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Transcu
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gregorsamsa
Member |
23-Sep-2009 17:14
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hey, if you read the original SGX announcement, $0.117 might not be the resistance because Advance Opp Fund has only converted $250k worth of notes. There is still $2.25m to be converted by this year if I am not wrong, have to check the announcements. Point is: If Advance Opp Fund converts the notes, which it will, there will be more and more shares in the system causing earnings dilution. The method for calculating the conversion price (90% of 5 day average price) means that it is in the interest of the Company for a higher share price, so that a smaller stake of the Co is claimed with each tranche of conversion. As newspapers have put it, equity linked notes are "toxic". some of the local blogs have also covered it. When BT covered Transcu's notes, the reporter also called it toxic. The above 2 points show that unless there is someone willing to shore up the price, a downward spiral is almost inevitable. That is unless of course Transcu's pdt completes phase 3 trials (which it has yet begun) and starts selling them like hot cakes to fund its operation. Like someone mentioned. It is burning cash at the rate of $2m monthly. I have deemed interest. cheers |
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ROI25per
Master |
23-Sep-2009 16:09
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Conversion Price of S$0.117, maybe tis the support? PROPOSED ISSUE OF 1% UNSECURED EQUITY-LINKED REDEEMABLE STRUCTURED NOTES DUE 2014 BY THE COMPANY TO ADVANCE OPPORTUNITIES FUND All capitalized terms used and not defined herein shall have the same meanings given to them in the announcements dated 30 March 2009, 11 May 2009, 2 June 2009 and 16 September 2009 (the “Announcements”). The Board of Directors (the “Board”) of Transcu Group Limited (the “Company”) refers to the proposed issue by the Company to Advance Opportunities Fund (the “Subscriber”) of one per cent. unsecured equity-linked redeemable structured notes due 2014 (the “Notes”) with an aggregate principal amount of up to S$80 million (the “Proposed Issue”), and the Announcements made by the Company in connection with the Proposed Issue. The Company wishes to announce that the Subscriber has exercised its right to convert an aggregate principal amount of S$250,000 in respect of the first sub-tranche Tranche 1 Notes at the Floating Conversion Price of S$0.117. The Floating Conversion Price is based on 90% of the average of the five consecutive closing prices per share of the Company on 9, 10, 11, 14 and 15 September 2009, as traded on the SGXST, and in accordance with the terms and conditions of the Subscription Agreement dated 30 March 2009. To date, an aggregate amount of S$250,000 has been converted by the Subscriber, leaving an outstanding balance of S$2,250,000 in respect of the first sub-tranche of Tranche 1 Notes yet to be converted. The aggregate number of new shares allotted to the Subscriber is 2,136,752 ordinary shares in the capital of the Company (the “Conversion Shares”). The new ordinary shares arising from the conversion of the Notes in aggregate do not exceed 50% of the share capital of the Company. Subsequent to the allotment and issuance of 2,136,752 Conversion Shares to the Subscriber, the Conversion Shares will be listed and quoted on the official list of the SGX-ST with effect from 9.00 a.m. on Tuesday, 22 September 2009. Shareholders should take note that the in-principle approval from SGX-ST is not to be taken as an indication of the merits of the Conversion Shares, the Proposed Issue, the Company, its subsidiaries or their securities. None of the Directors or substantial shareholders of the Company have any direct or indirect interest in the Proposed Issue. BY ORDER OF THE BOARD TRANSCU GROUP LIMITED Tasuku Okubo 18 September 2009 |
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gregorsamsa
Member |
23-Sep-2009 10:18
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the structured notes are really quite bad... only companies who can't get funding from banks tend to go for those kind of equity issues... If you read their sgx announcement carefully, the conversion formula is in tranches and the number of shares to be issued at conversion is calculated at 90% of past 5 trading day closing price (not quite sure). What I am sure of is at this rate, if Transcu's price doesn't rise fast enough, advanced opportunities fund can become a substantial shareholder (they cannot convert to the extent where they own more than 50% of share capital). http://sgxstockpicker.blogspot.com |
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ROI25per
Master |
23-Sep-2009 09:43
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any idea why need so many ID, it cost $, every mth burning ~US$2m, they shld try to save $ every means The Board comprises: Mr Hironori Aihara (Non-Executive Independent Chairman) Mr Akihiko Matsumura (Chief Executive Officer and Executive Director) Mr Tasuku Okubo (Executive Director) Dr James Morley Anderson M.D., Ph.D. (Independent Director) Mr Alexander Meigs Haig, Jr. (Independent Director) Mr Alexander Patrick Haig (Alternate to Alexander Meigs Haig, Jr.) Mr Richard Lee Armitage (Independent Director) Mrs Lee Suet Fern (Independent Director) Mr Lim Ho Kee (Independent Director) Mr Lim Kok Hoong (Independent Director) Mr Kensuke Hotta (Independent Director) |
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God_of_War
Member |
20-Sep-2009 21:31
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But look fragile this baby. I'm still waiting for it to break 0.12 before collect. ZhanShen |
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derekchong
Veteran |
20-Sep-2009 20:39
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very strong support at 12cts. I think the lowest alredi lah. next week going up. |
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God_of_War
Member |
18-Sep-2009 22:10
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This one may have some more bandwidth to drop some more. See next week how. |
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God_of_War
Member |
18-Sep-2009 19:47
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Wait fr it to be cheaper abit first. | ||
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Fishcake
Member |
18-Sep-2009 16:02
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this structure note is not new, it was announced way back in May | ||
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ROI25per
Master |
18-Sep-2009 15:54
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the notes really tat bad ???? | ||
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christan
Senior |
18-Sep-2009 09:38
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12.5 cleared, 12 to go | ||
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christan
Senior |
18-Sep-2009 09:27
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lt does not look good. 10 coming liao | ||
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dealer0168
Elite |
17-Sep-2009 10:59
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haha u already answer me. Thanks.
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ROI25per
Master |
17-Sep-2009 10:46
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dunno , but will consider below 10 | ||
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dealer0168
Elite |
17-Sep-2009 10:42
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good or bad?
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ROI25per
Master |
17-Sep-2009 10:27
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PROPOSED ISSUE OF 1% UNSECURED EQUITY-LINKED REDEEMABLE STRUCTURED NOTES DUE 2014 BY THE COMPANY TO ADVANCE OPPORTUNITIES FUND sufficient for the burn rate til 2012 product launch |
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