PN17 - MAA

Example for pn17 company:

http://www.sinchew.com.my/node/1667797/%E5%87%80%E7%8E%B0%E9%87%91%E5%9C%A8%E6%89%8B%EF%BC%8E%E9%A9%AC%E8%81%94%E4%BF%9D%E9%99%A9%E5%AF%BB%E6%A0%B8%E5%BF%83%E4%B8%9A%E5%8A%A1

Announcement / Things need to take note:

Announcement /  Things need to take note:

1. Sales proceed (sales RM) come out 3days Bursa to pay us.(default back into your shareTrading ac)

2. Same day SELL share sales proceed , can use for next stock you purchase.
(3days RM come out from Bursa into your acc, hence can ON time use the Rm to pick up t3 stock you bought)

3. NO 3rd party bank in , to comply BANK NEGARA rules and regulation except immediate relative.
(use CASAH bank in ok).

4.  3rd party bank in need declaration - husband-wife ,  father - son,   mother - son.
Need birthcert as proof.

5. Withdrawal cutoff time ,10am.   Estimate to receive same day 6-7pm.

6. Please send me bank in slip as bank in PROOF

7.  Bank in amount above RM50k by CHEQUE , please snap me the Cheque image.

Understand warant

Warrant:
http://www.investopedia.com/terms/w/warrant.asp

Premium:
http://www.investopedia.com/terms/w/warrantpremium.asp


Warrant: High Return investment tool (high risk)
http://www.investopedia.com/articles/04/021704.asp

猎人分享：何为Company Warrant, Call Warrant 和Put Warrant的概念？

http://klse.i3investor.com/blogs/warrant/103689.jsp





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More to read and learn: http://neonshare.blogspot.my/2007/01/wawbwccapaiculsoros.html?m=1

Credit to NEON:

Myshare

Neon's collected investment's information

14 January 2007

什么是WA,WB,WC,CA,PA,ICULS,OR,OS等

什么是WA,WB,WC,CA,PA,ICULS,OR,OS等
除了PA（preference share）之外，这些产品是统称为derivatives.所有的warrant,call warrant,iculs等都有以下的共同点，

1。转换价（excersise /strike price）
这是把warrant转换为母股的价格，cash settled call warrant方面，这是作为计算赚／损的价格。

2.寿命期（expiry／maturity period）
所 有的warrant,call warrant,iculs等都有一定的寿命期，warrant一般上是五到十年，能否延长是取决于发行warrant时的deed poll,以及Bursa and SC的批准。CA早期有四年的（例，Khazanah 发行的MISC－CA），但最近所发行的CA寿命期非常短，CIMB发行的CA是八个月，AMMB发行的CA是一年。CA不能延长。icul寿命期从二到 十年。

到期的warrant&call warrant假如没有转换为母股，将成为废纸，现金结算（cash-settled）CA例外。到期的iculs自动的以转换比率换为母股。

#2 Warrant 是怎样来的？

当 一间公司筹资时，会选择发行附加股（rights issue）或债券（iculs）,为吸引小股东们认购，公司通常会加上甜品，也就是warrant.Warrant 本身起源自call options.请看看Investopedia 对于call option的定义：

An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period.

Warrant因为不是股票，也不是债券，只是期权，所以没有股息，也没有利息。当一间公司支付股息时，warrant价格会受影响调整。

WA,WB,WC...有什么不同？
因为一间公司筹资方式及时间不同，所以，每一次筹资时所发行的warrant转换价以及寿命期都不一样，所以，各个warrant会以WA,WB,WC等来区别。

Warrant一定是由公司本身发行，所以，转换时是由公司本身发出新股。

#3 CA，CB，CC。。。

Call warrant 基本上也是call option,但和warrant有稍微不同。

－Call warrant 非由公司发行，issue者是第三者,通常这个第三者是大股东或者是Merchant bank 如CIMB，AMMB，OSK等。

-Call warrant分为covered或uncovered.covered warrant 是由大股东发行，（例khazanah发行的Telecom CA）covered warrant到期时只能够以转换价转换成母股，到期没有转换的covered warrant成为废纸。因为转换时没有涉及发行新的母股，公司的earning 不会dilute.

uncovered warrant也称为naked warrant,发行者通常没有或者只拥有很少量的母股。近来发行的call warrant多为这类。uncovered warrant结算时以现金支付，不能以转换价转换成母股。（例－Bj Toto 今天闭市价为4.60，如果某人拥有一千股CA要求结算，他将获得4.60减去转换价，也就是4.43，等于RM170。既然现今CA市价为0.34，要 求结算者将要亏损RM170。手续费还没算入。）

covered and uncovered warrant结算时相对的一方(counter party)是issuer.


uncovered warrant寿命期一般上比covered warrant短。

不同时期由不同issuer发行的call warrant,由以转换价与寿命期个别不同，因此以CA，CB，CC等区别。

#4－Iredeemable convertible unsecured loan stock(Iculs)－LA，LB。。。

我暂时的跳过Preference share(PA),因为 PA不是derivatives.让我们先谈谈Iculs.

公 司筹资的方法之一是发行loan stock(债卷),发行loan stock事实上就是公司向股东借钱,表明利率，年仿及到期时的偿还方法。Loan stock到期时的偿还方法有二种，一是现金偿还，二是以早先表明的转换比率转换成母股。现金偿还者称为redeemable loan stock,可转换成母股者便称为Iredeemable convertible loan stock.我们现在只集中讨论Iredeemable convertible loan stock。


Iculs称为可转换债卷，不同于warrant,寿命期介二至十年，享有利息（如有）到期时以转换比率转换成母股，不会成为废纸。一些Iculs
转换时必须添加现金。

Iculs不是股票，也不是warrant,发行Iculs时有份Trust deed说明利率，年仿，转换比率等。

Iculs因为不是warrant,所以没有time decay的问题，接近到期时不会越来越没有time value.

同样的，因为不同期限与转换比率等的差别，loan stock以LA，LB等来区别。购买loan stock必须留意convertible还是unconvertible,后者的capital appreciation 较少。


#5-Preference shares(PA)

PA本身是优先股，不是warrant,也不是Iculs.

不同Ordinary share,Preference shares没有voting rights,股息取决于发行时相关的条款。股息又分为cumulative 和non-cumulative.

许多PA到期时可以转换为母股，不会成为废纸。


期权有二种，American style 和European style,American style 的期权可在任何时候要求转换，European style的期权只可以在到期时转换。

大部分的warrant,call warrant是American style,Iculs和PA是European style,也有例外。

要转换母股，请首先由Stockbroker or registrar处取得excercise form填好，把转换价以银行本票方式附上给Registrar，大约三个星期，DONE!!!

买iculs和买股票是一样的，找你的Remisier就行了。

回 筹方面，假如是convertible loan stock的话，它的起落应该会和母股平行。Unconvertible loan stock因为不能转换为母股，它的价钱起落不大，只会反映redemption amount on maturity减去/加上interest receivable and risk premium for redemption .

关于iculs有趣的一点是假如是European style(届满时转换)，它的价钱起落的behaviour和warrant相反，越接近届满时，越靠近母股价，没有time decay 的问题。

实 际上，Bursa有许多iculs是被低估的。让我们来看看Ramunia-LA,此Iculs现价为RM1.02，母股价为RM1.25， coupon rate为1％，十二月发出。明年十二月即可以1比1转换为母股。Sime engineering 可能offerRM1.2 to take over.

假如现在以RM1.02买进1千LA,到了明年十二月，已经得到RM10利息(interest for two years)，母股价如不跌或保持，这1千iculs便值得RM1.25。假如Sime engineering收购，便有RM1.20的"保险".这比银行利息好。
请问你如何计算利息呢? 拿coupon rate 乘 母股的par value?
是的。我忘了Ramunia LA par value 是50sen.谢谢你的提醒



什么是认购权(OR,OS)？

当一间公司发附加股或其他的筹资工具时，现有的股东们能享有以公司所定下的折扣价购买附加股或其他的筹资工具。这权利便称为＂认购权＂（rights to subscribe）.一些公司的认购权是可以转卖的。这就是OS，OR的来源。

OS 和OR通常会在申请书寄出后，但before the closing date for subscription前在Bursa交易二个星期。最后的买方必须以公司所定下的价认购附加股或其他的筹资工具，假如没有购买的话，OS或OR will lapse and成为废纸。

认购权的价值(intrinsic value)是不难估计的，（例，母股市价RM3，附加股为RM2.5，认购权的价值便是RM0.50），可是当认购的附加股或其他的筹资工具有附送如 warrant时，认购权的估值便变得复杂。因为多了一个可变的因素（variable）,ie，warrant price.

No more PAR value / corporate execise

Education of share: http://www.enanyang.my/news/20170516/%E4%B8%8D%E5%86%8D%E4%B8%A4%E6%A2%AF%E7%BA%A7%E5%94%AE%E9%99%84%E5%8A%A0%E8%82%A1%E9%99%88%E9%87%91%E9%98%99/

L&G 3174 right iisue

To:

L&G holder

You will have L&GOR form today.
Start trading from today until 25/4/17 ceassation date.

You can:
1. Sell the L&G-OR form (take back some money) ,IF you dont have money to subscribe the 0.21 right issue.
alternatively
2. Sell L&G MOTHER share and then buy L&G-OR at cheap 0.005 or 0.01 ; Keep it and subscribe for right issue with top up 21sen (buy bank draft and sign right subscription form. Find me after 25/4/17 )



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If you have NO L&G-OR form

You can invest if the price is good aka 0.005 or 0.01.
Hahaha dream?

Then add bank draft 0.21 Sen to subscribe it.

TEXT Me if you don't know .



COUNT and think , case to case basis.


Thanks


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Where to  DOWNLOAD form:
link: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5398309



How to Help you buy bank draft?

Pls bank in to my Alliance Bank ac: LEE HAN BOON
ACC: 1410 300 200 82 108


1. stamp : RM10
2. bank draft : RM5
3. Runner and processing fees: Rm8

Extra Rm23

Once bank in pls send me the bank in picture of the slip.

TQ

Kgroup -OR application steps

 Kgroup OR subscription steps:

1. After you buy Kgroup OR - pay and pick up the share.
example: 0.01 x 100,000 share = RM1000


2. Form download here:  (this: RSF pdf file)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5378669


3. Fill up above form with CDS number. (if dont know, get from me)


4. Buy RM10 stamp and glue it.


5. Buy Bankdraft for it Rm0.05 sen.   (Bank draft pay to KAG RIGHTS ISSUE ACCOUNT ) - See from the form
Calculation: 100,000share x 0.05sen = Rm5000


6. If wana EXTRA right issue share. Buy ANOTHER Bank Draft (will got get all if alot people apply)
Extra 50,000 share wan to apply: 50,000share x 0.05 = RM2500
Bank draft payable to " KAG EXCESS RIGHTS ISSUE ACCOUNT "  - See from the form


7. Attach the 2 bank draft, post to them . OR Hand-in to them at Bangsar Office : TRICOR (on the lower right of the form)



Link to read more:

https://www.facebook.com/groups/199953563383728/





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If you need i help to buy BANK DRAFT:

Share of Kgroup-OR wana apply example: 100,000 unit x 5sen = Rm5000 Transfer to my Alliance Bank: 1410 300 200 82 108 - LEE HAN BOON

So i can withdraw Rm and help you buy bank draft. Fees: 1. processing fees Rm8 (to the company) 2. bank draft Rm5 3. Government Stamp Rm10 Total :Rm20

Reference price / corporate exercise

Reference price:
L&G reference price: formula calculation: http://taadress.ta.com.my/Circular/G%200011%20of%202016%20Guidelines%20Reference%20Price%20Calculation_Corporate%20Action_New%20Listing.pdf