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Lack of catalyst to buy Asian Pac warrants

When the rights issue of Asian Pac Holdings Berhad was undersubscribed by a considerable margin, the major shareholder of the company, low-profile businessman Mah Sau Cheong, which held some 18% of the company consolidated his control of Asian Pac by taking up most of the excess rights application.  The rights issue of RM99.26 million nominal value of 5-year 3% Irredeemable Convertible Unsecured Loan Stocks (ICULS) was priced at the subscription price of RM1.00 per share.  With a conversion ratio of 1 ICULS for 5 shares, the rights issue pricing was not too attractive for shareholders as ICULS normally trade at discount to conversion.  However, shareholders who subscribed for the rights issue would not lose money since the combined value of the 2 warrants that come with the subscription of 1 ICULS exceeds the RM1 subscription price.  As at 1 November 2017, the share price of Asian Pac was last traded at 18 sen while the ICULS (ASIAPAC-LC) and warrant (ASIAPAC-WB) closed at 93 sen and 8.5 sen respectively.

 

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Analysis

Warrant Ranking by Premium (7 Aug 2016)

Warrant Ranking 7 Aug 2016 by Premium

 

 

 

 

 

 

 

 

 

MALAYSIA LOAN STOCK ANALYSIS 27 MAY 2015

The following is a list of loan stock listed on Bursa Malaysia as at (date).

Malaysia Loan Stock Analysis 270515

Change in Shareholdings (1/5/2015 - 31/5/2015)

The following is a list of change in shareholdings as at (date).

May 2015 (1 May 2015 - 31 May 2015)

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