT:

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