Collection on KLSE.8K article

ESOS就像变相的花红

value_investor
Publish date: Fri, 04 May 2012, 10:45 AM
Collection of KLSE.8k articles from a famous chinese forum in Malaysia.

He was a very dedicated investment guru who contributed his knowledge to the public.

I plan to share those old articles from my local archive to this community and hope everyone can enjoy and benefit from it.

More References: a post from another i3 member - http://klse.i3investor.com/blogs/kianweiaritcles/11579.jsp

Published Date: 2002-02-19 

原文

To: klse.8k,

There is an announcement from EON .
\"LISTING\'S CIRCULAR NO. L/Q : 11683 OF 2002 Kindly be advised that the above mentioned Company\'s additional 11,000 new ordinary shares of RM1.00 each issued pursuant to the aforesaid Scheme will be granted listing and quotation with effect from 9.00 a.m., Wednesday, 20 February 2002\".
I don\'t quite understand what it mean??
Does it mean that EON is going to issue more shares, the price will be announced on 20th Feb, 2002??

From, XXX

。。。。。。。。。。

致: XXX

这应该是职员的“认股权证 (ESOS) ”转换为母股。

这些 ESOS就好像凭单( Warrant),它的转换价是以前发出时就已经订下的。
上述文告并没有列出它们的转换价,不过可以肯定的是它一定是低以现在的价钱10零吉。
这些ESOS就像变相的花红,是为了奖励公司的职员而发出的。

就好像最近LB才刚刚发出大约6500张的ESOS给它的职员,包括董事成员。
这些ESOS的转换价应该是1.43零吉。(正确的转换价还没有公布。)

为什么说这些ESOS像花红呢?
因为它是免费的送给职员。
ESOS的持有人只要等到ESOS 到价了 (In The Money) 就可以随时转换为母股,然后卖出套利。

举个例子:
如果明年的今天,LB母股的价钱来到6.00零吉。
ESOS的持有人只需要用1.43零吉的价钱就可以把ESOS转换为LB母股,然后卖出套利,获利4.57零吉!
(6.00 – 1.43 = 4.57)

注:
这些ESOS的期限通常是5年,由发出的日期算起。
ESOS的持有人可以随时把ESOS转换为母股。

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