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Aturmju-pa: Another discount trap

Bursa Malaysia recently witnessed two rights issues exercise involving the issuance of quasi-warrant instruments in the form of ICPS (Irredeemable Convertible Preference Shares).  The number of ICPS issued in these exercises are far larger than the number of ordinary shares outstanding prior to the conversion of these ICPS.  Another feature of these ICPS is that they can be converted to mother share either via exchange of equivalent value of ICPS according to conversion ratio or by tendering at least a unit of ICPS and topping up the balance via cash to “exercise” into the mother share.  As oppose to warrants issuance where a listed company can only issue up to 50% of the outstanding mother share, there is no restriction placed on convertible securities such as ICPS or ICULS even though these instruments can have warrants-like characteristics.

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Analysis

Warrant Ranking by Premium (7 Aug 2016)

The following is the list of Warrant Ranking by Premium

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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