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SCNWOLF-LA Should be Worth More Than SCNWOLF-WA

Scanwolf Corporation Berhad recently completed rights issues of ICULS (Irredeemable Convertible Unsecured Loan Stocks – SCNWOLF-LA).  This was renounceable rights issue of RM10.45 million nominal value of 5-year 3% ICULS at 100% of its nominal value of RM0.10 on the basis of 2 ICULS for every 2 existing ordinary shares in Scanwolf, together with 52.48 million free warrants (SCNWOLF-WA) on the basis of 1 warrant for every 2 ICULS subscribed. Besides that, there was also a settlement of creditor via issuance of 30,000,000 ICULS to settle RM3 million owning. Scanwolf is a relatively small company with only 105.75 million shares.

SCNWOLF-LA is a warrant-like instrument that also allows its holders to “exercise” the ICULS into the mother share by paying up in cash. The conversion price of the SCNWOLF-LA is 30 sen and its holders can either convert to mother share by tendering 3 units of SCNWOLF-LA or 1 unit of SCNWOLF-LA plus 20 sen in cash. The latter method of conversion turns SCNWOLF-LA into a warrant with an exercise price of 20 sen. When SCNWOLF-LA trade above its nominal value of RM0.10, using cash to “exercise” is more logical. SCNWOLF-LA also pays 3% coupon per annum.

 

BIOHLDG New Warrant-like ICPS Better Than BIOHLDG-WA

Bioalpha Holdings Berhad recently completed a rights issues of ordinary share and ICPS (Irredeemable Convertible Preference Share). The rights issue was a relatively small one as it was only offered to shareholders based on a ratio of 1 for 15 (for the mother share at 20 sen per share) and 1 for 6 (for the ICPS at 2 sen per share). Based on the company announcement last week, the rights issue was oversubscribed by 55% for the mother share and 208% for the ICPS.

PENSONIC-WB - Waiting for Mother Share Leadership

The share price of Pensonic Holdings Berhad has been on a steady upward path aided by persistent share buyback. There could also be some speculation that the company may be able to report good results in its second quarter of FYE 5/21 which ended 30th November 2020.

In its first quarter, Pensonic posted much better top line and bottom line.

SUMMARY OF KEY FINANCIAL INFORMATION
31 Aug 2020

 

INDIVIDUAL PERIOD

CUMULATIVE PERIOD

CURRENT YEAR QUARTER

PRECEDING YEAR
CORRESPONDING
QUARTER

CURRENT YEAR TO DATE

PRECEDING YEAR
CORRESPONDING
PERIOD

31 Aug 2020

31 Aug 2019

31 Aug 2020

31 Aug 2019

       

$$'000

$$'000

$$'000

$$'000

1

Revenue

84,669

69,298

84,669

69,298

2

Profit/(loss) before tax

2,043

-1,233

2,043

-1,233

3

Profit/(loss) for the period

1,517

-1,232

1,517

-1,232

4

Profit/(loss) attributable to ordinary equity holders of the parent

1,553

-1,147

1,553

-1,147

5

Basic earnings/(loss) per share (Subunit)

1.20

-0.88

1.20

-0.88

6

Proposed/Declared dividend per share (Subunit)

0.00

0.00

0.00

0.00

   

AS AT END OF CURRENT QUARTER

AS AT PRECEDING FINANCIAL YEAR END

7

Net assets per share attributable to ordinary equity holders of the parent ($$)

0.9200

0.9100

pensonic

PENSONI-WB is trading at a premium of close to 40%, which is not overly high for a warrant with 3 years to go. The warrant is attractive in terms of gearing. If the volume increase for the mother share, it is likely PENSONI-WB can outperform the mother share.

VELESTO-WA: Attracting Interest As Company Returns to Black

Velesto Energy Berhad attracted some investors’ interest as we enter the month of September after the Group recorded a turnaround in the second quarter of 2019.  Velesto has been suffering losses in the last four financial years and this turnaround together with more optimistic outlook provided by the company improved sentiment on the stocks.  Despite a surge in intraday trading to as high as 32 sen on 3rd September, Velesto mother share ended the day flat at 30.5 sen while the company warrant VELESTO-WA dropped 0.5 sen to close at 11 sen.

MNC-WA: Speculative Interest Ahead of ICPS and Warrant B Debut

MNC Wireless Berhad attracted some interest lately with the mother share price surging from 6 sen to 9 sen so far in the month of August 2019.  This may be attributed to the on-going rights issue exercise the company is implementing.  MNC Wireless is in the midst of completing its rights issue of Irredeemable Convertible Preference Shares (ICPS) to raise up to RM113.08 million.  According to the company’s announcement, it is offering shareholders to subscribe up to 3.77 billion ICPS at an issue price of 3 sen per ICPS on the basis of 50 ICPS together with 1 free warrant for every (warrant B) for every 10 shares held on the entitlement date of 7th August 2019.  The surge in interest in MNC Wireless securities happened after the ex-date for the rights issue and the share price has risen to close at 9 sen on 27th August while the company existing warrant MNC-WA closed at 2 sen.

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