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REACH-WA Riskier Than Stated

Reach Energy Barhad, the fourth oil and gas special purpose acquisition company (SPAC) made its debut on Bursa Malaysia on 15 August 2014.  As with other SPAC companies debut, the stock ended up below its IPO price of 75 sen in the first day of trading closing at 70.5 sen.  However, IPO subscribers still make money as the company warrant (REACH-WA) which was given free to IPO subscribers on a 1 for 1 basis ended the first day trade at 22.5 sen.  This gave a combined value of 93 sen which was a gain of 24% over the subscription price of 75 sen.  While the price of the mother share has since declined further to 65.5 sen at the time of writing, REACH-WA was still largely unchanged at 22 sen.

MALTON-WB More Reasonably Priced After Underperforming Mother Share Last Year

Over the last one year, the share price of property developer Malton Berhad has risen from below 80 sen to around RM1.07 on 27 August which represented a gain of more than 30%.  However, those holding the company warrant MALTON-WB would not be celebrating as it significantly underperform the mother share with the price hovering around the same level a year ago. 

GOCEAN-WA: Entry of New Shareholder to Revive Company’s Fortune

The share price of Green Ocean Corporation Berhad (Green Ocean) had been declining for the most part of last 52 weeks before the company undertook a private placement exercise of 30% of the paid-up capital of the company in July 2014.  The private placement was implemented to facilitate the entry of its Managing Director Dato’ Frankie Tan See Meng, which was appointed late last year, as a new substantial shareholder of the company.  Dato’ Tan emerged as a substantial shareholder of the company in early July after subscribing for 40.5 million shares representing 15.4% of the enlarged paid-up capital of the company.  Shortly after the completion of the private placement exercise at 11 sen per share, Green Ocean implemented a free warrant issue to its shareholders.  GOCEAN-WA made its debut on Bursa Malaysia on 18 August 2014.

REACH-WA Riskier Than Stated

Reach Energy Barhad, the fourth oil and gas special purpose acquisition company (SPAC) made its debut on Bursa Malaysia on 15 August 2014. As with other SPAC companies debut, the stock ended up below its IPO price of 75 sen in the first day of trading closing at 70.5 sen. However, IPO subscribers still make money as the company warrant (REACH-WA) which was given free to IPO subscribers on a 1 for 1 basis ended the first day trade at 22.5 sen. This gave a combined value of 93 sen which was a gain of 24% over the subscription price of 75 sen. While the price of the mother share has since declined further to 65.5 sen at the time of writing, REACH-WA was still largely unchanged at 22 sen.

MALTON-WB More Reasonably Priced After Underperforming Mother Share Last Year

Over the last one year, the share price of property developer Malton Berhad has risen from below 80 sen to around RM1.07 on 27 August which represented a gain of more than 30%. However, those holding the company warrant MALTON-WB would not be celebrating as it significantly underperform the mother share with the price hovering around the same level a year ago.

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