@icst1975, very good questions raised. I am also suprised with this new ICULS and would like to know the answer to some of your questions. The money raised during the ICPS is not so high as you have suggested due to item (ii) indicated below.

"ii. Issuance of 750,000,000 ICPS to Daya Intelek Usahasama Sdn Bhd for the acquisition by Prinsiptek Properties Sdn Bhd, a wholly-owned subsidiary company of Ageson, of a parcel of development land measuring 7,395 square metres identified as Lot No. PT 129 held under Title No. H.S.(D) 18991, Section 1, Town of Batu Ferringi, District of Timor Laut, Pulau Pinang for a purchase consideration of RM57.00 million to be satisfied via combination of RM49.50 million in cash and RM7.50 million in issuance and allotment of 750,000,000 ICPS at an issue price of RM0.01 per ICPS"

icst1975: 1) In the last 12 months, they issued 4611m PA at 1 cent per PA which is worth about RM46m

BLee: Based on item (ii), this RM46m will not able to cover.

Upon ICPS conversion, the actual cash received multiply by 12 (assume method 2), as ICPS $ already accounted in the initial subscription.

Happy Trading..running late for my slumber.

@Ken: What is the point subscribe iculs?No interest will be given,some more this is unsecure loan.You will feel unsecure when you hold this kind of loan stock

28/02/2021 11:00 AM

BLee: @Ken, you are correct if strictly for L(oan) S(tock). The trick is in C(onvertible); where investors are subscribing to the future stock price of AGES with very minimum cost. This is the same trick they use for ICPS (AGES-PA); which has increased their share capital tremendously.

The question will be dilution on existing AGES shares. As long as the convertible does not exercise, the dilution will not happen. The dilution happens only upon capital injection/exercise of ICPS or ICULS.

Pro: The company will have interest free loans to execute new projects.
The investors will have a new instrument for trading at a very minimum cost.

Con: The company will have extra risk of business development if new projects are not successful.
The investors face existing shares dilution upon conversion of ICPS/ICULS.

I just list out one or two obvious pro and con; maybe some others investors can contribute more.

Happy Trading

@IAN1277, I have gone through the proposal document, IMHO there will be before and after issuance effects.

Before: There will be more AGES-PA conversion to mother shares to capture the rights to subscribe. The share price will not be so much affected.

After: Unless AGES-PA exercise price reduces to match ICULS exercise price, AGES-PA will play second fiddle to ICULS. Typical examples will be those counters having A, B and C warrants; the more recent warrant usually will have more attention.

Due to the major increase in issuance size, it is very hard for shares price movement. Any increase in shares quantity will spread out the funds available.

On another note, the proposal is well written with all the scenarios covered. So far, I liked Agesion reporting on their corporate movement. I hope their projects will be successful amid increasing risk..

Happy Trading

Disclaimer: This opinion for sharing purpose; not meant for buy, sell or hold recommendation.

@soulless, I am talking the other way, ICULS most likely conversion at 10sen vs AGES-PA of 13sen at present. The support of AGES most likely will be around 10sen after ICULS issuance. Maybe can get some profit from ICULS during listing as the issue price most likely at 1sen. If all the proposed projects succesful, it will be another story.
Happy Trading.

Disclaimer: This comment NOT a buy, sell or hold recommendation.

@soulless, good explanation. The only different between ICPS and ICULS is ICPS more secure comparing with ICU(unsecure)LS. Anything happen, ICPS will get priority to be paid. It will be 'game changer' for AGES-PA due to new 'competitor', maybe with lower conversion ratio. Happy Trading.

With today announcement of Proposed ICULS, it will be a 'new ball game' for AGES-PA. The Proposed conversion of '10sen' vs AGES-PA of 13sen (unless revised as seen in Fintec-PA from 16sen to 11sen); it will be a disadvantage for AGES-PA. Let's wait and see what will happen. Happy Trading.

@sting79, the address update around the same time bcos having same registrar.
Below is Ageson office address I obtain from Google search.

Ageson Office Address:
83 & 85 Jalan SS15/4C Subang Jaya, 47500 Malaysia
Tel: 03-56292600

Happy Trading

@sting79, thanks for highlighting. At present I am holding very little on AGES and AGES-PA, managed to unload some on Monday. I am waiting to go in again..Happy Trading
Note: I have been monitoring AGES-PA and ARBB-PA trading pattern; and try to capitalize on any value advantages for trading ICPS.

@Harley Dav, why you need to call them? Their new number (announced at klse screener) at:

New address
Level 5, Block B,
Dataran PHB, Saujana Resort,
Section U2,
40150  Shah Alam
Selangor
Malaysia
Telephone No: 03 -78900638
Facsimile No: 03 -78901032
E-mail address: boardroom@boardroom.com.my
Effective date: 27 Jan 2021

If cannot get, maybe 'scam' and 'shit' counter? Happy Trading

Throwing at 14sen well absorbed by buyers, chances of moving higher increase..Disclaimer: Not a buy, hold or sell recommendation. Happy Trading

At 95% buying up now, keep our fingers crossed for moving up until coming QR..Happy Trading

@sting79, ICPS subscription $ and authorized capital 2 different thing. I am not sure on ICPS $ as I thought same as loan stock. But in AR, shown as equity..maybe some knowledge person can explain. My field is Engineering, not accounting. Happy Trading

@sting79, yes on 2 method. Which ever method also result into increase in capital. That why I use minimum of ICPS conversion to cover both method..Happy Trading.

@Philan008, thanks for sharing. If border open and still no sand/silica trading business; and no construction/development in Perak/Kedah/Penang, then most probably a 'scam'. Otherwise, look c look c for the next few QR.

For info, as of 2nd Jan. 2021, min. 580,211,216 ICPS converted to mother share bringing in RM75,427,458 new capital to the company. If it is a 'scam', who will invest this RM75.4 million? Happy Trading

@icst1975, thanks for sharing. IMHO, 1MDB case cannot be used as a case study for AGES as Prinsiptek Corp Berhad then and AGES now under different mgmt; usually new mgmt will think 'out of the box' to revitalize the business. I will not deliberate what the new mgmt has done as I am not privy to what concurred; I will wait for the results of their sand trading business (delayed due to pandemic?) and construction/development businesses in few states...Happy Trading

@samzaham, needs positive to be happy. This round, I even managed to get 12.5sen, already in paper gain..Happy Happy Trading.

@samzaham, tq for sharing. I also spotted when near to QR reporting, there will be a push and thereafter will come down again to 13sen support. Usually I buy few hundred k at 13sen before QR; and sell after the push. Few days ago, there are very high volume buying at 13sen, suspect same principle apply...Happy Trading

@icst1975, the present mgmt is a new team, will change anything to progress. I will give them a chance; will invest other counters if this new mgmt did not perform. We shall not 'loyal' to any counters as no obligation to stick with them; just run if make enough profit. I sported this 'rubbish' counter with strong support at 13sen bcos of ICPS maturing at 13sen; therefore I try my ICPS theories on value assessing..Happy Trading

@icst1975, please read below link to debunk the mention blog:
https://klse.i3investor.com/m/blog/anonymousdefame/2020-09-02-story-h1513283650-My_reply_to_people_trying_to_defame_this_good_fundamental_company.jsp

There is always two sides of the coin, maybe you have more details to share..Happy Trading

Yesterday mother big buying volume (>150k x 100), today daughter turn (>590k x 100). Something brewing. In Kali lah. Happy Trading.

Big buy volume just started. Ini kali lah. Happy Trading

Very difficult to average down Ages-PA below 3sen, as usually long queue buy at 2.5sen. I think more difficult tomorrow onwards as more will 'open' eye with so much good comments...Happy Trading.

Very difficult to average down Ages below 13sen, as usually long queue buy at 12.5sen. I think more difficult tomorrow onwards as more will 'open' eye with so much good comments...Happy Trading.

@cwgan, I suggest you try registered at
www.shareworks.com.my successfully first as the procedure required the front and back of your ic. Once done and familiarize with the system, you shall proceed with payment using internet banking or ATM transfer. Keep the payment proof (jpeg or pdf?) for uploading. Then, log into system again to fill up all the details..Wish us luck.

Due to the free warrants, it will worth all the effort..I think. Happy Trading

Some error (AMBANK and RM15.00) due to copying from PDF file:

(i) Acceptance of the Rights RPS with Warrants 

Name of Bank : AMBANK (M) BERHAD 

Name of Account : INSAS RIGHTS ACCOUNT 

Bank Account No. : 8881041398897 

You are required to pay an additional fee of RMl5.00 being the stamp duty 
and handling fee for each electronic submission of the e-RSF. 

Happy Trading

Electronic Submission of e-RSF 

Sign in to Investor portal 

• Login with your user ID and password for electronic submission of the e-RSF before the Closing Date. 

Complete the submission of e-RSF

 • Open the corporate exercise "RIGHTS ISSUE FOR INSAS BERHAD". 

• Key in your full name, CDS account number, contact number, the number of units for acceptance of your Rights RPS with Warrants and Excess Rights RPS with Warrants (if you choose to apply for additional Rights RPS with Warrants). 

• Upload the proof of payment(s) and print your e-RSF for your reference and record. 

• Ensure all information in the form is accurate and then submit the form.

If you encounter any problems during the registration or submission, please 
email our SpeciaI Share Registrar at support@shareworks.com.my for assistance.

Happy Trading

Some details I have read:

c) your application for the Rights RPS with Warrants and Excess Rights RPS with 
Warrants must be accompanied by the remittance in RM via internet bank transfer, 
the bank account details as follows:-

(i) Acceptance of the Rights RPS with Warrants 

Name of Bank : AMBAI\IK (M) BERHAD 

Name of Account : INSAS RIGHTS ACCOUNT 

Bank Account No. : 8881041398897 

You are required to pay an additional fee of RMls.00 being the stamp duty 
and handling fee for each electronic submission of the e-RSF. 

(ii) Application of Excess Rights RPS with Warrants 

Name of Bank : AMBANK (M) BERHAD 

Name of Account : INSAS EXCESS ACCOUNT 

Bank Account No. : 8881041398900

Morning @Sslee, I don't have the answer to your question as will be my first time trying eRights. (Not physical done any banking for months)

I am just sharing what I have read, hopefully others will do likewise in case I missed something.

@ctooi51, the answer is Yes as per details below:

"ACCEPTANCE FOR THE PROVISIONAL RIGHTS RPS with Warrants AND EXCESS APPLICATIONS ARE TO BE MADE BY WAY OF RSF OR BY WAY OF ELECTRONIC SUBMISSION OF RSF VIA
THE COMPANY’S SPECIAL SHARE REGISTRAR’S INVESTOR PORTAL (e-RSF) AT www.shareworks.com.my IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE ABRIDGED PROSPECTUS."

Happy Trading

@ctooi51, maybe below link could help you understand on eRights subscription:
https://www.bursamalaysia.com/trade/our_products_services/central_depository_system/erights

Happy Trading

@georgeting1971 and @Andre Kua,

PR stand for (P)reference (R)ights.


Source: klse screener as extracted below:


"Kindly be advised of the following :


1)    The Right commence of trading : 4 Feb 2021

2)    The Date of Despatch of the Prospectus and Provisional Allotment Letter of Offer : 5 Feb 2021

3)    The last day and time for Acceptance, Renunciation and Payment : 19 Feb 2021 

4)    The Rights cessation quotation : 11 Feb 2021


 


The Stock Short Name, Number and ISIN Code INSAS-PR, 3379PR and MYL3379PR004"


Happy Trading.

Wow, Iris forum is 'burning'. My opinion could be 'outdated' by Tuesday 2nd Feb. 2021 opening.

Iris has the capability to provide the full spectrum including of equipment for this NIIS contract as per below Iris website:

https://www.iris.com.my/smart-card-reader-devices/

India, has exported alot IT/Software Engineers around the world, has confidence in awarding contract to Iris. Who are we to dispute this confidence?

For smart card reader devices, I still see alot of banks using Iris equipment, old and new. If banking still relied on Iris equipment, who are we to dispute their capability? Will eagerly monitored Iris coming market movement, no intention to sell as already hold for years. This opinion NOT a buy, sell or hold recommendation.

Happy Trading..

@pjseow, totally agreed with you. Now, MFCB shares price on the path of uptrend amid some hiccups, will meets the PE you mention..Happy Trading

This article was written on 6 Nov.,2020. Any update on Unit 2 pollution issue?
I have had surfed on the pollution issue, found an interesting website:
https://www.gem.wiki/Hai_Duong_Thermal_Power_Plant
"It was reported that Unit 1 began commercial operation on November 24, 2020.[15] However, Vietnamese media has reported that the construction of the project’s slag disposal pit is delayed and is not yet complete, posing questions about how the first unit intends to handle its boiler slag and bottom ash. It's estimated that Unit 2 will be operational in June 2021.[16]"

Maybe @DK can update the above issue? On air pollution, any details on air filtration system as air quality around the plant also an issue? I apologised for being busybody on this topic as I am still pondering to invest in JAKS. My interest on this topic started only when JAKS being compare with MFCB.

Happy Trading

@TheContrarian, Satu ringgit done. Happy Trading

@gohku, good write-up. Hungry PacMan fast eating again. Soon RM1. Happy Trading

@JuliusCeasar, no worry, now more than 77k buying at 12.5 sen. Happy Trading

Construction, one of the five sectors NOT (or min.) affected by MCO. The previous MCO, AGES still can show profit, hopefully this round will be no different.. Happy Trading

Today sapu more sampah (hope turn into golden sand) at 12.5sen, still think support at 13sen. Happy Trading

Hungry PacMan eating at 0.15..

Bullet train thro' RM1..

Satu ringgit done..

A very clear and good flow chart without showing each 'quantum' still cannot justify the 'risk' involved. The 'pass-thro' fuel cost and upkeep of plant could be high to 'offset' predicted profit. I think I shall wait a bit longer to invest in JAKS. Many thanks for a very good coverage which absent from most counter. Happy Trading.

Iris..the new bullet train, passing thro' 40sen without stopping. Happy Trading and Merry Christmas Eve to those celebrate.

@DK, many thanks. I am very clear on your flow chart. The capacity payment will partly fund the shut down (inclusive of manhours and equipment, etc) and others upkeep. TQ again

Happy Trading

@DK, noted. That's why I put as 'profit'. 'Paper works' can get so much profit? I very much likes a fair reporting and highlighting the risk by @Jennyloh
https://klse.i3investor.com/blogs/jennylohsharing/2020-12-17-story-h1538255239-JAKS_The_Identical_Power_plant_that_generates_RM_1_5_Billion_annualized.jsp
i) Every 3 years shutdown for major maintenance.
ii) Priority for Green Power plant to operate in preference for coal power plant.

Happy Trading

 Posted by DK > Dec 22, 2020 2:56 PM | Report Abuse 

Blee, in fact Jaks only did paper works. By the way, dividend is not profit.

DK, I am refering to both. The construction profit should be already 'in the pocket' for the first power plant (train). I read some where JAKS only do groundworks. Therefore, I presume the profit also include for the 2nd train.
As mention by @Sslee and confirmed in your flow chart, the operation 'profit' shall be by dividend only upon declaration. I wonder how this 'profit' shall be reported? I have nothing against JAKS and try to justify how to include JAKS in my portfolio..

Happy Trading

Thanks DK, I have being following your write-up and JAKS quite awhile, and gain alot of knowledge. There are many JV contracts with one supplying all the materials and workmen; and the other just doing minor groundworks. That's why I used the word "equal partner". If the profit is share equally based on capital engagement, then JAKS has nothing to lose. Otherwise, it just benefit the 'tai kor' (big brother).
Happy Trading

Very good flow diagram, hope some other counters have somebody like DK to give us info. Only info missing is the quantum; this could impact the viability of the BOT contract. My experience (not as knowledgeable as DK) of EPCC, EPCIC and BOT contracts, excuse me if opinion NOT agreeable, usually more advantageous to the main contractor.
The main contractor (for B portion) will has all the 'juices' and left the 'bones' to the sub-contractor. Is JAKS consider part of the main contractor (equal partner)? For BOT contract, usually at the end where the plant transfer (T portion), the plant will be at very bad condition due to operator (O portion) maximize for profit. I believed the quantum will play a part for the upgrade of the plant to guarantee the plant in good condition upon the transfer. I give my opinion for sharing purpose only and not to degrade any counters or buy or sell call.
Happy Trading

This is a fair reporting comparing apple to apple; and highlighting the risk involved.
Happy Trading