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Yong nam
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Shirlicious
Member |
28-Nov-2007 12:22
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hi pple, would like to know abt how to go abt SELLing the rights before the Rights trading period ends. So u mean after i got the big envelope from CDP and if the paper stated "numbers of warrants provisionally alloted", does that mean im a entitled shareholders as i already accquire the mother shares for a couple of months? How to check whether what i was alloted was NIL PAID RIGHTs if i do not have a CDP account? thanks | |||
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Pinnacle
Master |
28-Nov-2007 10:53
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I'm going to take my time in converting to mother share... YN should at least reporting another 2~3 quarters of good earning based on the contracts they won. |
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tiandi
Senior |
28-Nov-2007 10:41
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 fyi, i called Tricor, which is the warrant agent, the time taken for converting warrant to mother share is said to be about 5 days. |
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jennlsk
Member |
28-Nov-2007 10:24
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Xie Xie 
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Pinnacle
Master |
28-Nov-2007 10:17
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saw it. Thanks tiandi. | |||
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tiandi
Senior |
28-Nov-2007 09:52
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pinnacle, this was announced in their Oct 18 document in sgx website. Warrant expiry is 5 years from date of issue., copy and paste here for ease of reading: 2.2 Terms of the Warrants The Warrants will be issued in registered form and constituted by a deed poll which shall set out the terms and conditions of the Warrants ("Deed Poll") and which may from time to time be amended or supplemented. Each Warrant will, subject to the terms and conditions in the Deed Poll, carry the right to subscribe for one New Share at the Exercise Price during the exercise period commencing on the date of issue of the Warrants and expiring at 5.00 p.m. on the market day immediately preceding the fifth (5 th ) anniversary of the date of issue of the Warrants ("Exercise Period"). Any Warrant remaining unexercised at the end of the Exercise Period shall lapse and cease to be valid for all purposes. The Exercise Price of S$0.25 represents a discount of approximately 41.9% to the last transacted price of S$0.43 per Share on the SGX-ST on 17 October 2007 (being the market day immediately preceding the date of this announcement). The Warrants will be listed and traded on the SGX-ST under the book-entry (scripless) settlement system. The listing of and quotation for the Warrants and the New Shares on the SGX-ST, if approved, is expected to be subject to, inter alia, there being an adequate spread of holdings of the Warrants to provide for an orderly market in the Warrants. Each board lot of the Warrants will consist of 1,000 Warrants or such other board lot size which the SGX-ST may require and as may be notified by the Company. |
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Pinnacle
Master |
28-Nov-2007 08:58
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Hmm... I can't find it. 
tiandi, did you see it anywhere? I found only warrant2004. |
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jennlsk
Member |
28-Nov-2007 08:51
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I meant the expiry date of the conversion of warrant to mother shs | |||
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Pinnacle
Master |
27-Nov-2007 21:21
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Books Closure Date : 19 November 2007 at 5.00 p.m. Despatch of Offer Information : 22 November 2007 Statement (together with the PAL or the WEWAF, as the case may be) to Entitled Shareholders Commencement of trading of : 22 November 2007 from 9.00 a.m. nil-paid rights entitlement Last day of trading of nil-paid : 30 November 2007 at 5.00 p.m. rights entitlement Last date and time for splitting : 3 December 2007 at 4.45 p.m. provisional entitlements of Warrants Last date and time for acceptance : 6 December 2007 at 4.45 p.m. (9.30 p.m. for and payment of Warrants Electronic Applications) Last date and time for renunciation : 6 December 2007 at 4.45 p.m. and payment for Warrants Last date and time for application and : 6 December 2007 at 4.45 p.m. (9.30 p.m. for payment for excess Warrants Electronic Applications) Expected date for issuance of Warrants : 17 December 2007 Expected date for commencement of : 21 December 2007 trading of Warrants on the SGX-ST (subject to there being an adequate spread of holdings of the Warrants to provide for an orderly market in the trading of the Warrants) |
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jennlsk
Member |
27-Nov-2007 15:12
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Pinnacle, do u know the expiry date for conversion? | |||
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Pinnacle
Master |
27-Nov-2007 12:02
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Before you do that, double check in that you have the Yongnam R in your CDP account, and confirm the number of rights that is credited in. This is so that you do not short sell it. To answer your question, yes, you can sell your rights at current market price of $0.04 in open market. |
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loyfam88
Senior |
27-Nov-2007 11:59
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Thanks for the guidance. One last question. I DON'T have to do anything and I can sell the rights in open market and just pocket say $0.04 *3000 - brokerage? |
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tiandi
Senior |
27-Nov-2007 11:49
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loyfam88, I've rec'd the envelope. What do I do? Just go to the ATm and apply? Can I use internet banking to do that? first you must decide for yourself what you want to do with your nil-paid Rights. I can think of three options for you for simplification, one is forget about it and throw it away, second is SELL them in the market and pocket the cash, this you can do that using your internet account but you must do so before 30 Nov 5pm. Third is you want to convert to warrant by paying 0.03. For this third option, you must do so before the Rights Closing Date, yes, you can use ATM, no you cannot use internet banking. Does that mean once I apply, I can sell off rights in the open market? ( NO, if you want to sell your nil-paid Rights, you are taking the second options above, then you DO NOT need to 'apply' or exercise the Rights ) If I don't sell, from what I understand below it will become warrants for 5 years. Do I need to pay anything extra to do that? ( you must then exercise before closing date, or else these Rights become zero value, you pay 0.03 for all your entitlement plus ATM admin fee of $2) Read something about $0.25 what has that got to do with all these? ( that is second portion of this Rights Issue after you already paid 0.03 to convert to warrant, you will get the warrant2012, this warrant entitles you to convert to new mother shares by paying 0.25 each) |
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Pinnacle
Master |
27-Nov-2007 11:43
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loyfam88. you can apply through ATM from the 3 local banks. No internet banking allows. You don't have to apply in order to sell. You apply to confirm your interest in the warrants. If you don't sell or you don't pay for the rights ($0.03), it will expire and go worthless. You pay $0.25 to convert warrants to mother share. Hope my simplified answers can clear your doubts. |
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loyfam88
Senior |
27-Nov-2007 11:34
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Sorry need guidance as still quite blur on this. I've rec'd the envelope. What do I do? Just go to the ATm and apply? Can I use internet banking to do that? Does that mean once I apply, I can sell off rights in the open market? If I don't sell, from what I understand below it will become warrants for 5 years. Do I need to pay anything extra to do that? Read something about $0.25 what has that got to do with all these? |
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tiandi
Senior |
27-Nov-2007 11:28
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Theresa, Q: If I am entitled to the rights since I bought the mother shares ( you must buy during Cum-Right, please be very sure, if you are entitled shareholder, by now you MUST know already since CDP must have sent you the big envelop and your CDP account MUST have the nil-paid Rights shares credited ), I can juz confirm to buy the rights at the ATM machine @ S$0.03 + admin fees( Correct , before their closing day), which will eventually become warrants after the closing date. But ppl buying rights from open mkt, either through remisier or online, will only pay the mkt rate @ the price of S$0.04 (now) + remisier or online fees (do the ppl need to pay the issue price of S$0.03? { if they just play the Rights, they can SELL before the Rights Trading period end, but if they intend to get the warrant, they have to EXERCISE the Rights and pay the 0.03 to convert to warrant}) (, so it will has an extra amt of S$0.01 and not an extra amt of S$0.04 ? Pls correct me if I am wrong. { if they really want to convert to warrant they paid 4 cents +++ plus exercise price of 3 cents.total 7cents ++,,.} If the public investors are to purchase the rights so much more (an extra of S$0.04), why should there be such high volumes everyday for the rights? Eventually, when the rights become warrants, can it fetch good price? I am abit curious abt it.(people trade because of their perception of the thing they trade. all kinds of reasons, I cannot tell you whether it fetch good price, sorry) I think warrants only have a life span of 3 years. ( This one is 5 years, in their announcement, i do not know how you inteprete to 3 years, you can read from their announcement or just call CDP hotline to check) So do you think it is worth getting the rights? ( sorry i do not answer this question) |
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Theresa
Member |
27-Nov-2007 10:50
Yells: "I am still learning ......" |
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Hi Tiandi, There is something which I am quite puzzled abt your reply towards other members. If I am entitled to the rights since I bought the mother shares, I can juz confirm to buy the rights at the ATM machine @ S$0.03 + admin fees, which will eventually become warrants after the closing date. But ppl buying rights from open mkt, either through remisier or online, will only pay the mkt rate @ the price of S$0.04 (now) + remisier or online fees (do the ppl need to pay the issue price of S$0.03?), so it will has an extra amt of S$0.01 and not an extra amt of S$0.04 ? Pls correct me if I am wrong. If the public investors are to purchase the rights so much more (an extra of S$0.04), why should there be such high volumes everyday for the rights? Eventually, when the rights become warrants, can it fetch good price? I am abit curious abt it. I think warrants only have a life span of 3 years. So do you think it is worth getting the rights? Thanks for yr reply. |
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Pinnacle
Master |
25-Nov-2007 20:08
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A reminder on YN right issue. Yongnam Holdings ? Is aiming to raise up to about $100m in a warrants issue. The structural steel fabricator and specialist engineering solutions provider announced yesterday that it will be making a renounceable and partially underwritten rights issue of up to about 366.6m warrants at a price of $0.03 each. Each warrant will carry the right to subscribe for one new share in the company at an exercise price of $0.25. The issue will be made on the basis of three warrants for every 10 existing shares held in Yongnam. The net proceeds of the warrants issue will amount to up to about $10.8m. Assuming all the warrants issued are exercised, Yongnam will receive further gross proceeds of up to about $91.6m. Yongnam said the warrants issue is undertaken in conjunction with the proposed fund-raising of up to $100m by wholly owned Yongnam Engineering & Construction (Pte) Ltd through a transferable term-loan facility and/or the issue of floating rate notes. Yongnam said it intends to use the funds raised to purchase steel struts, refinance the group's existing term-loan facilities and for general corporate purposes. |
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AK_Francis
Supreme |
25-Nov-2007 01:29
Yells: "Happy go lucky, cheers." |
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My advice is don't buy the Rights, just sell all what you have. Apparently, you will suffer some loses, but don't bother. Leave the market and return once there is opportunity again. Cheers. | |||
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tiandi
Senior |
24-Nov-2007 16:54
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jackjames, Your calculations are correct. Please note that these are more academic in nature because there are many IFs. haha, Mr Market can change rules fast without notice. I tend to agree there is a good chance to make big with just a 3000 SGD max liability, please do consider other factors so as to arrive at your own Risk to Reward computation. One more thing , you can sell warrant in market, then you do not need to come up with 25000 SGD for conversion.. Back to your questions of time required, I have not done this warrant conversion before so cannot really provide you with answer. The procedure is available in the CDP website http://www.cdp.com.sg/faq/warrant_faq1.html, put it simply : when you want to exercise, you send in your exercising documents to the Warrant Agent, they check many things and provide exercising notice to CDP, CDP approved, debit your warrant from your securities account, then credit you with new mother shares, when you see new mother shares in CDP account, you can sell, if you are selling too early that trade will subject to bought-in market . So always check CDP securities account to be sure new share is available and "FREE" before sell. I think it takes weeks to process due to a warrant agent handling checking and paper work before sending to CDP. From sgx website warrant information, the old warrant2004 had a Warrant Agent name and address below, you might want to call them to check on how long is the process of either sell warrant in market or convert to mother shares and ready for selling.
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