This is a typical instrument played by directors themselves (they controlled >52% shares). in order to maintain hugh discount to entice buyers to exercise and subscribe for mother share. RM0.50 x 40 millions is big money for this tiny company
Obviously, there is a reason why the operators likely to keep the son's price low against its mother price if you read the paragraph extracted from Felicia article below:
reason no 2.
DNEX still needs cash although they have raised some substantial private placement funds (don't know to who) at very cheap price of 30 sen and below.
DNEX WD's exercise price is at 50 sen and for warrant holders to exercise, it needs to be substantially above 50 sen. I would not exercise if the price is trading at 52 sen, if you know what I mean. Why take the risk.
BTW, the maturity date for the DNEX WD is 30 Jul 2021. Few months to go.
Bonus issue of up to 367,897,500 new ordinary shares in Sarawak Consolidated Industries Berhad ("SCIB") ("SCIB Share(s)") ("Bonus Share(s)") on the basis of 3 Bonus Shares for every 1 existing SCIB Share
Shareholder's Approval Yes Ex-Date 30 Dec 2020 Entitlement date 31 Dec 2020 Entitlement time 5:00 PM Financial Year End 31 Dec 2020 Share transfer book & register of members will be to closed from (both dates inclusive) for the purpose of determining the entitlement Securities Crediting Date a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers 31 Dec 2020 b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. Number of new shares/securities issued (units) (If applicable) Entitlement indicator Ratio Par Value (if applicable)
Securities Entitlement Company Name
SARAWAK CONSOLIDATED INDUSTRIES BERHAD
Ratio (New : Existing) 3.0000 : 1.0000 Available/Listing Date 04 Jan 2021 Fractional Entitlement
Registrar or Service Provider name, address, telephone no BOARDROOM SHARE REGISTRARS SDN BHD 11th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim (Jalan Semangat) Seksyen 13 46200 Petaling Jaya Selangor Malaysia Tel:0378904700 Fax:0378904670
The date of the listing and quotation for the Bonus Shares shall be on 4 January 2021, being the next market day immediately after the Entitlement Date.
The notices of allotment will be issued and dispatched to all the entitled shareholders of SCIB within 4 market days after the date of the listing and quotation for the Bonus Shares on the Main Market of Bursa Malaysia Securities Berhad. Entitled shareholders are not required to take any action.
Those who held to go thro the bonus issue as advised by one of the great sifu Mr O, for a TP of RM50(cum Bonus) and much more are stuck and faced with cold winter in HOLAN, at least for the now..........