There is 1 old article about Kamal Tan by The Edge on the net. Pretty details

I dont know but this Kamal YP Tan came in with the son could be something. Have a read about Kamal Tan, he was involved in a tussle in taking over Pengkalen deal long
long time ago, involved MUI finance etc... seemed to be a market player. We shall see

I doubt there will be a bonus issue. We just went through that not long ago. I feel it is unlikely

Frankly speaking I see no reason to exercise as the warrant price is pretty close to mother share price minus 20 cts. If mother share moving very much far ahead, then it is worth going for conversion eg previously HLT warrant.

It is not new warrant. It is exercise of warrant to mother share. Warrant impact on mother share price theoretically has already factored in on the adjustment day after ex date when bonus share and warrant came in listing.

Kamal YP Tan has very impressive past background. He sounded like a big guy in share market, has stockbrokering background. The Tan San Kwang is likely the son, he has a nephew by the name Tan San Chuan.

@liquidity it is a phenomenon in klse feeds between 4:45 to 4.50 daily where all readings will go crazily and stalled, if you pay attention. In some counters you will see buy quote price higher than sale quote .

@tanhuatkawkaw you dont see it profitable because your calculations are all wrong. Learn to understand how to calculate cost before comment. FyI , it is not share split, it is bonus issue, you know the difference, dont you?. Get the terms right before comment. Stop talking like an expert, when all 3 lines of facts you wrote there were full of errors, they were all flawed!. Tell you what, be a happy man, go and look for things make you happy , Esceram is not your cup of tea. Move on, if FD makes you happy, go on.

Strangely not one talking about the dividend, together with the financial result announcement yesterday, 1 ct dividend was declared again

@Treason84 To note. Due to bonus share will be listed same rank as the original share, sharing same stock quote, so above formula is simple and straightforward . If it is quoted or listed separately with another quote or with a suffix, the ref price calculation will be different depending on the bonus issue condition.

@treason84 the entitlement is 1 for 1 bonus with 1 warrant at exercise price 20 cents, maturity 3 years. Ex date 14 oct. On 13 Oct closing price 1.38.

On 14 oct, ex date, if you own 1 share , you will get 1 bonus and 1 warrant, total 2 mother shares and 1 warrant. Assuming you covert the warrant( just for eg) you need to pay 20 cents to get 1 mother share.

So Reference price for mother share is (1.38 + 0.2) ÷ 3 = 0.5266. Divide by 3 because 3 mother shares if you convert. Warrant reference price = mother ref price- 20 cents exercise price = 0.5266 - 0.20 = 0.3266.


To verify the formula:

On 13 oct closing : your total worth for 1 share is 1.38
On opening of 14 oct , your total worth is (0.5266 ×2) + 0.3266 = 1.0532 + 0.3266 = 1.3798 (2 cents discrepancy due to rounding issue after division)

Please note on our trading screen on 14 oct, ref price for mother share was round down to nearer 0.5cts ie 0.525. So ref price for warrant could be adjusted to reflect the rounding up , so could be 0.325 or 0.33

The theory is the total worth of your portfolio on the closing day prior to ex-date and on the opening of Ex Date day should be the same, regardless when stock coming in to your account.

On 14 Oct , the upper limit for limit up was calculated based on the ref price , so Esceram was limit up at price 0.825, ie 30 cts from 0.525

On 26 Oct, I believe the price for warrant is not restricted to this 30 cts limit from 0.325 due to warrant will be listed as a brand new stock with a new stock quote likely with a suffix W or W1

@treason84 ref price on screen 0.325 (actual is 0.3266)

Exercise price 20 cts, theoretically mother share price minus exercise price. However it is not always the case , listing on 26 oct can be above or below.

Maturity for warrant is 3 years

I think drop is a healthy sign. Not sure why so many kept asking when bonus shares are in. I mentioned yesterday if you are not allowed to trade till 26 oct, there is no way to stop investors from selling it if the shares are credited into investors' account .

@BezzaDriver price already adjusted on ex date- 14 Oct.

@kachan 1 rough way by assuming warrant price = mother price minus 20 cts is to calculate backward current price to prior to ex date. So closing price of 90 cts meaning equivalent price (incl warrant) is 2.50. Your rough profit is (2.50 - 1.28) x 200 000 = 244k

Another way is to leave warrant out separately , calculate your average price ie 0 4933. So your profit on mother share is (0.90 - 0.4933) x 400k = 162, 680. For Warrant , not listed yet , but roughly , you can assume the price will be 0.90 - 0.20 = 0.70 and your warrant average price is 0.2933. So profit from warrant is (0.70-0.2933) x 200k = 81,340 . Total = 162 , 680 + 81, 340 = 244, 020 (20 ringgit due to rounding issue)

@ vincenteoh29 I think so, because currently in your trading account , the total purchase proceeds and total quantity still remained the original ones, by tonight your acct should have purchase proceeds the same, quantity double. Then depending how smart the IT system of the stock brokering house whether it is smart enough to take into consideration of the free warrant , if not i would expect you see an incorrect average price which just purchase proceeds ÷ new quantity. I saw it before, RHB calculation was not correct for 1 of the stock I have before.

@cg8888 your purchase price still within the range of current market price, no need to panic lah. Trading in share market , you need to set a loss threshold limit which you can tolerate, there is no "always gain" theory. But patience is the tip. I hold Esceram since April and back then it was slow like snail that I cursed it. However now my patience paid off. Your chance will come, what you need is to trust your judgement.

Very impressive show after ex-date and seems holding on well. If take the price 0.93 and do a backward calculation to compare against 13 Oct closing price of 1.38 , the backward calculated price based on price 0.93 is 2.59 , meaning the share price has up 1.21 from 1.38 within 2 days. Perhaps, something is brewing. Also Esceram bonus issue seemed to work differently from other counters, upon bonus issue confirmed , it moved but not as massive compared to Rubberex, it only moved after bonus issue. Most of us who owned it prior to ex date have our holding with total worth almost double now.

I am not sure why can only sell Bonus share on 26 Oct. Bonus share will be listed same rank as the original share, it will not be listed with a different stock quote, once it is deposited to our account and visible, I wonder how to stop us from selling till 26 Oct? Warrant listed on 26 Oct makes sense, it is new listing and probably need application to bursa before trade- able.

Vincenteoh29 I guess it depends on your trading platform and the stock brokering house. Mine with RHB I noticed their average prices have never correct. My average with RHB also not yet adjusted, may be wait till end of day of 15 Oct.

@stockhunter88 but I believe the upper limit of 30 cts from the reference price may not apply , because Warrant is considered a new listing. ( I am not sure , but I believe) , so the warrant can end up listing with a price higher than (mother price - 0.20).

I didn't like limit up and I was hope it didn't happen but it did. 2 conservatively limit up will make the 3rd day with limit the upside, so I was hoping just now it won't limit up

The limit up is calculated from yesterday closing price or for this case adjusted reference price, not from today's opening price. Limit up needs not be the final closing price, it can hit anytime of the trading hours.

@ml2020 today high is 0.825, scroll up to the top of this page and check today's day range and check your trading screen. There were transactions transacted at 0.825.

@stockhunter88 will be b

Why ppl said no limit up??? It was limit up @0.825 , 30 cts from reference price 0.525.

@vincenteoh29 cant calculate your profit without knowing your quantity. Your average price for mother share is 62 cts and warrant 42

@vincenteoh29 of course you should take into consideration of all the charges. Perhaps replace 1.38 with your effective price after adding in charges

@vincenteoh2p Another way to understand it.
Assuming you bought 10k unit at rm1.00, your total cost is 10k

After bonus and warrant , you have 20k units mother share and 10k units warrant. So based on the new average price , your total cost is (20k × 0.40) + (10k x 0.20) = 8k + 2k = 10k. Your cost should remain the same after adjustment

@vincenteoh29 yes if your original purchase price was rm1.00

Corr: physical delivery of scripts

@fujisnow I think 15 Oct is more applicable and catered for ppl who bought on 13 Oct, for these purchasers, 15 Oct is T+2 . To be honest it is just a formality. Olden days when it was not script less, these dates were critical because there was a need of physical delivery of script less , failing to deliver the scripts would mean not receiving the entitlements

@peanuts9636 today reference price is calculated based on yesterday closing price of 1.38 , with bonus 1 for 1 and 1 free warrant with exercise price 20 cts. Formula is

(1.38 + 0.2) ÷ 3 ie 1.58 ÷ 3 = 0.5266 ( I thought it would round up but looked like it was round down to nearest 5 cts, so reference price for mother share is 0.525, warrant will be mother price minus 20 cts exercise ie 0.325.


For your average price or your cost , formula will be the same by replacing the 1.38 with your purchase price. Assuming you purchased at 1.00 , then your average price is (1.00 + 0.2) ÷ 3 = 0.40, warrant cost is 0.40 -0.20 = 0.20

@Yong69 the 20 cents is the exercise price , ie the price you need to pay to convert to mother share. The warrant price should be theoretically mother share price minus 20 cents exercise price or slightly above, however there are exceptional ones eg Hlt warrant which made it so attractive for many to buy it and convert.

Mother share will be adjusted to 0.5266 , probably round up 0.53. Warrant will be around 32 or 33. Yes theoretically.

ConfirmKaya, ah ok. So ex date on 14 oct .

For the case of HLT, we see the price difference between mother and warrant is greater the exercise price, let's hope it is the case for Esceram.

No. The warrant if based on my calculation will be listed at 30 cts.

Meaning on 14 oct if your have 10k units , at 1.30 your total holding is 13k with no warrant

On 15 oct, you will have 20k units mother share and 10k warrant . At adjusted price of 50 cts on 15 oct , and if warrant listed at 30 cts, your total holding is 20k x 0.50 + 10k × 0.30 = 10k + 3k = 13k

20 cts exercise price is for you to convert warrant to mother share.

ConfirmKaya: I dont think your remisier has advised you correctly.

1. Ex date is a date if you purchase you dont get the entitlement, it will go to the seller

2. You should hold till 14 oct for entitlement

3. I dont think there is a day difference for the bonus to be credited into your accounts ( cds and trading acct) there are linked online and real time.

4. Prices will not be adjusted 50%, you need to take into the consideration of the free warrant.

If I calculated correctly, we will get 1 bonus and 1 free warrant with exercise price 20 cts. Meaning if closing price on 14 oct is 1.30, the adjusted price for the mother share will be (1.30 + 0.2) / 3 = 0.50 cts.

Jeccy. Theoretically yes. Min quote in klse trading is 0.005,but if PA drops to that price, a lot of ppl will be crying, especially those get PR from market. Yes. 1 unit PR = 1 unit PA. But 1PA <> 1 AGES . Yes maturity 10 years. For 1 to 1 conversion the conversion price is 0.13, but the company has the rights to revise it.

Jeccy, item 1 : correct item 2 : partially incorrect. You dont sell in open market doesn't mean you dont want to subscribe. Subscribe meaning you need to physically down load the form, fill up and sign, then go to bank and get remittance for whatever no of units you want to buy/subscribe, get Hasil stamp and affix to them to the form and send to registrar b4 closing date if you dont do both sell in open market and dont fill up bla bla bla, then you dont get any PA and the total number of PR listed on your CDS will be voided .

Item 3: I dont get where you derived the min price for PA from, no one knows how the market sentiment will be in March, I guess even God does not know too. Go and read the prospectus on Bursa website they are 2 conversion options. And you can convert your icps anytime any working days by surrender your ICPS and filling up a form again. If you dont convert, on Maturity, it will be a compulsory auto convert for you.

Hope all helps.

Ah Happylucy , ok

Then on listing date in early March and assuming mother share price starts stagnant at this level ie 0.10. There will be a price adjustment , mother shaee price will be around 0.115. So mother share more attractive to get now.

Hi TSFH, that could be 1 possibility, but risky

Happylucy: who said PA price is 0.005?

Jeccy , not quite understand what you are writing. Anyway, It is your investment, you can see it whatever code you like. I am just want to remind those who bought , you are getting PR only, no PA yet till you follow up all the form filling , pay 0.01 each and the hasil stamp and send to registrar.

Hi TSFH , how to make money from PR if mother is pushed? Then logically should buy mother share and not PR. For PR in cds account , come 26 Feb will worth nothing if they dont subcribe

The subscribe here means : you get the PR in your CDS account, it is a 100% guarantee you will get it if you fill up the form, buy a remittance , a hasil stamp and send to registrar .

Jeccy : are you sure? Which trading platform are you using?

And because of this submission process and to avoid people who sold but not surrender their ICPS form, there is a procedure of retaining your selling proceed by your broker. I think these are all on Bursa website.

Wrong jeccy, not sure you know how it works. You buy from market now is Ages-PR not Ages-PA. Once you get Ages-PR from market, you need to download the form and pay 0.01 for each unit and submit to the registrar to get Ages-PA. That is why I say the cost is 0.015