KLSE (MYR): INSAS (3379)
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Last Price
0.995
Today's Change
-0.005 (0.50%)
Day's Change
0.99 - 1.00
Trading Volume
358,800
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45,899 comment(s). Last comment by TheContrarian 27 minutes ago
Posted by Philip ( buy what you understand) > 2020-07-13 21:53 | Report Abuse
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2024-09-07
Sslee
5,976 posts
Posted by Sslee > 2020-07-13 14:03 | Report Abuse
Dear all,
My reason on opposition the original proposal: PROPOSED RENOUNCEABLE RIGHTS ISSUE OF UP TO 132,604,152 REDEEMABLE PREFERENCE SHARES ("RIGHTS RPS") IN INSAS TOGETHER WITH UP TO 331,510,380 FREE DETACHABLE WARRANTS ("WARRANTS") ON THE BASIS OF 2 RIGHTS RPS AND 5 WARRANTS FOR EVERY 10 EXISTING ORDINARY SHARES AT AN ISSUE PRICE OF RM1.00 PER RIGHTS RP
1. Wrong in principle to raise funds with the purpose of repaying the Group’s bridging loans when INSAS can easily used deposits with licensed banks and financial institutions to repay the bridging loans.
2. Huge amount of warrants 331,510,380 at tentative conversion of 70 cents will weight down the INSAS market price again post Rights issue.
3. The poor minority shareholders will start to sell their holding since they have no saving to subscribe to their RI entitlement.
Hence I suggest alternative proposal:
1. Refer INSAS annual report 31/6/2019 (Page 138): The effective interest rates for deposits with licensed banks and financial institutions of the Group and of the Company range from 0.01% to 4.15% (2018: 0.005% to 4.04%) and 2.55% to 2.80% (2018: 2.55% to 2.80%) per annum respectively.
To use the deposit (interest rate anyhow is low and interest income is taxable) to repay the bridging loans.
2. Bonus issues of up to 132,604,152 free warrants on the basis of 1 warrant for every 5 existing ordinary INSAS shares.
3. To prove to market that INSAS is cash rich and with limited amount of 132,604,154 warrants in the market, I am very confident that with the Board leadership and a well run management team INSAS value can be unlock very soon.
Thank you