There is only got buyers queue at 0.42, no sellers volume at all... It means no more shares or no more sellers wanted to sell their shares at the price of 0.425~1.75 !
I think the reason for the share price to run up is due to significant decreased in the existing share after the consolidation.
Once the Right Shares are issued, the price will be very volatile.
Based on current price of 0.42, those who bought before the ex-date will be in the money.
100 shares = 2 consolidation shares (@1.75) + 200 rights (@0.105). The rights theoretical opening price will be 0.315 (0.42-0.105), way above the costs price. Those who bought will be very anxious and hope the price stay at current level in order to cash in the fat bonus.
I bought 8000 shares this morning at 0.375 but was unable to sell. Is it due to the consolidation? But I see some comments saying that they bought today and managed to sell. Also am I affected by the consolidation as the ex date is today.
i don't understand. If i got mother share at 1000 shares, i need to subscribe RI of 10000 share by paying RM10k, right? If i don't subscribe the RI and sell all OR on 24th without selling the mother share, how much i will get from OR share being sold without subscribe?
Mc Wei. HongLeong suspended trading of icon to avoid this problem. Customers can only place order through phone call. How about other trading platforms?
Oversold people will have to buy back tomorrow regardless what price. Most likely tomorrow may have another big rally again. Oversold people already lost alot in Icon before consolidation, after consolidation have to lose again.
Yes. That's the reason for the limit up today. Huge oversold. By 3pm most oversold can't buy back already. Tomorrow they may have to buy back at much much higher price. The price is at the mercy of the operator.
Number of outstanding shares as shared by Lich is 23.5m. Today's volume is 66m. You can figure out how severe is the oversold today.
Posted by Lich > Jan 22, 2020 2:55 PM | Report Abuse
Number of shares was 1,177m shares yesterday. Today, number of shares is 23.5m. Post issuance of new shares, the number of shares will be 2,354m shares.
Market cap prior to ex-date was around RM40 - 60m. New money coming, assuming full subscription, is about RM240m. So, after the dust has settled, the share should trade around 12 sen.
Icon shares issued has been reduced from 1 billion to around 20 millions shares ( 1 billion ÷ 50) after shares consolidation of 50 become 1. Today volume is 66.7 millions shares traded which is more than 3 times of the shares issued after consolidation. It is cornered. The right issue ratio is 100 for every 1 share held after consolidation at an issue price of 0.105 together with free warrants at the ratio of 1 for 4 shares subscribed. If you have 50,000 shares, after consolidation of 50 become 1, you will have only 1000 Shares. You are entitled to subscribe 100, 000 shares .at 0.105. If the shares price is maintained, that means the right issue form may be traded around 0.30. So you can just sell the Right issue form ( FORM OR). IF seems like you can make a lot of money from the selling of the Form OR. BUT, as this counter has been cornered, they will distribute all the Forms OR to the retailers. So retailers have to be very, very careful, don't be trapped.
Errata: 2,354m is the number of new shares. There will also be a 263.7m of new shares issued to financiers. So post issuance, share base is around 2,641.6m shares.
As this counter was concerned before ex date, it means only a small percentage of shares were held by retailers before ex date. So most of the Forms OR will be allocated to the main shareholders.
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Posted by man8748 > 2020-01-22 15:24 | Report Abuse
still potential to enter the field today ?