Posted by labursaham > 2015-01-14 11:53 | Report Abuse

This stock is intentionally and artifcifially pushed up for people to subscribe to the rights issue. No surprise. So chances are, after the payment for the rights, the mother share will drop back to through. Not worth the risk.

Investors that want to go through this exercise should look at E&O. You don't have to pay single cent but you get free warrants plus a bonus issue. This is the real reward for shareholders.

Posted by oregami > 2015-01-14 13:18 | Report Abuse

It is unfair to say tat. Insas does has its value. It is one of the cheapest (fulfilling Graham NNWC) stocks in KLSE. Besides, it has the highest ROE among all the Graham NNWC counters. One might wander why on earth a company tat can utilize its assets efficiently can be traded tat cheap? If you look at all those Graham NNWC stocks, all have non performing assets (low ROE).

Posted by Jim Sted Power > 2015-01-14 13:23 | Report Abuse

Dont think Dato Thong wil push above RM1, because he give free warrants liao

Posted by oregami > 2015-01-14 13:33 | Report Abuse

Too early to make judgment. We r 1week plus to ex date. Plenty of time.

Posted by gweilo > 2015-01-14 14:06 | Report Abuse

I told you do not miss out at a second bite of the cherry. I hope hamsub sandwich was listening and heeded my advice.

Posted by born2bking > 2015-01-14 14:12 | Report Abuse

haha.. now is up to wat tp?

Posted by Hearsay > 2015-01-14 15:45 | Report Abuse

Guys,

Please read CAREFULLY the Bursa annoucement on INSAS as below :

RENOUNCEABLE RIGHTS ISSUE OF UP TO 138,666,727 REDEEMABLE PREFERENCE SHARES OF RM0.01 EACH (“RPS”) IN INSAS BERHAD (“INSAS”) TOGETHER WITH UP TO 277,333,454 FREE DETACHABLE WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) RPS TOGETHER WITH TWO (2) WARRANTS FOR EVERY FIVE (5) EXISTING ORDINARY SHARES OF RM1.00 EACH HELD IN INSAS, SUBSCRIBED AT 5.00 P.M. ON 27 JANUARY 2015 AT AN ISSUE PRICE OF RM1.00 PER RPS PAYABLE IN FULL UPON ACCEPTANCE (“RIGHTS ISSUE WITH WARRANTS”)


This Dato Thong banyak pandai, RM0.01 RPS dia jual sama shareholders at RM1.00! Wah ini better than REVENUES from Mountains of Deals lor, dia ingat shareholders are C2 PID investors arrh ?

RPS dia mahu redeem back berapa ? At PAR or at COST ? What is the interest on the RPS to be paid out to shareholders arrh per annum ?

Anyone care to enligten arrh ?

Posted by oregami > 2015-01-14 15:59 | Report Abuse

At cost.

Posted by oregami > 2015-01-14 16:08 | Report Abuse

PAR value of common share could be 10sen but IPO could be $1 $2 ect. Same reasoning.

Posted by GweiKi > 2015-01-14 16:16 | Report Abuse

Wah!!! today Ki (Up) a lot... ha ha ha huii!! huii!! huii!!

Posted by GweiKi > 2015-01-14 16:17 | Report Abuse

If Lo * Down then I will buy.... ha ha ha huii!! huii!! huii!! I hope the Lo sandwich will be listening and heeded my advice.

Posted by imoogi99 > 2015-01-14 16:24 | Report Abuse

Hmmm....prospectus is very detail but some people refuse to read and starts calling name.

Actually the RPS is more of borrowing money from the shareholders. You pay RM1 for the RPS, you get 4sen dividend annually. At the end of 5yrs, you get back the RM1. In addition you get 2 free warrant to cover the future value lose of your RM1. If you have the warrant and also the RPS, you can exercise your warrant (convert to mother) without paying the RM1 exercise price.
So you basically nothing to lose unless the Insas share price goes zero....lol!

Posted by kcchongnz > 2015-01-14 16:33 | Report Abuse

I vote for the best posts here today.

Posted by oregami > Jan 14, 2015 01:18 PM | Report Abuse

It is unfair to say tat. Insas does has its value. It is one of the cheapest (fulfilling Graham NNWC) stocks in KLSE. Besides, it has the highest ROE among all the Graham NNWC counters. One might wander why on earth a company tat can utilize its assets efficiently can be traded tat cheap? If you look at all those Graham NNWC stocks, all have non performing assets (low ROE).

Posted by imoogi99 > Jan 14, 2015 04:24 PM | Report Abuse

Hmmm....prospectus is very detail but some people refuse to read and starts calling name.

Actually the RPS is more of borrowing money from the shareholders. You pay RM1 for the RPS, you get 4sen dividend annually. At the end of 5yrs, you get back the RM1. In addition you get 2 free warrant to cover the future value lose of your RM1. If you have the warrant and also the RPS, you can exercise your warrant (convert to mother) without paying the RM1 exercise price.
So you basically nothing to lose unless the Insas share price goes zero....lol!

Posted by Hearsay > 2015-01-14 16:42 | Report Abuse

Thanks to oregami and imoogi99 !

I haven't receive d Prospectus as yet !

@ imoogi99, U mean 1 warrant + 1 RPS can convert to 1 Mother Insas Share kar, anytime upon listing later ?

Then that wud be great wor !

Like that can buy lah !

Pleas correct me if wrong, tq imoogi99

Posted by Andre Kua > 2015-01-14 16:50 | Report Abuse

Kcchongz, are you sure no need to up RM1 to convert to mother share? Where you find such info? No need pay then Insas should be RM2 now. LoL...

Posted by Andre Kua > 2015-01-14 16:51 | Report Abuse

Sorry... Looks like you're quoting someone else. My apologies...

Posted by Lollipot Anison > 2015-01-14 16:53 | Report Abuse

Push up to lure investor to subscribe the rights. simple theory.

Posted by imoogi99 > 2015-01-14 16:55 | Report Abuse

That's right...Hearsay. No need to wait for the prospectus...it is all in here... http://www.bursamalaysia.com/market/listed-companies/company-announcements/1761221

Posted by Hearsay > 2015-01-14 16:56 | Report Abuse

@imoogi99,

Let's just say, if for any reason if the RPS wasn't redeemed, it can be listed as Preference Shares counter right under 3379PA ?

Like this can or not ?

Posted by kcchongnz > 2015-01-14 16:57 | Report Abuse

Posted by Andre Kua > Jan 14, 2015 04:50 PM | Report Abuse

Kcchongz, are you sure no need to up RM1 to convert to mother share? Where you find such info? No need pay then Insas should be RM2 now. LoL...


imoogi99 is right I think. You can use your one RPS to convert one warrant to one mother share, not two warrants to two mother shares. The other warrant you can use another RPS or RM1.00 cash to convert.

Posted by imoogi99 > 2015-01-14 16:58 | Report Abuse

The RPS will be listed on the 3rd March 2015.

Posted by murali > 2015-01-14 17:04 | Report Abuse

RPS itself can be redeemed or surrender at RM1.00 upon listing then...as for Wa, you need to exercise so by paying RM1.00

Posted by Johnnys > 2015-01-14 17:05 | Report Abuse

KCchongz, 5 for 1 PRS and free 2 warrant, mean I need buy 1 more PRS from market to convert 2 warrant for 2 mother share?

Posted by murali > 2015-01-14 17:06 | Report Abuse

RPS is not convertible into new Insas shares

Posted by imoogi99 > 2015-01-14 17:08 | Report Abuse

Read page 5 to page 9 of the prospectus.

1 warrant + RM1 = 1 Insas share OR
1 warrant + 1 RPS = 1 Insas share.

Posted by huat888 > 2015-01-14 17:09 | Report Abuse

murali, is corect. From circular, W exercise price is Rm1.00.
RPS will have 4sen dividend/year for 5 yrs,after will be redeemed at rm1.00.

Posted by huat888 > 2015-01-14 17:12 | Report Abuse

imoogi99 is correct.
Oage 6, Method of Redemptiob. 1 warrant + 1 RPS = 1 Insas share,

Posted by imoogi99 > 2015-01-14 17:14 | Report Abuse

Page 8 also mentioned it...under the mode of exercise of warrant.

Posted by kcchongnz > 2015-01-14 17:20 | Report Abuse

Posted by Johnnys > Jan 14, 2015 05:05 PM | Report Abuse
KCchongz, 5 for 1 PRS and free 2 warrant, mean I need buy 1 more PRS from market to convert 2 warrant for 2 mother share?

You are right. Or you no need to buy another RPS. Just use another RM1. The RPS acts like a bond. Itself can't be converted to mother share, but can be used as cash to convert the warrant to mother share. imoogi99 explained it well.

Posted by imoogi99 > Jan 14, 2015 05:08 PM | Report Abuse

Read page 5 to page 9 of the prospectus.

1 warrant + RM1 = 1 Insas share OR
1 warrant + 1 RPS = 1 Insas share.

Posted by kcchongnz > 2015-01-14 17:24 | Report Abuse

posted by murali > Jan 14, 2015 05:16 PM | Report Abuse
Read carefully,the warrant refers to rps.......not the actual insas warrant

Murali,

RPS stands for Redeemable preference share. It is a preference share, redeemable by the company. It is not a warrant.

Preference shares have the right to get interest before the common shareholders get. And it has no voting right. And in this case Insas RPS has no other claim over the company except the dividend, or interest.

Posted by kane > 2015-01-14 17:25 | Report Abuse

So, the golden question is anyone here subscribing? Or just let it pass

Posted by kcchongnz > 2015-01-14 17:27 | Report Abuse

why do you want to let it pass? To forgo the free warrants which will affect the value of the mother shares you hold?

Posted by kingstocks > 2015-01-14 17:27 | Report Abuse

ya, anyone subscribe?

Posted by kcchongnz > 2015-01-14 17:31 | Report Abuse

Posted by AzmiMerican > Jan 7, 2015 10:39 PM | Report Abuse

Theoretically there ought to be an adjustment to harga ibu, because...

Sum of pre = Sum of post

Sum of pre = just mother share
Sum of post = mother share + warrant

RPS is just like a bond yielding market rate interest. so we ignore it

Posted by Johnnys > 2015-01-14 17:35 | Report Abuse

Than How much it will be adjusted for mother share?

Posted by huat888 > 2015-01-14 17:35 | Report Abuse

one Qn, worth to subscribe?
Or don't subscribe and sell the OR is better?

Posted by kane > 2015-01-14 17:43 | Report Abuse

Yeah.. Our shares value will be dilluted if we don't subscribe..

I own Inari shares too. Need to fork up a lot of money this month for the Rights

Posted by sifuexperience > 2015-01-14 17:49 | Report Abuse

no matter what, it is still undervalued as long as it is below rm1.

Posted by Ken Lim > 2015-01-14 18:14 | Report Abuse

ya ! I hope every insas investor can earn money for longterm . hopefully it back to 1.25 or upper .. because this counter is worth to keep for longterm .unless mr thok fool us this I dono .. I will subscribe this rps .. next trend is technology work .. insas holding inari 35% shares .. should be ok .. somemore syf n hohup .. good luck to everyone in 2015. wish everyone pocket full with insas . we look forward with insas 1.50 base on nta 1.80

Posted by kcchongnz > 2015-01-14 18:27 | Report Abuse

Posted by Johnnys > Jan 14, 2015 05:35 PM | Report Abuse
Than How much it will be adjusted for mother share?

Sum of pre = Sum of post

Sum of pre = just mother share
Sum of post = mother share + warrant

The above relates to the "value" of the stock, not the price, in my opinion. This is because "value is what you get, and price is what you pay"

Price depends on market forces. In general value = price, but not necessary all the time.

So post value = mother share + warrant

Warrant price is related to the mother share using the option pricing. With some iterations, you get a post sum of parts of mother + warrant which theoretically equals to mother pre.

Posted by gweilo > 2015-01-14 18:52 | Report Abuse

dilution only occurs IF and WHEN a warrant is converted NOT on warrants being issued. the potential of warrants being converted may or may not affect sentiment but it is only one component of such sentiment. if stock is undervalued already and if prospects look bright and growth is expected warrants being issued will probably not affect the overall positive sentiment. if you only own the mother and are a trader maybe you need to ponder and wonder but if you are an investor planning to hold both the warrants and mother, you can't lose.

Posted by Hotrod > 2015-01-14 19:26 | Report Abuse

Why are they not pricing the RPS at a discount ? instead its above market price.

Posted by oregami > 2015-01-14 19:41 | Report Abuse

gweilo. kcchong has clearly stated that sum of pre = sum of post:
mother share value before corporate ex = mother share value after corporate ex + warrants

If no dillution (mother share value before ex = mother share value after ex) then warrants worth nothing. Illogical, right? There'll be dillution but the dillution might not be reflected in share price. How many layman know about the dillution? If not much ppl know how can it be reflected in share price?

Hotrod. I think the reason is the proposal was designed when Insas share price was $1.2x

Posted by Andre Kua > 2015-01-14 21:09 | Report Abuse

Wah... Use rps to convert also call free? Then is rps free?

Posted by beso > 2015-01-14 21:21 | Report Abuse

mother share is just 0.91 what is the point to pay 1.00 for rps，meaningless…

Posted by gweilo > 2015-01-14 22:50 | Report Abuse

beso it's obvious you have no clue. the rps is like a CD, you pay rm1 and you get rm1 back in 5 years and 4% a year interest along the way. It has absolutely NOTHING to do with the share price.

Posted by gweilo > 2015-01-14 22:55 | Report Abuse

dilution only happens when the share float increases because more share decrease the nta per share. when share bought back there are less shares so it increase the nta per share. get it ? so warrants do NOT increase nor decrease the nta per share UNLESS they are exercised ! is that too hard to grasp ? if the warrants all expire and none have been exercised there has been NO dilution. so, dilution oni occur when warrant is converted to share because now there are more shares and the nta is less per share. but if company buy back shares in amounts about the same as warrants converted than there is also no dilution because one offset the other.

Posted by Andre Kua > 2015-01-14 23:14 | Report Abuse

It's more like you have no clue what's he is saying.

Since someone was basically saying free convert one warrant to mother share, why bother paying RM1 to subscribe rps to convert when you can buy insas at 91c.

Posted by hamsubchai > 2015-01-15 08:20 |

Post removed.Why?

Posted by GweiKi > 2015-01-15 08:26 | Report Abuse

HamSubChai: I like my name because I like to Gwei (*Pray) Ki (*Up). Yes the way you laugh is very similar compare to mine.... ha ha ha huii!!! huii!!! huii!!! I am happy that you are a Smart Trader just like me... ha ha ha huii!!! huii!!! huii!!!