My post office box was stuffed full of mail today, with five of the items being an odd assortment of cheques. Four of them were in relation to the recent takeover of APA by Babcock & Brown. As I had separate APA holdings in two of my margin loan accounts, I received two cheques for the cash component of the takeover - one for $2,639.66 and the other for $1,243.77. However, for each APA holding there had also been a dividend (paid in the form of an allocation of stapled securities) with any fractional allocation left after rounding down being paid out - hence two more cheques, one for $3.03 and the other for $3.20.
The final cheque I received was even stranger. I have a supplier account setup with KAGI.com which I had created to process credit card payments for the web site design service I started several years ago (I never got any business - probably because my low, low prices seemed too low to seem professional. This is one of the hazards of running a hobby-based business - under charging). I'd made some test purchases myself to check everything was working correctly, and so I had a small credit sitting in my KAGI account. As the account had been inactive for over 12 months KAGI decided to sweep out the inactive accounts and mail out cheques for the balance. However, the cheque that arrived is for US$54 and I only ever had US$27 in my KAGI account! Oh well, the extra amount will help cover the exhorbitant fee ($20!) that my bank charges for depositing a USD cheque.
Copyright Enough Wealth 2007