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

@Newuser777, stagnant or downtrend counter? Stagnant maybe yes. Most of us bought at stagnant price which is around AGES-PA conversion price. There are more than half a billion converted over a billion AGES shares now, 50% of total at current price. What can be wrong? This could be the bottom of a pendulum swing??
I am writing bcos got lots of free time to kill during this CMCO/RMCO period; under my own influence and trying to make extra $$..Happy Trading.

@hcthey, a very good write-up from you, cheers. You might missed AGESON circular on their sand businesses; a very details plan.
Source: klse screener under AGESON

I am attracted to their business plan; therefore added more investment and help to share this counter potential. Below are salient points of the circular which more gear towards trading at the moment (very low risk).

"As this juncture, our Board intends for our Group to focus on the trading and export of sand while the mining activity would be subcontracted to our Group’s business partners who hold the relevant mining license and/or mining contractors. As such, our Group would not be directly be involved in the mining and transportation of sand to our customers. Hence, we would not be required to incur any capital expenditures for our Sand Business"

"Customers for Sand Business
In order to pursue the Sand Business, our Group had secured non-binding letters of intent and award to supply sand to overseas customers in bulk through Ageson Enterprise which were announced at the relevant dates and summarised below:
(i) a letter of intent from Boyijun Resources (HK) Limited on 22 April 2020 to purchase sea sand in bulk, with an indicative contract value of approximately USD26.6 million*1 (equivalent to approximately RM110.6 million) for a period of up to December 2021 with an option for extension;
(ii) an award from Guangzhou Kaishengda Industrial Co. Ltd on 4 May 2020 for the purchase of river sand and sea sand with a contract value of approximately RMB44.8 billion*2 (equivalent to approximately RM27.4 billion) for a period of 15 years;
(iii) a letter of intent from Techpack Solutions Co. Ltd on 27 July 2020 for the supply of silica sand , with an indicative contract value of up to USD79.5 million*3 (equivalent to approximately RM330.7 million) for a period of 5 years; and
(iv) a non-binding term sheet with Navis Marinus Private Limited on 17 April 2020 to set up a joint venture company to undertake the supply and delivery of sand from Philippines to JTC Corporation in Singapore for a contract value of SGD107.64 million*4 (equivalent to approximately RM328.6 million)."

Happy Trading

INSAS CANTEK, will break 52w high of 0.915 soon...Happy Trading.

AGES start to move, AGES..ing Happy Trading.

I apologise first before getting into the wrong kopi-tiam/forum table. Since many times MFCB being raised on this forum, I have to highlight the path MFCB go-through before getting into present price/PE. So JAKS might take years to reach MFCB level.

MFCB 1st experience on power generation.
Investment in Diesel power generation - Tawau Serudong Power Plant

 Since 2-Dec-2017, the Tawau power plant has ceased energy supply to Sabah Electricity Sdn Bhd (SESB)
following the expiry of the PPA. MFCB’s 51%-owned Serudong Power Sdn Bhd (SPSB) has decided not
to extend the PPA due to SESB’s disagreement on the proposed new commercial terms approved by the
Energy Commission and the Ministry of Energy, Green Technology and Water.
Source: https://www.google.com/url?sa=t&source=web&rct=j&url=https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download%3Fid%3D98719%26name%3DEA_GA_ATTACHMENTS&ved=2ahUKEwi7mOmQ3NHtAhVMyzgGHcX4BdwQFjADegQICBAB&usg=AOvVaw2EzGjzLSKR1lRvAQ3U8YJj

As Diesel is a process fuel from hydrocarbon, it is an expensive fuel only use for emergency generator, not for selling power for distribution.

MFCB 2nd experience on power generation.
Investment in Coal power plant in China - Shaoxing Power Plant

Since early 2015, the Shaoxing power plant has experienced heightening pressure due to various external issues beyond the company’s control.

 Management has estimated additional expenditure of about 50 million yuan (RM32 million) by end-2017 in exchange for a further five-year operating period, deeming it not commercially viable given the challenging outlook in addition to stricter control, monitoring and surveillance procedures that have to be put in place, which would contribute to higher operating costs.

Source:
 https://www.theedgemarkets.com/article/mega-first-longterm-investment

MFCB 3rd Power Generation experience.
- Don Sahong Hydropower Project

The plant is environmentally friendly because there is no dam and it run-of-the-river hydroelectricity. (Source: TheEdge, 15Dec2018)

It is cheap and viable to run as no feed stock and hazardous equipment to maintain.

Source: http://academy.shareinvestor.com.my/2019/12/12/case-study-of-mega-first-corporation-berhad-3069/

In conclusion, power generation is a ever changing business following the changes of technology. What is viable today might not be in the future. Is solar energy (India big investment news today on Solar farm as large as Singapore) the viable technology today? Europe is looking at Wind Turbine farm at sea off Norway/Holland/etc viable? Green energy will be the source of energy of the future.

The above open discussion is point to ponder on for:

@Steady Punpipi - Both Jaks and MFCB have notable similarities in businesses and risk profiles, hence, they should have similar valuation.

MFCB is currently trading at 11.5 times earnings of Don Sahong. Given the same PE ratio, Jaks should be trading around RM1.70 after it has acquired additional 10% interest in JHDP and the power plant achieved full potential.
14/12/2020 7:37 PM

 Posted by Martin99 > Dec 16, 2020 10:14 AM | Report Abuse 
JAKS current price @ RM0.645

PE VALUATION :
Both Jaks and MFCB have notable similarities in businesses and risk profiles, hence, they should have similar valuation.

Insas needs a rabbit to join the race; Bolt on Turbo (BOT) to win the race..Happy Trading.

A Gem needs time to be polished. Will wait for few more quarters result to see how the 'sand castle' can turn into real castle..Happy Trading.

@khan, why iris TP still 40sen today; reached!! Please set higher.. Happy Trading.

@icst1975, agreed some points with you.
Please see my comments below.

Posted by icst1975 > Dec 12, 2020 10:54 PM | Report Abuse

icst1975: As at 30.09.2020, net asset per share is RM 0.26. At current share price of RM 0.13, PE is about 3.0. Company expects next financial year ending 30.06.2021 results to be significantly better than 30.06.2020 with major contribution from sand business which commences in Dec 2020.

BLee: Net asset per share has been reduced from RM0.44 to RM0.26 and EPS from 2.6 to 0.57 QoQ, it is a sign of dilution due to ICPS issuance and conversion. If we look closer at AR2020, ICPS considered loan stock, parked under company liabilities; therefore reducing Net asset. With the conversion of ICPS to mother shares, slowly with a ratio of 1:13, the on-going conversion will have more beneficial effect vs dilution effect. Just my humble opinion, please correct me if I am wrong.
Source: Klse Screener
Conversion reference: https://klse.i3investor.com/blogs/BLee_AGES/439350.jsp

icst1975: Each new ordinary share from conversion of PA is at RM 0.13. It is unreasonable to expect AGES share price to drop below RM 0.13 for any prolong period. When more and more PA's are gradually converted to mother shares over the next 9.5 years, the company will be flushed with cheap share capitals to expand its businesses.
My view is RM 0.13 is the bottom share price by reason of conversion at RM 0.13 plus the new businesses they are going into.

BLee: Totally agreed with you. I have prepared the tabulation of additional Free Cash Flow due to conversion of ICPS much earlier and sharing of benefits of ICPS; you beat me on sharing this piece of opinion..

Happy Trading

Today I maintain tikam 14sen, bukit lama-lama di-gerakan

I tikam second, 14sen. Big mountain to move especially AGES-PA conversion to mother share..finally mountain (sand business) will move.

Good write-up. Should also cover the disadvantages also such as the quantities of ICPS issued. For example, AGES-PA of ratio 1:13, over 4 billion ICPS issued. Each time mother (AGES) start to move, AGES-PA ('daughter' cos will auto turn into mother upon maturity) converted to mother share and start dragging the mother. Just my opinion.

I have had added AGES-PA twice in my portfolio, and hope your article will enlighten more investors to share our understanding.

Thanks and Happy Trading.

Mother AGES moving far ahead of daughter AGES-PA in price and volume, daughter shall run faster..will turn into mother one fine day. Added more daughters AGES-PA for the mother and daughters race. Happy Trading

Saw a gap between AGES-PA and mother, mother added 2 sen and daughter half sen. Bought AGES-PA and now holding both..

More bullets to invest in MFCB, really fast into bank account:
just received message..

"We wish to inform you that the net dividend due to you will be paid to your designated Bank Account as follows:

Dividend MEGA FIRST CORPORATION BERHAD [196601000210 (6682-V) DIVIDEND NO 40

DIVIDEND TYPE : INTERIM
BENEFICIARY BANK : xxxxx
PAYMENT DATE : 02 December 2020"

TQ MFCB..Happy Trading.

Hydro (MFCB) vs Coal (JAKS)

@DK - Even coal is banned, Vietnam government still has to pay capacity charges to JHDP for 25 years.

BLee - Coal-fired plants can be easily converted to natural gas powered by changing the furnance.

29/11/2020 12:22 PM


End of coal-fired plants

More than 100 coal-fired plants have been replaced or converted to natural gas since 2011

Source:
 https://www.eia.gov/todayinenergy/detail.php?id=44636#:~:text=Two%20different%20methods%20are%20used,fuel%2C%20such%20as%20natural%20gas.

Renewable Energy

"The energy landscape changes so fast, even experts have trouble keeping up. Prices for renewable power are plummeting,technologies for storage are becoming more cost-effective and what's competitive today isn't what was competitive five years ago –shifts that will only increase in the coming years. "

“We’re retiring a coal plant every month. Coal will all be gone by 2030,” said Bruce Nilles, a managing director at the Rocky Mountain Institute, a think tank in Colorado that focuses on energy and resource efficiency.

Over half of Europe’s coal-fired power stations are now loss-making, and almost all will be by 2030, according the NGO, Carbon Tracker.

Source:
https://www.usatoday.com/story/news/2019/06/04/climate-change-coal-now-more-expensive-than-wind-solar-energy/1277637001/

https://energypost.eu/what-is-the-future-of-coal/

 https://www.energy.gov/eere/water/benefits-hydropower

 https://www.conserve-energy-future.com/pros-and-cons-of-hydroelectric-power.php

 https://sunglitz.wordpress.com/2011/02/01/advantages-and-disadvantages-of-using-coal-energy/

@masterkevin212  - BLee you are wrong, when more ban of using coal to generate electricity, there will be low demand for feedstock and the cost of coal will go down.

BLee:  I have done an internet check on forcast coal prices, the results as below.
The outlook for coal prices in the United States
In the Annual Energy Outlook 2020 Reference case, the U.S. Energy Information Administration (EIA) projects that U.S. coal prices will generally increase each year through 2050, based largely on assumptions for the coal and electricity markets and industrial sector demand.

Last updated: October 9, 2020

 Coal prices rose towards $70 per tonne in the last week of November, extending this month rally to a level not seen since March amid expectations of higher restocking levels and a boost in seasonal demand. At the same time, stringent inspections on Chinese mines and tightening imports fuelled supply concerns, supporting bullish sentiment in the last quarter of 2020.

Reason: Transportation costs account for a large share of the total delivered price of coal. As all energy cost, prices will move up after the pandemic.

Source:
 https://www.worldcoal.org/coal/coal-market-pricing
 https://www.eia.gov/energyexplained/coal/prices-and-outlook.php
 https://tradingeconomics.com/commodity/coal

@masterkevin212 - Vietnam has no choice in order to produce electricity, they will find way to overcome environmental issue. This is not the first day vietnam deals with this industry, same to other industries.

BLee: No comments.

28/11/2020 9:37 PM

 BLee - "Today communities around the world – in countries as diverse as China, India, the United States, Indonesia, Australia, Colombia and South Africa – are rising up to oppose new coal mines and demand reparations and restoration for the impacts to their livelihoods and the natural environment."

https://endcoal.org/coal-mining/

Since @pjseow has investment in both MFCB and JAKS, I presume he will give a very fair assessment.

@pjseow - Jaks Q3 result was out yesterday .This give a rolling annual eps of 2.3 sen and a PE of 28 at yesterday price of 66s…..

28/11/2020 11:43 AM

BLee: Good respond to one of the article written by @DK. 

https://klse.i3investor.com/blogs/Jaks%20resources/2020-11-23-story-h1536548440-Jaks_Resources_Using_MFCB_as_Valuation_Guide.jsp

23/11/2020 9:56 AM

More points for pondering:

Point 1:

BLee commented on

Blog: (Icon) Jaks Resources (7) - Jaks WB Is My 2019 Sailang Stock

https://klse.i3investor.com/blogs/icon8888/2018-12-05-story185277-_Icon_Jaks_Resources_7_Jaks_WB_Is_My_2019_Sailang_Stock.jsp

 Dec 9, 2018 4:28 PM | Report Abuse 

Dear All, No offence intended. Since I hold MFCB for years getting good dividend and MFCB being compare with JAKS, I liked to offer my opinions on the comparison.

MFCB power plant being hydro-electric, no feed stock required i.e. free energy and environmental friendly, renewable energy and energy of the future.

JAKS feed stock coal will be obsolete in the near future with UK and many other countries banning soon, depleting and non-envronmental friendly..

I wonder why new coal power station still being built..just my 2 sens. TQ

Point 2:

                  JAKS(JHDP)    MFCB (DS)

Capacity     480MW            208MW


At full capacity after JHDP 2nd Turbine running, JHDP profit shall be more than DS? It is because point 1; more costly to run coal power plant?

Point 3:

Projected Payback Period - 8 years (JHDP) vs 5.5 years (DS).

Obviously, MFCB has the advantage; still based on forecast.

Conclusion: I am trying to defence my investment in MFCB, not admonishing JAKS. No matters JAKS riding on MFCB PE or MFCB riding on JAKS hot stock, hope both stocks will 'huat' together..

Happy Trading

Disclaimer: The above opinion does not represent a buy or sell recommendation; just a personal opinion and for sharing purposes only. Any offences and errors are unintentional; my apology in advance.

Many thanks for the info, especially on the statement "To me, as long as the company’s growth outperforms the ICPS dilution, it would be a great vehicle for the company to raise money."
Happy Trading

@IAN1277, you are correct, 2 method of conversion. (Revised on removing decimal for sen, my apology for the error. Note added on ICPS vs warrants)

Method 1: Very straight forward, AGES-PA shares price multiply by 13, at present of 3 x 13 = 39sen (not viable). Is this method hindering the mother shares from moving above 13sen? This method will 'force' convert in 10 years time.

Method 2: This method required 12sen cash. Why bother to convert when add another sen to buy mother share? Is this method also hindering the mother shares from moving above 13sen? To me, any price above 0.24sen equal incremental for both mother and PA shares theoretically.

My interest on AGES-PA started when @skyrider (AGES eps reduced by 10 times) highlighted AGES shares will be diluted as I have invested higher than 0.13sen earlier. Since I have free time to explore and share the info, maybe I can come to a conclusion to buy AGES-PA (lower entry cost) to average down my cost to cover my paper lost at present.

On EPS, the ICPS actually contributing (leverage) of 1sen and on conversion contributing 13sen to the earning of the company. So the question of dilution in some sense is debatable.

I am very positive in sand (silica) mining business as the abundance of cheap sand make the business viable; only major cost is transportation.

I am using Rakutan; no remisier to advice what is the right price of AGES-PA when mother shares moved. To me, all counters share prices depend on supply and demand, and profitability.

Note: After reading on ICPS, RPS and warrants: ICPS is my most prefer investment.
My reasoning: ICPS - very low upfront investment, good leverage to mother shares and chances won't lost all. My personal experience on warrants end up disastrous; usually lapse at RM0.005 although getting free.

Happy Trading.

Disclaimer: The above opinion does not represent a buy or sell recommendation; just a personal opinion and for sharing purposes only. Any offences and errors are unintentional; my apology in advance.

@JuliusCeasar, the following are details extracted from AGES AR 2020, hope the sharing will enlighten you.

"ANALYSIS OF ICPS HOLDINGS
AS AT 6 OCTOBER 2020
Total number of Issued Shares : 4,193,521,843
Class of share : Irredeemable Convertible Preference Shares (“ICPS”)"

Total of AGES-PA issued = 3,860,754,392++750,000,000 = 4,610,754,392

Ratio of not converted AGES-PA = 4,193,521,843 ÷÷ 4,610,754,392 = 0.91

Below is the extracted gearing statement from the report:

"With shareholders equity at RM228.1 million and total bank borrowings at RM22.9 million, the Group’s gearing (total borrowings/
total equity) as at 30 June 2020 stood at 0.10, signifying a huge improvement from 0.34 as at 30 June 2019."

IMHO, the gearing ratio of 0.1 considers very low risk. What should be the fair shares price? At current shares price, IMHO, AGES-PA conversion will not affect the mother share pricing until mother share price reaches 0.24sen. (Leverage of 0.12sen of AGES-PA/12 plus 0.12sen=0.24sen for mother share price)

Please also refer to the link below for more information on AGES-PA conversion. https://klse.i3investor.com/servlets/forum/600320596.jsp

Happy Trading.


Disclaimer: The above opinion does not represent a buy or sell recommendation; just a personal opinion and for sharing purposes only. Any offences and errors are unintentional; my apology in advance.