@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.

Thanks @superbullklse for covering Ageson, now start moving. AGES-PA will follow soon as the leverage = X/12 12sen= 1mother share, i.e. X= AGES-PA current price divided by 12 to make up minimum 1unit plus 12sen to convert into 1mother share.The other conversion of X multiply by 13 to convert to 1 mother share not practical at current price...please correct me if I am wrong.
Happy Trading.

@khan TP 33 sen reached. Hooray.
Happy Trading.

@fable, welcome. I have read the latest Annual Report yesterday, it seems quite a high figure of AGES-P being converted to AGES shares. Some of the conversion was by surrendering 1ICPS Rm0.12 cash. Therefore, the number of shares issue by end of 10 years period could be higher. Below are extract from the report.

- ISSUES OF SHARES AND DEBENTURES

During the fnancial period, the issued and paid up share capital of the Company was increased from 376,552,771 ordinary shares to 844,100,839 ordinary shares by way of the issuance of 87,955,519 new ordinary shares for cash pursuant to the exercise of Warrants based on an exercise price of RM0.10 per ordinary share, issuance of 37,600,000 new ordinary shares by the proposed private placement, and issuance of 341,992,549 new ordinary shares for cash pursuant to the exercise of Irredeemable Convertible Preference Shares based on an conversion price of RM0.12 per ordinary share.

Warrants
During the fnancial year, a total of 87,955,519 (2019: 27,900,311) Warrants were exercised.
 
Irredeemable Convertible Preference Shares (“ICPS”)
On 19 March 2020, a total of 4,610,754,392 ICPS were issued pursuant to right issue and acquisition. As at 30 June 2020, a total of 341,992,549 ICPS were converted to ordinary shares.
The ICPS can be converted into new ordinary shares in the following manner:
i) By surrendering 13 ICPS to be converted into 1 new ordinary share.
ii) A combination of such number of ICPS and cash with an aggregate value equal to RM0.13 (being the conversion price of the ICPS), subject to a minimum of 1 ICPS surrendered and the conversion price of RM0.13 in cash for 1 new ordinary share.

- SHARE CAPITAL GROUP / COMPANY 2020
 
New share issued:
-Shares pursuant to conversion of warrants    New 87,955,519 AGES Shares
-Shares pursuant to private placement              New 37,600,000 AGES Shares
-Shares pursuant to conversion of
irredeemable convertible preference shares    New 341,992,549 AGES Shares
 At 30 June 2020                                                   Total 844,100,839 AGES Shares

- Dilute loss per share
The diluted loss per share is not presented in the fnancial statements as the effect of the assumed conversion of the Warrants 2014/2019 during the fnancial period is anti-dilutive.

- On 5 March 2020, the total valid acceptances and excess applications for the Proposed Rights Issue were 3,860,754,392 ICPS, which represents a subscription of 59.15% over the total number of 6,527,407,770 ICPS available for subscription and on 19 March 2020 3,860,754,392 ICPS issued pursuant to the Proposed Rights Issue and 750,000,000 ICPS issued pursuant to the Proposed Acquisition have been admitted to the Offcial List of the Bursa Malaysia Securities Berhad.

Please take note all this are raw figures, will this dilute the share values are debatable.

Happy Trading.

@andytfyap, welcome. Will do more going thro' AR/RI/etc reports of companies from this WFH environment. Happy Trading.

@skyrider, thanks for highlighting the effect of Ages-P conversion to mother shares.

I have done a search, and found the correct conversion T&C at KLSE Screener.

Skyrider: "If all the PA are to be converted to common share on one PA to one common share basis, then will produce the following outcomes:

1) there will be about 10 times more Ageson shares
BLee: By surrendering 13 ICPS to be converted into 1 new Ageson Share; the most number of shares conversion shall be (3,860,754,392+750,000,000)/13 = 354,673,415 shares.
354,673,415/919,000,000=0.386
This will be roughly 0.386 times.

Rights-ICPS: 3,860,754,392 ICPS shares.
Allocation: 750,000,000 ICPS shares to Daya Intelek Usahasama Sdn Bhd
Ageson shares as at today: 919,000,000 shares.

2) eps will be reduced by about 10 times
BLee: No comment. Reduce by 1.386 times?

3) pe will need to be multiplied by about 10
BLee: No comment. Multiplied by 1.386 times?

Premises on this, 12 sen is not really cheap as it seems, notwithstanding future earning of the sand export.
BLee: Conversion of 13 AGES-P shares as at today's price of 0.03 into one Agesion shares is not feasible. Unlike warrants, this ICPS auto-convert upon maturity. Therefore, the dilution will happen in 10 years time.

03/11/2020 12:55 AM?"

Extract from KLSE Screener.
"Remarks :
The ICPS can be converted into new Ageson Shares at the conversion price of RM0.13 ("Conversion Price") in the following manner:

i. by surrendering 13 ICPS to be converted into 1 new Ageson Share; or

ii. a combination of such number of ICPS and cash with an aggregate value equal to the Conversion Price, subject to a minimum of 1 ICPS surrendered, and paying the difference between the aggregate value of the ICPS surrendered and the Conversion Price in cash for 1 new Ageson Share.

Premised on the terms of the ICPS, the ICPS can be converted into new Ageson Shares at any time within 10 years commencing on and including the date of issue of the ICPS up to and including the maturity date (as indicated above), as determined by the conversion ratio and Conversion Price. Any remaining ICPS that are not converted by the maturity date shall be automatically converted into new Ageson Shares at the conversion ratio of 13 ICPS for 1 new Ageson Share.

If the conversion results in a fractional entitlement to Ageson Shares, such fractional entitlement shall be disregarded and no refund or credit, whether in the form of the ICPS, cash or otherwise, shall be given in respect of the disregarded fractional entitlement.

If the maturity date of the ICPS falls on a non-market day, then it will fall on the preceding market day.


This announcement is dated 18 March 2020."

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.

Very good detective work, enlighten the unseen..should be done on all shares before buying. Happy Trading.

@Allin99, Iris one of my good investment, bought at 0.155 and sold off 70% (highest at 0.395) with some $ gain, remainder 30% holding for long term. Rubbish to some, but rubbish recycling is one of most profitable business...Happy Trading.

Pac-man eating, top volume soon..

@Henry8833, Extract from MFCB Q2(June) 2020 report for your information.
"Receivables of 215,938,000 - Increase mainly due to increase in trade receivable from EDL on higher energy sales. The average receivable turnover of EDL is 3-4 months."
Sometime increase in Receivable is good as it show expansion of business.
Happy Trading

@Choivo Capital, I think you missed the wording will 'pay on energy availability', which means no matter can or cannot sell, needs to pay and guaranteed by the Laos' Finance Ministry. MFCB gapped up on open trading, assume non-issue..Happy Trading.

@Choivo capital, I also likes MFCB very much. Please refer an old article to debunk your fear...
https://www.theedgemarkets.com/article/mega-firsts-laos-turbine-likely-be-installed-march
Below is an extract of a paragraph from the above article dated around Jan. 2019.
"EDL will pay Don Sahong according to the energy availability and the payments are guaranteed by the Laos’ finance ministry."
In my opinion, any financial problem of EDL shall NOT affect MFCB as payments are guaranteed.

Happy Trading.

I take this as a guide "As the inventor of the world’s first ePassport and first multi-application eID card, IRIS has more than 18 years of experience in trusted identification. IRIS endeavours to be the global leader and preferred provider in design, development and manufacturing of secure electronic identification documents." The above statement is part of recruitment exercise in IRIS website.
India contract win is testimonial of this statement. Happy trading.

Patiently waiting for NIIS contract announcement..up up and away. Happy trading.

A good article for sharing:
https://www.freemalaysiatoday.com/category/leisure/2020/09/16/the-real-purpose-of-investing/
I believed investment/investors in MFCB are long term with very good return. Happy Trading n Happy Malaysia Day.

雨过天晴, 今天比昨天好。Meaning rain (selling) past; sky bright (buying), today will be better than yesterday. Happy Trading..

An article on 5G for sharing:
https://www.freemalaysiatoday.com/category/nation/2020/09/01/govt-to-come-out-with-ir4-0-digital-roadmap-by-mid-september/
Please wait for mid September for the good, bad or ugly.
Happy Trading..

A very good and complete analysis, I am always with MFCB. Green technology is the future power requirement. Happy trading.

A good article for sharing:
https://www.theedgemarkets.com/article/penny-stocks-top-bursa-active-list-retail-players-go-after-them
High risk, high gain. Happy Trading.

A good article for sharing:
https://www.theedgemarkets.com/article/penny-stocks-top-bursa-active-list-retail-players-go-after-them
High risk, high gain. Happy Trading.

casino? More like game of musical chairs??

Dear Sslee, I am not taking side what is wrong or right for RPS, link for another good article for you ponder thro'. https://www.theedgemarkets.com/article/bull-market-fuels-corporate-exercises

As I have says earlier, RPS is just another business deal to utilise free flow cash with 3.8% pa interest. Free warrants need $ conversion, so question of dilution is debatable. Happy trading.

Dear Sslee,
The correct term shall be REDEEMABLE PREFERENCE SHARES ("RIGHTS RPS"), just another rights instrument without voting rights.

We shall wait for more article for better understanding; below link as at today for sharing.
 https://www.thestar.com.my/business/business-news/2020/07/11/asset-rich-insas-makes-cash-call

Tq and happy trading.

Dear Sslee,
Since your message addressed to all (me inclusive), I am obliged to give my opinion. Please see my opinion wrt to your write up. No offence intended.

Posted by Sslee > Jul 11, 2020 9:52 AM | Report Abuse 

Dear all,
Sslee: I am not against the minority shareholders interest. I just have a second thought on those do not have saving to take up the RPS subscription with free warrants and force to sell the shares cheaply now.

BLee: RPS unlike RI, will not dilute shareholding. Free warrants just the icing, many won't convert as usually conversion price much higher than current share price. Selling shares cheaply will have nothing to do with RPS..

Sslee: Please do not sell your INSAS shares now to enrich the already rich people.
Insas is severely undervalue because previously the value was locked or freeze by the uncertainty of outstanding warrant at conversion price of RM 1.00 and whether DST will convert his warrants and trigger an MGO or will he applied for a waiver of MGO.

BLee: Noted. No comment.

Sslee: I am against another huge amount of warrants 331,510,380 that will weight down the INSAS market price again post RI.

BLee: RPS, not RI. Respect your opinion.

Sslee: So please do not sell your INSAS cheaply now and benefited the rich buyers. If you have to sell your INSAS shares then please wait until it is close to leno’s TP of RM 1.25 for leno to collect from you.

I thanks all from the bottom of my heart.

BLee: In conclusion, if whoever think can get higher than 3.8%pa+free warrants, should not subscribe. It is just a business deal.
In return, many thanks to Sslee for his untiring effort to promote Insas. Happy trading to all.

Our heart still works until really RIP..So keeps on working. Happy trading tomorrow.

My own piece of opinion, Insas Berhad has great potential energy hold by a very strong wall waiting to be broken. Once broken, avalanche..happy trading.

I am interested also. Tqvm, kc

king36
KC,
Thank you for your posting.
........ But that would be another part of the story which I wish to talk about it in my later articles on Insas if there is any interest on it.

Pls do post, I am interested.
Thank you again.
18/07/2019 7:24 AM

Thanks for all the good articles. I am very skeptical about OnG businessess, as the oil prices very cyclical. Those umbrella contracts, excuse me if I am wrong, are actually binding contracts on rates, but not on values?? If oil prices drop below certain values, work will be on hold without compensation for any preparation works done?? This is one of the risks?? The ?? mark is for my naive on this topic, happy trading.

I click liked bcos a very informative and harmony article, no attacking and bad mouthing. Way to go..happy trading.

Good article. I think o&g industries are a bit complicated:
Points to ponder.
1. Rapid more oil inclined or gas inclined?
2. If oil, more inclined to sweet or sour?
3. If gas inclined, more ??? as I don't have more knowledge to comment.
4. Source of supplies from peninsular or sabah or sarawak or elsewhere?
5. Since Rapid consist of many new chemical plant, what maintenance is needed?

I agreed we should look at long term, more than 3 years for any major maintenance opex allocation? Which counter will actually benefitting? I think I will keep on pondering and read up some answer??
Trade at own risk and happy trading.

To all Insas promoter, wishing happy and prosperous cny. Hope Insas up, up and huat ah. Happy trading.

@sslee,@TheContririan,
I also have full confidence in Insas being adding very slowly. Maybe some of the points in https://www.investopedia.com/terms/f/freecashflow.asp article help to understand. Happy trading and prosperous 2019 to all.

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 opinion 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

5. Keep a long-term perspective..this is the best. A janitor can do it, so can most of us. Thanks for a good article.

Good reminder on "extraordinary" items "camouflaged" in some QR or AR..

Thanks for a good article. If everybody got positive saving and get $ be your servant earning more $ for you, it will be no bankruptcy..financial planning is the way to go. Happy trading.

Good food for thought, TQ. Happy trading.

Good sharing, not everyday says cut loss and bearish !!

Agreed, agreed, agreed. Suggest to vote for candidate, no cai dan (menu). No BN n no PH. Good candidate win. Good candidates will choose good leaders naturally. Happy trading. Tq

http://www.freemalaysiatoday.com/category/nation/2018/04/30/learn-from-her-1mdb-boss-praises-nurul-izzah/
Read this, my praises also go to her. It is only trying unearthing the truth. Happy trading. Tq.

Q1. HY no, know a bit d plant condition; Sendai no, got feeling over exposure in mid-east; Masteel no, not interested.
Q2. Blame no one, if win or lose. All own risk
Happy trading. up or down all cyclical..

@Jon Choivo, IBs do sell new CW at base RM0.15 to RM0.20 (clean profit), CW very marketable on bull market. Once issuing quota exhausted, IBs will hedge (buy or sell) by expert so that to maximise profit. More IBs issuing same counter with different expiring date will complicate matters. Therefore, CWs are very speculative and manipulated..just my shallow understanding of CW.

"1) Investment banks that issue warrants

This may be somewhat true, however, do note that often banks do not just issue a warrant like that. They usually already hold the stock, and use the warrant sales as a hedge to limit losses, which also limits the upside."
The term sheet clearly spelt out the condition of hedging, IBs will control the selling and buying as market maker, all professionally done controlling CW prices..

Good write-up on warrant, I hope more coverage by more expert to 'expose' pro and con of warrant trading.

Thanks on the colourful tabulation, Tan KW. Continues the good works.

@Sslee, very much appreciated for what you done for minority shareholders like me.

@Sslee, you have my support although I only have 10,000 shares bought at RM0.63 years ago. I am still keeping for targeting 100% gain.

Same stock, two extreme tales..trade at own risks. Food for thought.

Good laugh before market start. Laughter d best medicine..

@Alex Foo, u need to compare few QR and price trend, profit reporting, etc to visualize the uptrend of Insas provided no hiccup in Insas profit..I buy Insas and not Inari bcos of pricing which is a small mistake. Trade at our own risk.