Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 15:55 | Report Abuse

Thus Bursa Malaysia suggested price of RM 0.415 for this IBHD-LR is correct based on RM 1.15 mother sahres current price

RM0.415 / 0.68 + RM 0.50 = RM 1.11 ( some discount there too)

Posted by robertzz > 2014-09-16 16:28 | Report Abuse

Collect it fast.. those people keep on shouting sell sell sell , ada udang di sebalik batu.. buy and keep and confirm the price will shoot up.. within another week.. that time dont regret

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 16:35 | Report Abuse

Pluss IBHD announce beginning 2014 they have dividend policy of at least 30% of earnig. Based on Earning they ear 50senn ++ EPS thus can expect 15 sen at least dividen this year alone.

Posted by greddym3 > 2014-09-16 16:44 | Report Abuse

convert immediately to mother share because IBHD-LR is not shariah compliant.

Posted by schvic > 2014-09-16 17:05 | Report Abuse

Bursa's reference price of RM0.415 for the LR is correct. For every 136 LR you bought, you can convert into 100 IBHD shares based on the conversion price of RM0.68.

So, 136/100 x (RM0.415 + RM0.50) = RM1.2444 (which is the previous day closing price of RM1.25)

However, Bursa did not take into account that the LR is not entitled to the bonus shares. Bursa is just assuming that if you bought 136 LR at RM0.415, top up RM0.50 subscription price and convert the LR into IBHD shares, the market value of the IBHD shares you eventually hold will be around RM1.25, which is fair given that the previous day closing price is RM1.25.

However, in actual scenario, if we buy the LR now, top up and convert to IBHD shares, the market value of IBHD shares won't be RM1.25 since IBHD shares arising from the conversion of ICULS won't be entitled to bonus shares. This is where Bursa is wrong by using RM1.25 as the base for calculation of the reference price. What Bursa should be using is RM1.04 (=RM1.25*5/6) , which is the ex-bonus price of which the LR holder who convert their LR into shares won't be entitled to.

In short, based on RM1.04, the correct reference price should be RM0.26 [(1.04/136*100) - 0.50]

And based on yesterday's closing price of RM1.17, the ex-bonus price is RM0.975, which bring us to the reference price of RM0.21. Meaning, as long as the mother share price is RM1.17, you can break even even you purchase the LR at RM0.21.

And if based on yesterday LR price at RM0.12, if you bought 136 LR at RM0.12, top up RM0.50, and convert them into IBHD Shares, your cost of investment per IBHD Share is only RM0.84. This means that you still can break even the mother price drop to RM0.84 after bonus issue dilution.

The question is, can the mother price drop from RM1.17 to RM1.00 prior to the bonus issue? Based on the mother price of RM1.00, after the bonus issue will be RM0.84. Means for now, as long as the mother price is above RM1.00, it's safe to buy LR at RM0.12.

I believe investors do not want to commit themselves to subscribe the LR and sell the LR for 'fast cash'. With so many projects in hand, let's hope the mother share can sustain until we convert our LR.

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 17:18 | Report Abuse

schvic

Thanks for the explanation. When we can start convert LR ? So ICULS new shares is not entitled for bonus ex 10-oct is it?

Posted by schvic > 2014-09-16 17:43 | Report Abuse

Ahmad Muzamil Ahmad Murad

The entitlement date for bonus issue is 14 Oct. So rights issue has to be completed before 14 Oct. Technically you can convert your ICULS after they allot you the ICULS. However, it takes about two weeks to convert your ICULS to new IBHD Shares. It is not likely you can convert and get the new BHD Shares prior to 14 Oct. In fact, when the ICULS is listed on or before 14 Oct, the mother price would already be lower since it ex on 10 Oct.

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 17:47 | Report Abuse

Owh ya... the time frame. still new on this warrant/loan conversion process.

Posted by bravoUp > 2014-09-16 19:03 | Report Abuse

41.5 cent reference price for LR <------definitely con job by _____ BOD approved by ______ to scam the investing public to enable them to dispose their LR and make the LR look cheap in the mkt after 50% drop from reference price. ...

Mr Directors....if you wish to dispose your LR you should actually support the mother share or push it higher to attract buyer but not by putting unrealistic reference price. This dirty tactic once used will be remembered by the mkt forever.

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 19:50 | Report Abuse

Hi Mclove/,

Thanks for your explanation earlier too.

Posted by pputeh > 2014-09-16 19:53 | Report Abuse

Question here is can any conversion of ICULS be done in the 1st year or is there a moratorium for 1st year

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 20:07 | Report Abuse

pputeh....

Nope you can exercise anytime after ICULS listed.... final date for ICULS application is 30-Sept as in prospectus to those own IBHD-LR.

Once ICULS listed by 14-Oct u can send application to convert to mother shares at anytime. IBHD is obligated to issue new shares within 8 days of application.

Hope that answer your question

Posted by tjhldg > 2014-09-16 20:47 | Report Abuse

any1 hav the answer for this ? thanks

question 1 ... after x 5 for 1 bonus , the conversion of 136 LA to mother share will adjust not ? base on norminal value of 680 x 5 / 6 = 566 , = 113 LA shares by then to 1 ibhd share ? r they calculate the TEAP include this latest announce bonus issue .. thanks

question 2
bonus issue base on X date or can base on ticket in cds date ?

as the bonus share traded x bonus on 10 so mean the bonus shares masuk cds on 14/10 and can sell on 15/10

and the conversion of OR to mother shares already masuk cds on 13/10 and can sell on 14/10 , 1 day ahead of bonus share masuk cds ... i understand the x date is 10/10 .. my question here is X on 10/10 but those who bought on 09/10 only hav their ticket in cds on 14/10 but those who convert the LR to ibhd already hav their ticket in cds on 13/10 and that's y they can sell on 14/10 and those who bought on 09/10 cant sell their bonus share on 14/10 and can only sell on 15/10 .

thanks
tj

Posted by Teo Cher Ming > 2014-09-16 20:50 | Report Abuse

to convert LR to ICULS,we need to fill in the OFA form right?

Posted by kimssiat > 2014-09-16 21:51 | Report Abuse

How to get the forms?

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-16 22:09 | Report Abuse

OAF Form is enclosed with the announcement in bursamalaysia.

Posted by schvic > 2014-09-16 22:20 | Report Abuse

tjhldg, hope i can answer your questions

question 1 - after bonus, the conversion of 136 LA to 100 mother share won't adjust since they've fixed the conversion price at RM0.68 after taking into account the share split, rights issue and bonus issue.

question 2 - sorry tj but i dont quite understand your question. But as far as i know, the entitlement date for bonus is 14/10 and only existing mother shares bought on 9/10 will be entitled. The rights issue shares will also be entitled as the rights shares will masuk cds after you subscribe the RM0.69. The listing date for the rights shares havent fix yet, but i assume it will be on 15/10, to be same day as the listing of bonus shares (correct me if i'm wrong). The new mother shares arising from exercise/conversion of warrants and ICULS wont be entitled to bonus shares since the time frame is too short to be entitled on 14/10

Posted by taitaumau > 2014-09-16 22:33 | Report Abuse

hai tjhld pl refer prospectus principal terms of iculs
Question 1 - conversion price @ RM 0.68 already taken into a/c share split, right issue with warrants and BONUS SHARE, pg 16 notation 1
so, adjust. factor 5/6 does not apply

Question 2 subscription of iculs-rights will be given iculs on issue date (within 8 mkt days after payment date 30/9) possibly between 1/10 to 10/10. Earliest conversion of mother share can only be done within 8 mkt days after issue date (not in time for ex-bonus date, 10/10) - pg 11/16

Ref Bursa annoucement on bonus issue dd 12/9, one can sell bonus share on or after x-date. 10/10 onwards

Correct me , i may be wrong, tq - new babe

Posted by tjhldg > 2014-09-17 00:35 | Report Abuse

thanks schvic and taitaumau ... ok ..uum uum .. ya .. if since LR exchange ratio been fix and calculate base on TEAP ( theoretical ex-all price ) , caused i thought and treat the bonus issue as new la .. in this case then got to accept la .. just bursa reference price of 0.415 without clarification is a bit misleading public la . .. like this then huhuhuhuhuh 18 kali la

for my second question is base on ticket masuk cds date .. see below bursa announcement for OR

Important Relevant Dates for Renounceable Rights

I-BERHAD

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1725325

Despatch Date 17/09/2014
Date for commencement of trading of the rights 15/09/2014
Date for despatch of abridged prospectus and subscription forms 17/09/2014
Date for cessation of trading of the rights 23/09/2014
Date for announcement of final subscription result and basis of allotment of excess Rights Securities 03/10/2014

@@@ Listing date of the Rights Securities 14/10/2014 @@@

mean on 13/10 those who convert the ticket already in cds .. so the rights shares can sell on 14/10

as for 1 for 5 bonus issue that X on 10/10 .. the ticket masuk cds on 14/10 and can only sell on 15/10

as what i understand is bonus issue entitlement will base on ticket that in cds , in this case that is on 14/10 ..
and as those who convert OR the ticket already in their cds on 13/10 .. that y they can sell on 14/10
so .. i think they r entitle for the bonus issue ...

simple example .. if u tranfer the 5000 ibhd ticket to your wife and during the process the ticket manage to key in your wife cds on or b4 14/10 then your wife entitle the bonus share ... but if your wife only receive the ticket in cds on 15/10 then she dont entitle but the 1000 bonus share will credit in your account ... caused mean the original share of 5000 still in your account on 14/10 .. so same thing for those who convert the OR .. mean the right share already in their cds on 13/10 ..and is the reason why they can sell on 14/10 ...

so i think those who convert the OR entitle for the 1 for 5 bonus issue is base on the above la ,
thanks and correct me if m wrong ... thanksssss

Posted by tjhldg > 2014-09-17 01:33 | Report Abuse

aiya .. see this

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1738777

Remarks) "Bursa Malaysia Securities Bhd would like to clarify that on the basis of settlement taking place on 15 October 2014 with Bonus issue of IBHD shares of RM0.50 each, any shareholder who is entitled to receive IBHD Bonus issue shares, may sell any or all of his IBHD shares arising from the Bonus issue beginning the Ex-Date (10 October 2014 ).

For example, if Mr X purchases 500 IBHD shares on cum basis on 9 October 2014 , Mr X should receive 500 shares on 14 October 2014 . As a result of the Bonus issue, a total of 600 IBHD shares will be credited into Mr X's CDS account on the night of 14 October 2014 being the Book Closing Date. Therefore, Mr X can sell the Bonus issue shares of 600 on or after the Ex-Date ie from 10 October 2014 onwards.

faham liau . .. in this case bursa ada clarify , then for those who subcribe the OR dapat not ? look like not entitle if not base on tiket masuk cds date and wat the date that right share masuk cds ?
as above clarification from bursa ..
right share listing on 14/10 can translate as = x on 14/10 ( ada ticket on 13/10 ) , then t3 then ticket masuk cds on 16/10 .. so not entitled
or the right share already masuk cds ( Date for announcement of final subscription result and basis of allotment of excess Rights Securities 03/10/2014 ) on 03/10 but they choose to list it on 14/10 .. so dapat ? quite pening

and 1 more thing , how come bursa in LR case no clarify ? and put such a reference price 0.415 .. knn 888 kali

Posted by kittheungmakmak168 > 2014-09-17 01:48 | Report Abuse

Erm...tj u mean is the right listing and bonus share listing date different one day is it?, i think they dun want combine in one date, scare force selling dump down gaw lat bah.may be may be..right share with bonus share sekali will very crazy dumping bah.just think so protect right share first and leave bonus share one more day...

Posted by kimssiat > 2014-09-17 08:52 | Report Abuse

Hope the price can recover today ...

Posted by tjhldg > 2014-09-17 08:56 | Report Abuse

yup ... iculs may not listed ... but can exchange to mother share any time :)

Posted by alibabacoming > 2014-09-17 09:00 | Report Abuse

killing again!!

Posted by alibabacoming > 2014-09-17 09:08 | Report Abuse

triple kill......godlike!!

Posted by jester > 2014-09-17 09:10 | Report Abuse

rampageeeee!

Posted by alibabacoming > 2014-09-17 09:10 | Report Abuse

GG!!!

Posted by bravoUp > 2014-09-17 09:45 | Report Abuse

Massive killing..... stay away from this con man company. DON'T PUT A SINGLE CENT IN THIS COMPANY. You will be slaugter alive.... Many other better company with ethical conduct out there.

LR have no value.... with ratio 5:1 ... it is killing every buyer to 0.005

Posted by bravoUp > 2014-09-17 09:46 | Report Abuse

They trick you with buyer down there....to dispose 1 bid higher

Posted by kimssiat > 2014-09-17 09:53 | Report Abuse

When is the deadline to subscribe the LR and OR? I dun think I want to sell ...

Posted by bravoUp > 2014-09-17 09:54 | Report Abuse

With ratio of 5:1 the supply is actually 5 time larger than. At mkt if you value it 20 cent mean you have to devide by 5 = 4 cent. .... That 4 cent can go to 0.005 anytime with massive oversupply.

Can you imagine they value LR at 41.5 cent meaning evey 1 share in IBhd they expect to reap rm2.07 from the mkt. Beyond logic.

DON'T PUT A SINGLE CENT IN THIS COMPANY.

Posted by bravoUp > 2014-09-17 09:57 | Report Abuse

Fake buyer down there.... it is there just to dispose 1 bid higher

Posted by bravoUp > 2014-09-17 10:02 | Report Abuse

I regret that i did't contribute my calculation for valuation of the LR before the listing (based on real mkt force). This LR have become in the top list active counter and have trapped many investing public.
Many have rely on Jackforever which i believe have link to the company.

I do contribute my calculation during listing of Sanichi OR and none have lose money.

Posted by bravoUp > 2014-09-17 10:03 | Report Abuse

Textbook valuation and mkt valuation cannot be the same.

Posted by lawislaw > 2014-09-17 10:10 | Report Abuse

maybe in market alot ppl unable to fork out so much money to subscribe for LR and OR. They surrender and sell to market..

Posted by tjhldg > 2014-09-17 10:14 | Report Abuse

ibhd 0.96 x 5 /6 = 0.80 x 735 = 588-500 = 0.088 per 1000 shares of LR ... and this is what mr market priced ibhd after X .... huhuhuhuuu

even now is say ibhd 1.10 x 5 /6 = 0.915 x 735 = 672 - 500 = 0.172 per 1000 units of LR ...

this above is base on fact and actual scenario ..... not a buy sell call , think and trade at own risk !

Posted by bravoUp > 2014-09-17 10:15 | Report Abuse

That why mkt force valution is needed. Textbook valuation are all irrelevant because it is based on future money which is uncertain. If future money is confirm then all become rich already, nobody plan for less in the future.
Any valuation should be based on "now" especially when u are a mkt trader.

Posted by bravoUp > 2014-09-17 10:17 | Report Abuse

Let them take all the seller.....leave them alone. Go find other counter or you will be slaughter alive.. if not now probably in the future.

Posted by tjhldg > 2014-09-17 10:22 | Report Abuse

to be fair .. nothing wrong with Jokerforever calculation ,even bursa also take 0.415 as reference price .. so is it mean bursa juga ada link or interest in this company ?
the problem is bursa should alert public that the 0.415 reference price is base on b4 X ./1 for 5 bonus ..

Posted by bravoUp > 2014-09-17 10:33 | Report Abuse

The trick to get high ref price is to announce bonus 1 day listing of LR. Bursa probably not aware on that. Genaral mkt supply and demand don't lie on price... but manipulation (nobody buy i buy all ) can lie on price.

Posted by bravoUp > 2014-09-17 10:43 | Report Abuse

*1 day before

Posted by bravoUp > 2014-09-17 11:56 | Report Abuse

Put high reference price and dumb strategy in action....very close to pump and dumb starategy.

Posted by Ahmad Muzamil Ahmad Murad > 2014-09-17 12:52 | Report Abuse

Yup remember that Sanichi OR value and from that i make a very fast profit. Still holding some shares in Sanichi until now.

This IBHD LR is totally at different level ..... not sure if want to proceed with ICULS subscription or not. But for now that is the only way in order to not register losses.

Posted by bravoUp > 2014-09-17 13:00 | Report Abuse

Good for you ahmad. My intention is to help fellow traders to make money or incur minimal loss if any by providing realistic valuation / opinion. Helping fellow traders (Sharing info) is a normal if you trade gold, commodities or currencies. But in Bursa it seems different as everyone is trying to kill the others...haha..

Posted by bravoUp > 2014-09-17 14:26 | Report Abuse

Sanichi case the OR stay 2.5 - 3.5 cent most of the time and stay 3.5 until last day. Everybody is happy to subscribe the right to get the free warrant. This one a bit difference... you are slaughtered even before paying more money for the subscription as you can see the LR getting lower.

Posted by bravoUp > 2014-09-17 15:40 | Report Abuse

That a lot bro...
Now let me show u the reference price it should be in the first day for LR.
On friday I Bhd share close 1.25. After bonus 1 for 5...adjust to 1.04 for LR valuation. Let say price after bonus = p = I Bhd price x 5/6

Now come the trading day. Let say the value of LR = X

Now if you buy 1 LR u have to pay = X + 0.50
After buying the LR you will have = .50 x (1/0.68) x p ---> because u can surrender rm0.68 nominal value into 1 share as stated in the prospectus.

So u will have X + 0.50 = 0.50 X (1/0.68) X p
So in the first day reference price should be X = 0.235p.
p on the first trading day of this LR = 1.04
So LR textbook refrence price should be = 0.235 x 1.05 = 24 cent. (SURPRISINGLY BURSA REFERENCE PRICE IS 41.5 CENT THAT TRAP MANY INVESTING PUBLIC)

Back to real mkt valuation:
Mkt normally value OR / LR at 40 pecent to 50 percent discount because of the following reason:-

1) Instrument trade for 5 days only
2) You have to come up with more money ( a lot)
3) In this case even more the supply of LR is five time than normal (see how greedy these people are) because every 1 share in I Bhd have 5 LR.

So in the first day LR fair value 40% x 0.24 = 0.095 cent.

Now that the mother is 1.11 only. p= 91 cent.

Fair value LR at present time should be more than 0.4 x 0.235 X 91cent = 8.5 cent.

So LR value at present should be less than 8.5 cent for trader. More than not worth.

Posted by bravoUp > 2014-09-17 15:44 | Report Abuse

So it should be no surprise if u see the LR limit down on the first trdaing day because the reference price is way overvalue.

Posted by bravoUp > 2014-09-17 16:05 | Report Abuse

***should be 50 to 60% dicount.

Posted by bravoUp > 2014-09-17 16:21 | Report Abuse

In case the mother is push to 1.40 in the next two mkt day value probably 10.5 cent. If not it will stay 8.5 cent - 9 cent.

Posted by bravoUp > 2014-09-17 16:24 | Report Abuse

Now at 1.07 mother share . p= 89 cent.

LR = 8.3 cent.