Bredonyeap: It is still too early to judge whether TGUAN had made the right move by issuing ICULS. The news actually disappointed the investor as investor is expecting cash call come with bonus issue.
As for the Barakah. I think you can refer the Barakah L forum. More detail is there. In summary the company has the right to redeem but according to HLIB analysts, it is unlikely since the company need cash for this operation and furthermore the directors themselves are owning the RCULS.

Brendonyeap : ICULS is irredeemable meaning the company cannot redeem the loan stock. Unlike RCULS issued by Barakah, the company has the right to redeem with 20 cents. So theoretically it is safer than RCULS. Both can also convert to mother share after a certain period normally upon the anniversary date. As of now the company have not given the detail of the ICULS such as the subscription price and whether there is any exercise fee imposed.

Yesterday sell down was due to the fact that the liquidity of the iculs and warrant will be limited. Hence not good for the short term traders. But I agreed with Multibagger that so long TDI biz can grow further after the factory expansion, the shareholder should be benefited from long term perspective. The question here is why not right issue and why iculs.