Price jump comes after news oil producers will slash output by about 1.16 million barrels per day.
Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by about 1.16 million barrels per day, while US crude climbed $4.17 to $79.84. The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia.
How the market view for Icon proposed (I) PROPOSED CAPITAL REDUCTION; AND (II) PROPOSED SHARE CONSOLIDATION(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")?
CIRCULAR TO SHAREHOLDERS IN RELATION TO THE: (I) PROPOSED REDUCTION OF THE ISSUED SHARE CAPITAL OF ICON OFFSHORE BERHAD ("ICON" OR THE "COMPANY") BY RM830.00 MILLION PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016; AND (II) PROPOSED CONSOLIDATION OF EVERY 5 EXISTING ORDINARY SHARES IN ICON ("ICON SHARES") INTO 1 ICON SHARE
“…its whollyowned subsidiary, Icon Offshore Group Sdn. Bhd. secured a contract from PETRONAS Carigali Sdn Bhd (“PCSB”) for the provision of an anchor handling tug vessel with crew and equipment for twenty-four(24) hour services. The services will be utilised to support and maintain drilling rigs, offshore installations, derrick barges, towing and anchor job required by PCSB during their drilling and project activities. ICON received the first work order award on 27 February 2023 and has commenced operations on 18 April 2023 as per vessel on-hire certificate for approximately 255 vessel days.”
Share consolidation of every 50 existing ordinary shares in Icon Offshore Berhad ("Icon") ("Existing Shares") into 1 consolidated share in Icon ("Consolidated Share(s)") as at 5.00 p.m. on Thursday, 23 January 2020 ("Entitlement Date") ("Share Consolidation")
======== After 3 years, another share consolidation. Long term loyal investors suffered huge losses
================= CIRCULAR TO SHAREHOLDERS IN RELATION TO THE:
(I) PROPOSED REDUCTION OF THE ISSUED SHARE CAPITAL OF ICON OFFSHORE BERHAD ("ICON" OR THE "COMPANY") BY RM830.00 MILLION PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016; AND
(II) PROPOSED CONSOLIDATION OF EVERY 5 EXISTING ORDINARY SHARES IN ICON ("ICON SHARES") INTO 1 ICON SHARE
==================== Be aware of on-going corporate exercise Two shares consolidation in 3 years !!!
Long term loyal investors, specially retailers, incurred huge losses during 1st share consolidation of 50:1 Will continue to incur another huge losses if still holding to the old shares.
Be careful trading low price high NOSH penny stocks
DGB is the latest high NOSH low price penny stock proposing to do shares consolidation !!!
This announcement is dated 26 June 2023.
=================== Be careful if holding high NOSH low price penny stocks for long term
Directors have power to propose shares consolidation to trim down your shareholdings by many times and raise more fund via rights issue with free warrants
Long term shareholders holding at high prices will incur huge losses from share consolidation
List of penny stocks with shares consolidation :-
2023 in progress - DGB, MMAG, DOLPHIN, TECHNAX, ICON
Super Good news ! More & more companies rushing to be listed into KLSE ! There are 6 companies going to be listed in KLSE for July & early August 2023 !
The directors have made a fantastic decision to sell some assets at the right time to make a profit of RM218M. Now it's a healthy Balance Sheet. What makes you think the price will drop further?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
5354_
4,527 posts
Posted by 5354_ > 2023-03-31 04:49 | Report Abuse
Icon better than your counter Revenue which plunge a lot in 2023. Icon bottom price look like is 8.5 sen?
Kayvera
Unfortunately, price not affected favourably?