| Latest Forum Topics / Wing Tai Last:1.27 -- |
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Wing Tai
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vicky_ng
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20-Jan-2008 23:51
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haiz, i am still holding onto 3 lots....hope its going up after cny |
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Manikamaniho
Senior |
01-Jan-2008 21:51
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Just trading the sideways band for this counter gives good regular yields... 
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singaporegal
Supreme |
01-Jan-2008 20:21
Yells: "Female TA nut" |
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That may be true, but right now, market seems somewhat uninterested in this counter now. No unusually large volumes recently. |
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jackjames
Elite |
30-Dec-2007 19:54
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Wingtai teams up with Greatearth Construction for top offer for residentail site in Alexandra Road, to build 40 storey high, about 400 homes. If Wingtai gets awarded the tender, it will be another one " good revenue source" for year 2008. |
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singaporegal
Supreme |
30-Dec-2007 19:25
Yells: "Female TA nut" |
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Hard to tell still. |
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jackboon
Member |
28-Dec-2007 22:20
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With PE about 5, I think it may rally anytime. |
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singaporegal
Supreme |
27-Dec-2007 22:12
Yells: "Female TA nut" |
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Bollinger bands are tight... watch out for large price change. Direction of change is uncertain though... |
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tiandi
Senior |
11-Dec-2007 22:06
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Wing Tai annouced results of Rights Issue in sgx website. 181% subscribed. For those who exercised the RIGHTS, you may check your CDP statement as new mother shares already credited into the accounts. |
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shmn_y
Member |
20-Nov-2007 20:54
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Thanks Tiandi for your comprehensive reply on 18/11. It really clear things up for me on Wing Tai R. Thank you.
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kiwi77sg
Member |
19-Nov-2007 08:11
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Tiandi, thanks |
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tiandi
Senior |
19-Nov-2007 01:03
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kiwi77sg, Q: If I am entitled shareholder that means I am given with the special rights dividend of 20.5 cent, YES then I should subscrible or convert this to mother share. A: It is up to you. You have your Option to exercise (subscribe) or sell your Rights. If you want to to sell your Rights , you must do it before Monday 19 Nov 5pm. Then I would be able to earn the nil paid rights, on top of the 20.5 cents. A: You are already GIVEN nil-paid Rights before 9 Nov because you are entitled. Are you sure you are entitled?? You can check your CDP statement to be sure, it will have the Wing Tai R or Wing Tai R100 with 1 for 10 quantity in the statement, You can check your statement using CDP internet access if you are already registered. You can call CDP hotline to ask also. Q: If buying the nil paid rights and convert to mother shares, he/she will be paying at a lower price as compare to buying the mother shares. Pls correct me if I am wrong. A : Hard to be sure, it depends on market price of both mother share and nil-paid Rights, market liquidity, timing and others like Trade commission subject to minimum charge, especially when you deal with small number of shares. The example I gave allow you to know your total price you would pay.Remember tomorrow is the last day of Rights trading... |
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kiwi77sg
Member |
19-Nov-2007 00:07
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Tiandi, tanks alot. If I am entitled shareholder that means I am given with the special rights dividend of 20.5 cent, then I should subscrible or convert this to mother share. Then I would be able to earn the nil paid rights, on top of the 20.5 cents. If buying the nil paid rights and convert to mother shares, he/she will be paying at a lower price as compare to buying the mother shares. Pls correct me if I am wrong. Cheers |
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tiandi
Senior |
18-Nov-2007 23:35
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jackjames, I am not familiar with Yong Nam, if I am free I might study and try to understand. Warrant is normall attached I am of the opinion that share price correct itself normally on or after the EX date , which fell on Nov 1 in the case of Wing Tai Rights Share Issue. Since Wing Tai had several Ex, a taxed 3 cents divvy, a taxed 5 cents Divvy and a net 20.5 cents Special Rights Divvy that can be used to subscrubed for 1 for 10 Right issues without cash outlay, that could mean people value the share price AFTER Nov 1 . which is already Ex, to have less in market value. The Rights share, being 1 for 10 means the NEW mother shares should be diluted by the 10% if the Rights Issues are 100% subscribed, given NOTHING else change. So that is a -10% factor due to 10% more shares in the market, but this will be in the market only around Dec 7-10.. The Dividend of total 33 cents is quite a lot in term of % of share price in low $3 range, that means another about 8-10%. Two 10% were against the Mother share price of low $3 at early November, plus the poor market sentiment could have caused the existing Mother share to drop , indeeds it went down so sharp and fast to a low point at 2.54 momentarily What is significant of th eNov 23 Last day? It is a day when CDP shut off and determine how many people apply for Wing Tai Rights, and how many people apply for Excess Rights. There are a maximum number of Rights, 72,179,600 to be exact, to be allocated to those who exercise their Rights and those who want to apply the excess Rights ( this one I did not cover on earlier post, what this means was the entitled shareholder CAN apply More than their allotment of 1 for 10 at the SAME exercise price of $2.05 per share, NO LIMIT is attached to any entitled shareholder to apply for EXCESS rights, but applicant must PAY first like IPO case and allocation must first go to those that apply on their 1 for 10 entitlement, and after ALL people who applied and be allocated their Rights, when there is EXTRA Rights that nobody wants, they will be allocated to those who applied EXCESS RIGHTS shares, Director had absolute discretion to allocate them according to their power and their own system) . When CDP complete the process they shall announce how many Rights subscription and excess right subscription, if these are OVER-subscribed at very high multipler, then we know Wing Tai Rights is heavily subscribed. Over Subcription means people want the Rights. When announcement is made, people may react again depending on market sentiment and % of subscription. I would think when Rights become New Mother shares around Dec 7 to 10 when these NEW mother shares are deposited in the CDP accounts, then the Share dilution from these 10% more Rights would be in full force then. |
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jackjames
Elite |
18-Nov-2007 22:31
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tiandi, I have question on yongnam rights, do u mind to read the yongnam post and reply there? thanks. |
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jackjames
Elite |
18-Nov-2007 22:24
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tiandi, thank you so much for your effort in explanation, it is crystal clear now. Wingtai rights ($2.05) + X price of Wingtai R must be really close to Wingtai price ... so, the X price actually fluctuate closely with Wingtai price to match the $2.05 ... usually what will happen on Nov 23? It usually up or down? With all these rights issue creating dilution of the shares, the price might dip a little bit, isn't it? talking about right, is the yongnam warrant rights even more complicated? or it is similar to wingtai rights? |
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tiandi
Senior |
18-Nov-2007 21:05
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jackjames, shmn_y, From your questions I think you might have misunderstand the meanings of Rights, Rights trading price ( which varies daily in the market) and Rights Issue Price ( this one is FIXED, for Wing Tai this is $2.05 each share). I shall attempt to post this according to what i learnt, hopefully you can understand Rights issues in another simple way and thus answers to your questions should become clear. This intention here is NOT to influence you to trade Wing Tai shares or Wing Tai Rights, the intention is so that the meanings of Rights, Rights Issue Price are understood in better perspective. What are rights issues? (within bracket is for Wing Tai ) Below is from CDP website, I put Wing Tai case into the bracket A rights issue entitles you to purchase new shares issued by the listed company at a predetermined price( Rights Issue Price of $2.05 each), which is usually less than the current market price( $3.46 on Aug 28 when Wing Tai decided ,$2.05 was -41% of $3.46). Rights issues have a short shelf-life (must exercise before Last Day, 23 Nov), are freely transferable ( can trade in market from 9 Nov to 19 Nov), and issued in proportion to the number of shares you own (1 for 10 means 100 Rights for every 1000-share). I find one important term that can help you understand Rights is the 'nil-paid' Rights, that means the entitled shareholders DO NOT pay for the Rights, which is GIVEN to them. Now I used the term nil-paid Rights so that it is very clear when refered to. If you are the entitled shareholders, you are already given before 9 November the correct proportion of the nil-paid Rights. In your CDP account and sgx website you can recognised them as Wing Tai R ( for 1000-Rights, nil-paid) and Wing Tai R100 ( for 100-Rights, nil-paid). As these nil-paid Rights are transferrable, there are traded in the market, but only in the Rights Trading Period 9 Nov to 19 Nov, next Monday is the last day of Rights trading.. Remember these are nil-paid Rights, entitled shareholders got it free because Wing Tai rewards to them. But these nil-paid Rights have some market value, especially when the difference of mother shares and Rights Issue Price is positive. Why? Since mother shares values is $2.73 on last Friday, and it take them Rights Issue Price of $2.05 to convert to mother share, so in theory, the gap of 2.73-2.05 = 68 cents is the 'hidden value' of these transferable 'nil-paid Rights'.. In actual fact, the buyer and seller of trading nil-paid Rights need to pay for other cost such as trading commission subject to some minimum, CDP clearance fee and tax, thus the 'market value' of the nil-paid Rights would adjust with these costs in mind and trading price also varies with market sentiment but would move in same direction of Mother share price because the Rights Issue Price of $2.05 is FIXED. You can also imagine if the market sentiment was like in end September when Wing Tai mother share is about $4, what will be the 'nil-paid' Rights share market value? likely around 4-2.05=1.95 less some discount ( to take care of trading fees you need to pay) What is your total cost? for the BUYER trading nil-paid Rights on 16 Nov. During the Rights Trading Period, what if you want to BUY the nil-paid Rights from market with the intention to convert them to new Mother Shares, then what is your total cost? Now let's take a look at the Friday closing price of MotherShare of Wing Tai = 2.73, Wing Tai R (1000-nil-paid Rights) of 0.605 and Wing Tai R100 (1000nil-paid Rights) of 0.64, and let's say a BUYER buy from a SELLER 1000 Wing Tai R at Friday closing price of 0.605, what this means to the BUYER is he paid 1000*0.605 plus commission plus tax plus clearance fee , says = 605+25=630. Now the BUYER has the Rights entitlement of 1000 Rights. Next, the BUYER needs to exercise his Rights, or he can purchase from Wing Tai by paying Rights Issue Price of $2.05 each, so he need to pay $2050 to exercise his Rights so that Wing Tai can convert these to 1000 New Mother Shares. he need to do this before the 23 Nov, the Last Day LD. So this BUYER would pay 630+2050= 2680 for 1000 share, average share price then would be $2.68 What about SELLER? selling nil-paid Rights on 16 Nov SELLER had 10000 shares before Books Closing Date, he thus had 1000 nil-paid Rights, he sold his nil-paid 1000 Rights to the BUYER at market price of 60.5 cents, he takes CASH of 605 minus ( trading commision,clearance fee and tax, assuming these add up to $30) so SELLER get back 605-30=575. He nows had given the RIGHTS to the BUYER by taking the 575 dollars Cash and thus he SOLD his Rights and he no longer is entitled to convert Rights to mother shares. Now to jackjames and shmn_y on your questions on 2.05 and 0.6 So after the lengthy explanation, I hope you know the answers to your questions actually is clear when you know the meaning of Rights Issue Price is 2,05, it is FIXED and , market price of the nil-paid Rights share , 0.6 you saw in sgx website, vary according to market perception of its market value. Persons who BUY at market these nil-paid Rights HAVE to pay Right Issue Price of $2.05 each, and must do so by 23 Nov so as to convert to Wing Tai Mother share. Those who were entitled shareholders were given the 20.5cents Special Rights Dividend to pay for the Right Issue Price so they do not need to have any CASH outlay if they choose to exercise all their Rights. to kiwi77sg Q: Yes to both your questions. to shmn_y Q:can anybody explain what exactly is a rights share? answer already above Can it be turn into ordinary share? Yes. |
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singaporegal
Supreme |
18-Nov-2007 19:51
Yells: "Female TA nut" |
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Remain cautious. TA charts still show bearish signals. |
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jackjames
Elite |
18-Nov-2007 08:35
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same question as shmn_y, so, those who got the right share, they bought it at 2.05 ? and now have to sell at 0.6 ? if so, that's the lousy shit i ever see.. |
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kiwi77sg
Member |
18-Nov-2007 01:58
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Heard if one intend to sell the right share, must done by 19 Nov 2007. If one intend to subscribe, due date is 23 Nov 2007. Correct ? |
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shmn_y
Member |
17-Nov-2007 23:10
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The rights share is offered at 2.05/rights share. Is it worth it to buy since the rights share price is now only around 0.6! By the way, can anybody explain what exactly is a rights share? Can it be turn into ordinary share? Thanks! |
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