Let say 25 % of the total shares issued
= 2.3 billions x 25 % = 575 millions are in the hands of the retailers, if they push up 10 sen, they have to pay additional 57.50 millions, if they push up 20 sen, they will have to pay additional of 115 millions.

@ Mabel, you are always welcome.
For those who owned and subscribed to the right issue, if the price hovering around 0.10 - 0.12, you may have to hold for sometime until you get a better returns.
You have to average down if the price drops to 0.07 - 0.08 , which is unlikely.

What is important for shareholders to consider before they invest ( for medium to long term ), they must have the knowledge of the company's financial position, the capability of the management, the future prospects etc.

After the completion of the Right issue, ICON is temporarily out of financial difficulties. All shareholders can be considered new shareholders.
Anyhow, we will know the price on within the next few days.
On the first day of the listing of the right issue shares, most likely the price will be hovering around the right issue price.

From the announcements made by ICON,

the company actually hoped to raise maximum amount of RM 247.21 millions, but they received oversubscribed amount of RM 296. 33 millions ( 247.21 m x 119.87 %) for Right Issue which is 19.87 % oversubscribed ( 296.33 m ÷ 247.21 m ).

The minimum amount which Icon hoped to raise was RM 183 millions.
So, the right issue was oversubscribed by 61.93 % ( 296. 33 m ÷ 183 m) .

It means the right issue was oversubscribed.

As a shareholder of TAGB , you have 2 options :

1) accept the offer of 0. 28 per share, or,

2 ) accept exchange of shares with New issue of TA ENT shares at the ratio of 1 TAGB share
for 0.4211 new TA ENT share. It means if you have 1000 Shares of TAGB shares, you can get only 421 new TA ENT shares ( 1000 x 0.4211 )
So, 0.4211 x 0.665 is = 0.28.

In conclusion, you will get the same value or amount either you choose option 1 or option 2.

Sslee, good idea, but looking for others for better returns.

I have invested at an average below 0.24, around 20 % profit in 2 years is OK, but will vote to block the deal.

The main reason why TAGB does not comply with the public shareholdings spread is due to the main shareholders have accumulated multi millions of shares in the open market over the last few years. we can see that in the announcements in Bursa Malaysia.

HLCAP was traded below 1.0 before it was taken private.
It was very lucky that one of the major shareholders, DR YEO from YNH blocked the deal. The share OF price HLCAP was subsequently pushed up above 19.00 and then dropped a bit before it was taken private.
So the minority shareholders should be united and strong enough to block the deal to take private.
TAGB was split out from TA ENT in year 2009, since listed the price dropped fr3 below 0.60 all the way down to below 0.30 after 10 years listing.
What is the purpose of slipt out ot TA ENT and after 10 years, TA Ent take back again. Why the major shareholder never gi3 chance for minority shareholders, NTA is 0.59 without taking into account the lands and properties serounding in KLcc and IMBI areas. Without revaluation.

@ Carpophorus,
If the right issue is just 2 for 1 without shares consolidation , the Theoretically ex price will be
( 0.105 + 0.105 + 0.035) ÷ 3 = 0.0816667
( without taking into account the free warrants), it means the reference price on the first day after ex will be 0.08 ( rounding up).

Those who bought before ex date can only sell the 100,000 shares they have in their cds account. The 200,000 shares from the right issue can only be sold after right issues have been completed and the 200,000 shares have been credited to their Cds account which may take few weeks later.

@ Mabel, you are always welcome.

After right issue, Icon is temporarily OK for the next few months to a year. The cost of investment for all shareholders are almost the same, i. e 0.105 less price of warrants.
So, after the listing of new right issue shares, if the retailers have the holding power and want to recover back their losses in this counter, they can average down if the price drops to 0.06 or 0.07 within the next few months.

Icon before this right issue was a gone case. All shareholders suffered losses. After the right issue completed, all shareholders start a new game.
The price of the new ICON shares depends on the capability of the management, crude oil price, the ability to get better contracts and other factors.

@ Carpophorus, you may need to read through
the relevant comments made by the i3investors since 20 Jan 2020 for your benefits.
Those who bought 100,000 shares before ex date and can sell 100,000 shares after ex date must be God's chosen one, may be you are the chosen one.

What is the difference between
1) Right issue with consolidation of 50 become 1 and followed by Right issue of 100 for 1.

2) Right issue. without consolidation of 50 become 1 and just 2 for 1.

The main reasons are as below

Assume a retail buyer owned 100,000 shares before consolidation of 50 become 1
, and his cost of investment = 100,000 x 0.035 = 3500

After consolidation of 50 become 1, if the retail buyer does not subscribe to the right issue and he sell his shares after ex date between 0.20 and 0.90, he can get back

a) ( 100,000 ÷ 50) x 0.20 = 400

b ) ( 100,000 ÷ 50) x 0.90 = 1800

so, he can only get back between 200 and 1800 only.
If he sell after the listing of right issue shares, may be he can only get back
( 100,000 ÷ 50) x 0.10 = 200 only.

So we can see that the retailer can only suffer loss. It means if the existing shareholders want to continue to play, they must pay new money to play the game.

2 ) if no consolidation of 50 become 1 and just right issue of 2 for 1 at 0.105 ( just leave free warrants issue aside). Most likely all the retailers will not subscribe for the Right issue, and the major shareholders, banks and the underwriters have to pay. Say the listing price after right issue completed is 0.10, the shareholders with 100,000 shares can sell all at 0.10 and get 10,000 campared with his original cost of investment of 3500, his gain is 185 % or
6500 ( 10,000 less 3500 ), in this case all the retailer buyers will be laughing.

Congratulations to those who have bought around 0.185 - 0.19
at the end of Sept 2019, you have unrealised profits of 160 %.
If you have bought 100k at 0.19, you would have made 300 k just within 5 months.

All are welcomed to share their views, we are all small retailers, we are lack of privilege and crucial informations.

Sapnrg has shares issued of around 16 billions.
If PNB dare to push down to 0.5 cent, it means the total market cap for Sapnrg is 80 millions only. ( 16 b x 0.5 sen ). Tan Sri will be very happy to acquire 51 % ( around 41 millions ), his one year remunerations of 72 millions is almost doubled the amount he invested.
May be many others big kaki are very eager to join in also.

The whole picture is clearer now, especially if the Icon share price close around 0.60 this afternoon and tomorrow trading between 0.60 and 0.40.

Icon shares available in the market after consolidation 50 become 1 is only around 23 millions. Those who were brave enough and bought around 0.20 - 0.24 had already taken profit or cut lost. Those who had bought 0.30 and below most likely all sold out before 0.42. Those who bought last Friday may not be able to sell today because they do not have free balance of shares in their Cds. Those who purchase today even they have paid, they cannot sell the shares because no free balance of shares in their Cds.

All right issue must have underwriters. If the right issue is under subscribed, the underwriters will take up the balance not subscribed.

Fot the case of consolidation and oversold by the retailers, teoct has explained clearly.

What we are not certain is we are not sure whether the major share holders want the retailers to subscribe or not to subscribe to the right issue.

If Icon were to be given huge contracts and become very profitable, then they will make the retailers to sell the OR FORMS.
IF the prospect for ICON is not good then they will make the retailers to subscribe to the right issue as I have explained before.

China has good experience in handling SARs in 2003 and 2014 - 2015 EBOLA outbreak in Africa.

If they really want the retailers to subscribe to the right issue then they will press both Icon and OR to limit down next Tuesday, Icon 0.51 and OR 0.09, after ding dong, ding dong until OR cease trading.

If they want the retailers to subscribe to the right issue, then they will maintain the Icon shares price, it can be 0.40- 0.80 or even higher until the closing date of the subscription of rights issue and at the time press down the OR price below 0.10.

If they don't want the retailers to subscribe to the right issue, then they will press down the Icon shares price below 0.30 before the closing date of the right issue and at the same time maintain the OR price with a difference of less than 10 sen of the Icon shares price at the market.

What invincible explained is correct and is referring to your average cost of holding 126,000 shares ( assuming you convert the free warrants without conversion price ).
50000 shares ÷ 50 = 1000 Shares
Right issue 100 x 1000 Shares = 100,000
Warrants = 100,000 ÷ 4 = 25000
Total = 1000 + 100,000 + 25000
= 126,000 shares ( 126000 ÷ 1000)
= 126

0.035 x 50000 = 1.75
0.105 x 100, = 10.5

Happy Chinese New year !!!
Icon is designated, it means paid first before you
can buy. Indirectly, it means no more contra and no more naked short selling. So, the movement of the Icon shares price before the listing of the right issue shares is totally under their control. It can be pushed up higher or it can be pressed down.
The movement of OR is hard to predict also., but most likely is down because retailers can sell the OR forms in hand since yesterday.

Charles T, you are right. Icon shares can push up and down until the day before the listing of ICON right issue shares.
There are more than 400 millions units of OR queuing to sell, why big kaki don't buy.

Those who promote to buy OR at 0.39, please go to buy and don't remember to show your contract note for purchase. Don't mislead others to get trapped and get burn

Mabel and all I 3 investors, Happy Chinese New year, GONG X I FA CHAI

A big trading range and high volatility will attract
a lot of retailers to join the game.

Charles and rr88 have deep knowledge in share markets.

Why the big kaki don't want to buy OR at 0.39.????

For those who have never gone through 1994, 1997, 1998, 2001, 2008 please be careful.

For those who have gone through 1994, 1997, 1998, 2001, 2008, please be careful.

Let wait and see what will be the price for OR on 2 Feb 2020 and what will be the price for ICON shares on 20 Feb 2020.

A planned Setting of a higher reference for OR and a higher transacted price for ICON shares within this few days will brain wash the retailers so that within these few days when Icon shares price and OR price drop lower, a lot of retailers think that there is a good opportunity to make some money.

Why the reference price for OR is 0.69, while the reference price for ICON shares is only 0.67, which is lower than the OR reference ????

Ex date is 22 Jan 2020, it means those who bought on 22 Jan 2020 is not entitled. Only those who bought on 21 Jan 2020 is entitled to the right issue.

If they maintain the price above 0.50 or 0.60 for the next few days, most likely the plan is to distribute OR forms.

Since listed, ICON has been a tightly controlled company. A lot of Tabung Haji's investment in listed shares had been transferred to a Spv.
We don't know what is the plan, who knows it can be like MYEG before. Anyhow, retailers have to be careful and we should be able to know in the next few trading days.

Those who short sell at 0.67 - 0.71, now are forced to buy back at 0.71 - 0.715.

Mew827, if they have a Right issue of 2 to 1, most of the retailers won't sell their shares holdings, so the plan won't work.
The multiple proposals have been announced sine 1st Oct 2019, so they need few months to accumulate the shares.
The consolidation of the shares from
50 become 1 will make a lot of retailers holding odd lot, so this frightened them and made them sold their shareholdings.

In a longer time, say 6 to 12months, if ICON Can not get better contracts and perform better, it price will eventually o down.

It is all depend on the actions of the retailers. This right issue restructuring plan will not increase Icon's profits overnight or in a short period.
If all the retailers owned only 10 % of the 23 millions shares, and they sapu all at average of 0.30, total they paid = 0.3 x 2.3m = RM 690k only
Plus all the OR forms at average 0.15.
Total they paid = 230 m x 0.15 = 34 million only.
When right issue shares listed, they slowly distribute 1 billion shares back to the retailers at 0.40 to 0.20, they can take back more than 200 millions.
On the other way, they can maintain the 33 millions shares price until 3 Feb and distribute the OR FORMS to the retailers.
Anyway the retailers have to be careful.

We won't know theil plans. They can maintain icon 23 millions shares price above 0.40, and sapu all the 10 % ( 230 m) OR forms from the retailers say on average of 20 sen ( only 46 m )
. After all the right issue listed, they can distribute back a lot of the shares from above 0.40 all the way down back to 0.10 if ICON can not perform like THHEAVY since 2014.

They can have few plans depending on the actions of the retailers. If 25 % of 23 millions shares are in the hands of the retailers = 5.75 millions shares after consolidation. Or forms allotted to the retailers = 5.75 millions x 100 = 575 millions.
Assuming only 10 % of 23 millions = 2.3 m.
The OR forms allotted to the retailers = 2.3 m x 100 = 230 millions.

Only those retailers who have bought icon yesterday or today and have taken profit are winners.

Yesterday closed 0.415 not limit at 0.42, today's highest until 9.51 is 0.715, why ?
Because 2 limit consecutively, the counter becomes designated. All the plans will be disrupted.

If they have accumulated almost all the icon shares before ex date, it means OR forms are almost all in their hands, please remember all the shares with TH had been transferred and under controlled.

Anyhow, Icon has only around 23 millions issued shares at at today and the main shareholders may have cornered the shares, it is up to them to determine the closing price of ICON. Short sellers have to be very careful.