Yesterday morning, I attended the Eng Wah EGM, which was my first, second and third EGM, all at the same time, because we had to vote on 3 issues. Eng Wah will be distributing 55 cents to all shareholders in the next few months. I would estimate it to materialize, earliest, around February 2009, if the capital distribution EGM held in Jul 2008 was any indication. That time, shareholders voted positively on the capital distribution, and as a result, I got 18 cents for every share of Eng Wah I held, on or around 22 Oct 2008.
I estimate the price of each Eng Wah share to be actually worth at least 93 cents, but on 7 Nov 2008, the price is as follows.
The Eng Wah EGM got comical at many points. For example, when one shareholder, who was anxious to question the board, kept picking the wrong moments to ask his question. Another shareholder asked whether a particular person is a high-placed US official. Yet another shareholder or two, congratulated Eng Wah and asked for a free lunch and free movie tickets as the EGM would be the last EGM for Eng Wah. And yet another shareholder commented on whether Eng Wah should be sad or not now that the organization he built up painstakingly, had to be sold.
The EGM finished near 11am, and I sold my first warrant, making a total of slightly over $400. Had I been more patient and waited till near the end of the day, I could have made nearly $2000. Clearly, I need more patience.
Shortly after the EGM completed, I met up my cousin, Hwei, for lunch. What a wonderful lunch it was, at the nearby Hock Lam beef noodles restaurant. I had wanted to treat him, but he paid. The lunch was interesting, because we discussed on certain warrant trading issues.
Assuming a profit of $400 every day, it would take 2500 days, or about 10 years (12 months, 20 working days per month), to become a millionaire, decamillionaire and more. And I am well on my way, as I've begun educating myself on investments.