Mycron warrants will expire in January 2024. Holding company Melewar is likely to exercise the 20 million Mycron warrants it holds at an exercise price of 60 sen taking its shareholding in Mycron beyond 75%. Melewar may then opt to privatise Mycron at 60 sen.
Why some people jump into Pensonic at high price. My average cost was only 52 sen. You think the syndicate average cost is how much? They push up beyond 70 sen and there are people who bought, hoping to sell at how much? ...... at 79 sen?
Meanwhile, Brent Crude Oil rocketed above $94.63 a barrel to hit a fresh 2023 record high. Over the last two months, the world’s most traded Oil benchmark has tallied up a stunning gain of over 49% from its 2023 lows of $63.64 a barrel.
And the rally might not stop there!
Oil prices have been in a solid uptrend since Saudi Arabia announced plans to extend its 1 million barrel per day production cut until the end of the year – joined by Russia with its own 300,000 barrel per day output cut.
These cuts are in addition to the 1.66 million barrels per day output reduction other members of OPEC have put in place until the end of 2024.
Elsewhere, catastrophic floods in Libya have forced authorities to close four key Oil ports and shutdown local refineries. A move which as boosted expectations of global supply scarcity – adding further bullish tailwinds to the current energy price boom.
Libya, produces over 1 million barrels of Oil per day and sends around 85% of its exports to Europe. If all that supply in Libya was to remain off the market for an extended period of time – there’s no doubting that could easily send Oil prices soaring well into triple-digit territory.