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ICULS and ESOS Way to Increase Stake in Company

When a rights issue is undersubscribed and the major shareholders ended up being the only ones subscribing the issue, it can be argued that they are confident about the underlying future share price since they are paying above market price for increasing their stake in the company.  This is what happened to a recent issue of irredeemable convertible loan stock (ICULS) by Tanco Holdings Berhad. 


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