The price does trade down sound as expected. Theoretically it does not even worth a single cent by tomorrow.

Under normal circumstances, mother price is always trading at price higher than warrant price. However for this sumatec case after ex, the theoretical mother price of 24 cents is 25% below the conversion price (32 cents) which render the warrant worthless. Very odd and very interesting. Shall see what new development in the days to come.

Open market, willing buyers willing sellers. One problem is what role does the regulatory agency play ? Why the warrant holders are given so short notice to act ? (practically no time considering the announcement on 3rd Oct after noon and the warrant has to be converted by 8th Oct at a loss, otherwise the warrant has become worthless) Obviously, the warrant holders are caught with the pant down. In this particular case, those who have the advanced info will sure make tons of money. And the question is, who have this info ?

The adjusted mother theoretical price is 24 cents (Based on Friday closing price) whereas the warrant's adjusted conversion price is 32 cents after the ex. Obviously, theoretically the warrant worth nothing after the ex date. Simple as that. Another thing to note, base on the fine prints below the sumatec warrant bursa announcement, to entitle for this right issue exercise, the last date for the warrant to be converted to the mother share is 8th Oct. Hence you will never have the chance to convert even if you were to buy the warrant tomorrow. As a matter of fact, I have never seen any right exercise where the warrant loss so much.