yitian12, Yes two separate banker's drafts = one to Bioalpha Rights Shares Account and another to Bioalpha Rights ICPS Account

Let's analyze Solarvest price movement since before the ex-date,
Actual fact, one would still have made profit if the purchase was made before
it went ex for free warrants.

The mistake was buying after it went ex after the entitlements. For me I bought very early
when Solarvest first announced the bonus issue proposal and sold the mother and warrants shares after the listing of the warrants.

Assuming bought 4000 shares @ 2.73 on 19/02/21 (last done price before ex-date for warrant)

19/02/21 4000 @ 2.73 (End of day price) = RM 10,920
Starting with cost of RM 10,920
Prices keep getting lower and lower after listing of warrants

Scenario #1 sold both Solarvest & Solarvest-WA
on the listing day of warrants 19/02/21 :

2.59 x 4000 = RM 10,360
1.51 x 1000 = RM 1,510
Total = RM 11,870


Scenario #2 sold both Solarvest & Solarvest-WA
on last day BEFORE bonus issue 19/03/21 :

2.53 x 4000 = RM 10,120
1.53 x 1000 = RM 1,530
Total = RM 11,650


Scenario #3 sold both Solarvest & Solarvest-WA
today after ex-all for Bonus Issue :

1.59 x 6000 = RM 9,540
0.99 x 1500 = RM 1,485
Total = RM 11,025

I sold my remaining Solarvest (2.87) and warrants (1.86) today.
Was hoping it to breach RM3.00 with the LSS4 news. My average price at RM2.31 bought in December before the ex-date of the warrants.

What about the LSS4 ? Don't care about the LSS4. Just take a look at IRIS that got the RM1.16bil NIIS contract in late January. That was one big fat contract but what happens since then ?

Same goes for SCIB, SERBADK, JFTECH etc you can just go to https://www.malaysiastock.biz/Latest-Announcement.aspx and take a look at these companies' Latest Announcement. All the news about MOU, order books, deals and contracts. Most of them, the prices are even lower than after the ex-date.

Or you can just go to any of the companies above in i3 and you can read the same comments like what what you are reading here now. Try reading : https://klse.i3investor.com/servlets/forum/800000010.jsp?ftp=839

This was IRIS before the announcement of the RM1.16bil NIIS contract. Everybody expect it to hit limit up soon after. The price can't even break 50 sen since the announcement. Maybe Solarvest won't go the same road like IRIS, but at least I got my profit and have less thing to worry

#Tirara https://www.thestar.com.my/business/business-news/2021/03/08/lss4-attracts-strong-interest

SOLARVEST

## Solarvest Free Warrant Theoretical Ex-Price Calculation##
* Free Warrants 1 for 4
* Exercise price @ 1.50

SOLARVEST Bonus Warrant Ratio = 1:4 = 0.25
Cum Price on 19/02/11 = 2.73
Exercise Price = 1.50

(2.73 x 4) + (1 x 1.50)
_______________________ = (10.92 + 1.50)/5 = 2.48
(1 + 4)

https://malaysiastock.biz/Company-Announcement.aspx?id=1293830
Tomorrow listing of warrant

Looking again at the announcement made by AMTEL regarding the bonus issue
on Friday, I'm certain that the bonus issue ex-date on 22/02/21 does not
include the free warrants. It's the similar to SCIB and not like EITA,
Which in a way is a good news.

Because between theoretical ex-all price and theoretical ex-bonus price,
the latter will give you higher price on ex-date

Assume closing price for AMTEL on 19/02/21 is RM4.20

AMTEL Theoretical x-all price

(last cum price x 1.0) + (warrants exercise price x free warrant ratio)
__________________________________________________________
(1.0 + bonus issue ratio + free warrants ratio)

Last cum price = RM4.20
Warrant Exercise Price = 0.65
Free Warrants Ratio = 1:2 = 0.50
Bonus Issue Ratio = 1:2 = 0.50

(4.20 x 1.0) + (0.65 x 0.50)
_________________________
(1 + 0.50 + 0.50)


4.20 + 0.325
___________
2

Theoretical x-all price = 2.26


But if the calculation is ONLY for Bonus Issue :

AMTEL Bonus Issue 1 for 2

( 4.20 x 2 existing shares ) / 3 [ 2 existing shares + 1 bonus ]

8.40/3

Theoretical Ex-Bonus price = 2.80

#anzhsb - That's is the number of shares lah NOT VOTEs

SOLARVEST

## Solarvest Free Warrant Theoretical Ex-Price Calculation##
* Free Warrants 1 for 4
* Exercise price @ 1.50
Assume that closing on cum date = 3.20

SOLARVEST Bonus Warrant Ratio = 1:4 = 0.25
Cum Price on = 3.20
Exercise Price = 1.50

(3.20 x 4) + (1 x 1.50)
_______________________ = (12.80 + 1.50)/5 = 2.86
(1 + 4)


At theoretical price of below RM3 I think it will be like SCIB,
because now the price will be pushed higher for bonus issue

If they announce today after 5pm I think ex-date for the free warrants will be on Friday 19/02/21

Timeline Events

27 January 2021 - Convening of EGM

Early February 2021 - Announcement of Bonus Entitlement Date

End February 2021 - Bonus Entitlement Date
- Listing of and quotation for the Bonus Shares on the Main Market of Bursa Securities

Early March 2021 - Announcement of Warrants Entitlement Date

Mid March 2021 - Warrants Entitlement Date

End March 2021 - Listing of and quotation for the Warrants on the Main Market of Bursa Securities
Most probably will announce ex-date for bonus entitlement today

@vivoviva
entitlement date 21/2/2021 as per my calculation

Yes the company decided to work full time by making Sunday as the entitlement date

Solarvest Q & A

1.) Solarvest is in the process of moving to the main board
after 2nd half of this year

2.) * Ex-date will be announced today once the votes are passed today
* Solarvest will be bidding for LSS$

3.) LSS4 is expected to be announced by the government sometime this Month

4.) Free Warrants and Bonus Issue entitlement date will be separated

5.) Q3 Results will be announced before end of the month, tentatively on 25/02/21

* Q2 from me haha

EGM live streaming will commence at 10am
Already submitted my questions

Two MOUs today = with Sungrow Power & Huawei

https://malaysiastock.biz/Company-Announcement.aspx?id=1292963
https://malaysiastock.biz/Company-Announcement.aspx?id=1292962

Solarvest will be like SCIB, announce entitlement date 1 for 4 warrants, price will then be adjusted on ex-date, and another round to push higher for bonus issue 1 for 2

Let's do some checking as I too invested in this shares
EGM on Friday 05/02/21, normally it will take 10 working
day from the date of the announcement to he ex-date.

Looking at UWC bonus issue announcement yesterday (02/02/21),
they fixed the ex-date on 16/02/21 so it's including CNY
holiday surprisingly !

So if Solarvest were to announce the warrants entitlement this
Friday, then I will put the ex-date on 19/02/21. After the warrants
the company will then announce the ex-date for the Bonus Issue.

What's interesting is before the announcement, Solarvest will
announce their Q3 Results, and I believe with another impressive
profit, this will only push the price even higher.

Warrant theoretical price = 62 sen
How much it will open ? That is anybody's guess.

The bonus and warrant will in your account
tomorrow morning, usually after 7am.

But if you look back at ESCERAM-WB listing
which in a way same like JFTECH because after the
ex-date a particular date is fixed for you to sell
you bonus and warrants shares.

Esceram-WB was listed on 26/10/20
Exercise Price = 0.20
Closing Cum-Price for BI = 0.715
Warrants Theoretical price = 0.515
Opening Price = 0.43
Highest Price = 0.49
Lowest Price = 0.365
Closing Price = 0.40

Even the bonus shares dropped on 26/10/20
Esceram cum price = 0.715
Closing Price = 0.64

You need to understand there are many who try
to cash in and sell off their bonus and warrants
I hope I'm wrong on JFTECH and it can perform better than ESCERAM

https://www.thestar.com.my/business/business-news/2020/12/12/solar-industry-seeing-renewed-investor-interest

But there are cases where companies proposed only free
warrants entitlement but on cum date the closing price were
lower than the exercise price, namely :

KOMARKCORP BERHAD
Bonus Free Warrants : 1 for 2
Exercise Price = 1.00
Ex-date = WED 06/01/21
Closing Cum-Price = 0.91
Theoretical Price for FW = 0.005
Listing Date for KOMARK-WC = FRI 15/01/21

ENRA GROUP BERHAD
Bonus Free Warrants : 1 for 3
Exercise Price = 1.00
Ex-date = TUE 22/12/20
Closing Cum-Price = 0.635
Theoretical Price for FW = 0.005
Listing Date for ENRA-WA = THU 07/12/20

GD EXPRESS
Bonus Free Warrants : 1 for 8
Exercise Price = 0.45
Ex-date = TUE 29/12/20
Closing Cum-Price = 0.375
Theoretical Price for FW = 0.005
Listing Date for GDEX-WC = TUE 12/01/21


I know for a fact you cannot apply the number 5 formula.
But based from the theoretical prices that I saw on
listing day, Bursa fixed the adjusted price at 0.005

The easiest way to be sure is to read the announcement
that the company made for Bonus Issue Ex-date and also
Notice of Bonus Entitlement.

For example EITA made the announcement on 14/01/21 for
ex-date for BOTH : Bonus and Warrant to be fixed on 27/01/21

But JFTECH announced on 30/12/20 ex-date for ONLY
the Bonus Issue, although on the same day they did not
mention anything about the warrant, you can safely
conclude that the warrant will go ex on another date.

For Solarvest the calculation for the warrant theoretical
price will be using formula number 5 because the warrant
will first be listed.

So the question now is why is the calculation for SCIB different from that
for ESCERAM or JFTECH ?

That is because SCIB went ex on 30/12/20 ONLY for bonus issue 3 for 1
And ex-date on 02/02/21 is for free warrant 1 for 2

For example if you bought 1000 SCIB BEFORE 30/12/20 you ended with total
of 4000 shares. Let say you sell you bonus or existing share BEFORE 02/02/21
you will not receive any free warrants

But for JFTECH the ex-date on 20/01/21 was for Bonus Issue AND Free Warrants
So when you try to find the theoretical price, you must use the number 6 formula
and you will get the ex-all price for both Bonus Issue AND Free Warrants.
And for JFTECH (also for ESCERAM) the company listed the bonus and warrants
on the same day.

Then what happen on 03/02/21 ? It's NOT an ex-date for JFTECH but merely the
listing date for JFTECH free warrants, to find theoretical price of the warrant :

Cum price for JFTECH - Exercise Price

Formula to calculate theoretical price
for entitlements can be found on this link :
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiDmPbI6MTuAhU4yzgGHWwiDq8QFjASegQIKhAC&url=http%3A%2F%2Ftaadress.ta.com.my%2FCircular%2FG%25200011%2520of%25202016%2520Guidelines%2520Reference%2520Price%2520Calculation_Corporate%2520Action_New%2520Listing.pdf&usg=AOvVaw0g_DkHT4WOTqWh-6x2I6lX

The formula I used to calculate the ex-all
price for ESCERAM & JFTECH is No 6 :
Finding Theoretical Price for Bonus Issue of Shares with Free Warrants

The formula that you have been referring to
is the one at No 5 :
Finding Theoretical Price for Bonus Issue of Warrants

(Cum px x existing share) + (warrant shares x exercise px)
___________________________________________________________

(existing share + warrant share)


SCIB Bonus Warrant Ratio = 1 : 2 (1 free warrant for every 2 existing shares)
Cum Price on 29/01/21 = 2.67
Exercise Price = 1.77

So based on SCIB Friday closing price of 2.67 :

(2.67 x 2) + (1 x 1.77)
_______________________ = (5.34 + 1.77)/3 = 2.37
(1 + 2)

#hengsame

I think I know where your confusion on all this originated from.

And I think SCIB theoretical price for warrant calculation is different from ESCERAM & JFTECH and there's a reason for it.

Will answer all tomorrow morning.
Going to sleep already !

Ex-all price for JFTECH has all sorted out on 20/01/21 at 1.51

Now what's left is theoretical warrant price for JFTECH.
All will depend on the closing price of JFTECH on 02/02/21
=> Closing Price - Exercise Price

Sorry I don't have ChartNexus, but even on KLSE Screener they didn't adjust the prices prior to the ex-date

The cum price for Esceram on TUE 13/10/20 = 1.38
The cum price for Esceram on FRI 23/10/20 = 0.715

Calculation for ex-all price for Esceram :

(last cum price x 1.0)+(warrants exercise price x free warrant ratio)
_____________________________________________________________________
(1.0 + bonus issue ratio + free warrants ratio)

Last cum price = RM1.38
Warrant Exercise Price = 0.20
Free Warrants Ratio = 1:1 = 1
Bonus Issue Ratio = 1:1 = 1

(1.38 x 1.0) + (0.20 x 1)
_________________________
(1 + 1 + 1)


1.38 + 0.20
___________
3

= 0.525

Cum price = closing price before ex-date
Ex-all price = Ex-price for more than one entitlement
ie bonus & warrant, split & bonus, bonus & warrants etc

JFTECH is very similar to Esceram in every way.
They proposed bonus and warrants and announced that
the shareholders can only sell the bonus and warrants
shares on the same day (NOT on ex-date)

Esceram gave bonus 1 for 1 and free warrants 1 for 1
Ex-date for bonus and warrants on 14/10/20
Cum price = 1.38
Theoretical x-all price = 0.525

About a week later Esceram announced the listing
date for both bonus and warrants shares on 26/10/20
Esceram warrant exercise price = 0.20
Esceram cum price = 0.715
Theoretical price for warrant = (0.715-0.20) = 0.515
Opening price for warrant = 0.43
highest price for warrant = 0.49
lowest price for warrant = 0.365
closing price for warrant = 0.40

So for JFTECH if it were to closed on 02/02/21 at 1.79
Theoretical price for warrant = (1.79-1.16) = 0.63

@Ihakim
You can refer the timeframe Solarvest made availble in the circular to the shareholders

ESTIMATED TIMEFRAME FOR COMPLETION
The tentative timetable in relation to the Proposals is as follows:

* February 2021 EGM to approve the Proposals
* February 2021 Announcement of the Warrants Entitlement Date
* March 2021 Listing of and quotation for the Warrants
* April 2021 Announcement of the Bonus Shares Entitlement Date
* May 2021 Listing of and quotation for the Bonus Shares and Additional Warrants

If they were to announce after trading on 05/02/21 then the ex-date will be sometime in the last week of February. Taking into consideration 11/02 (half day trading) & 12/02 a public holiday.

@Ny036 Hard to say how the price will trend, like I said earlier JAKS-WB price dropped from 0.485 before ex-date to lowest of 0.23 after ex, but come up again to above 0.40, all will depend on the performance of the mother share.

@LimKK24 When the company make an announcement on the entitlement, the ex-date for the free warrants will come first and after all completed then they announce the ex-date for bonus issue. More or less like SCIB, but in Solarvest case it's free warrants followed by bonus issue.

On ex-date for Solarvest bonus issue the warrant will be adjusted from RM1.50 to RM1.00, this has already confirmed in the circular. But for the warrants price I don't think it's should be called as "adjusted" theoretically like you worked out using a formula.

Like in the case of Jaks-WB on ex-date of the right issue the warrant price was adjusted from 0.64 to 0.34 and the price dropped from 0.485 (cum date on 23/10/21) to 0.35 (ex-date).
There's no formula per se to specify the actual ex-date price.

Same also for Public Bank Structured Warrants like PBB-C55, I bought at 0.22 a week before ex-date, the exercise price was stated to be at RM18 but on Public Bank ex-date the exercise price is adjusted or revised to RM3.60, and I sold mine at above 0.30. There is no theoretical price despite the changes in the exercise price.

@lhakim
Slvest propose 1:2 bonus issue & warrants 1:4 at RM1. So based on last Slvest price RM2.75 later adjusted price will be at 2.16. Current price already too high considering exercise price RM1.

I think you have no idea what you're talking about, the exercise price has already fixed @ RM1.50.
The RM1.00 exercise price that you kept repeating is due to the fact Solarvest will make adjustment from bonus issue that ensue after the completion of free warrants

It stated so very clearly in the circular to the shareholders :

Subject to the provisions of the Deed Poll, the Exercise Price
and/or the number of unexercised Warrants held by each Warrant
holder shall be adjusted by the Board in consultation with an
approved adviser appointed by the Company and certified by the
auditors of Solarvest in the event of alteration to the share capital
of the Company, capital distribution or issue of shares in
accordance with the provisions of the Deed Poll.

Sample calculation :

## Solarvest Free Warrant ##
* Free Warrants 1 for 4
* Exercise price @ 1.50
Assume that closing on cum date = 3.20
Free warrants theoretical price = 3.20 - 1.50 = 1.70

After the completion of free warrants Solarvest will
then announce the ex-date for Bonus Issue

## Solarvest Bonus Issue ##
* Bonus Issue 1 for 2
* Exercise price @ 1.00

Assume that closing on cum date = 3.30
Calculation for 1 for 2 bonus
( 3.20 x 2 existing shares ) / 3 ( 2 existing shares + 1 bonus )
6.40 / 3
Theoretical Ex-Bonus price = 2.13

Let say Solarvest warrants price is still at 1.70 after bonus issue, the warrants are no longer
in the money

Please take note that Solarvest entitlement is Free Warrants (1 for 4) and after that follows by bonus issue (1 for 2), both on different dates.

In away that's what make this counter more interesting. Because after getting the free warrants can look forward to the bonus issue, and if the mother is chased upward the warrants will definitely go up too.

Solarvest can also be purchased after the completion of the free warrant to be entitled to the bonus

According to UWC circular after the EGM
The time frame for completion :
11 January 2021
*AGM
*EGM for the Proposed Bonus Issue

End January 2021
*Announcement of the Entitlement Date for the Proposed Bonus Issue

Mid February 2021
*Entitlement Date
*Listing of and quotation for the Bonus Shares on the Main Market of
Bursa Securities
*Completion of the Proposed Bonus Issue

If the announcement is put as "End of January" it's either today or Friday

@arfastrade - Been raking my brain the whole day trying to figure out how they arrived at 1.52

@Callurson
Yes if you sell today, then your losses will be RM3800
But then you need to also include the 1 for 3 free warrant that you will receive.
So with 20,000 EITA shares you will receive 6666 free warrants

Let say a day before the free warrant listing, EITA closed at RM1.40
Therefore the theoretical free warrant price will be 1.40 - 0.70 (exercise price) = 0.70
If you sold off all your 6666 free warrants @ 0.70 = 4,666
Your gain = 4666 - 3800 = RM866
Of course if EITA closed higher before the listing and the you manage to sell your warrants at a much higher price, you profit will be more than RM866

@fujito, no mention about the QR, there are only 2 questions from the viewers. And it's silly question. Someone asked if AMTEL will be giving away free smart card to shareholders.
Voting also was very slow and lack of interest. When it opened only 70 voted to pass the resolution and 1 voted no (with 1 share), After giving a few minutes, in the end a total of 72 Aye & 1 Nay.

And the directors and Chairman concluded that the resolutions approved. And that's it.
Hopefully after 5pm today we'll see the entitlement date.

Resolution passed for both entitlement 72 FOR & 1 AGAINST

Now watching AMTEL Virtual EGM, already voted FOR for both bonus and free warrants

If you had bought 2000 EITA you total holding become 4000 (including bonus)

With 4000 EITA you are entitled to 1333 Free Warrants
You can sell 1300 in the open market and balance of 33 sell under odd lot. Share with entitlement like bonus and warrants it's not difficult to find buyer in odd lot board, and it's better to sell your 1300 and 33 together on the same day to save on brokerage and get the price average out.

@ForceBWithU

I can't figure how theoretical x-price by Bursa is at 1.52
Maybe you can help how they arrive at this price

You can check the link from Bursa on how to calculate the
theoretical price (formula #6) :

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiMuKvC27ruAhUpwTgGHX1hAZ4QFjAAegQIAhAC&url=http%3A%2F%2Ftaadress.ta.com.my%2FCircular%2FG%25200011%2520of%25202016%2520Guidelines%2520Reference%2520Price%2520Calculation_Corporate%2520Action_New%2520Listing.pdf&usg=AOvVaw0g_DkHT4WOTqWh-6x2I6lX

Actually you can make lot of money from studying some basic info like exercise price, bonus issue and warrants formula calculation etc. The info are mostly freely available from Bursa or Malaysiastock.biz, just need to do a bit of homework

I started buying and collecting SCIB and JFTECH when the price was below RM4 (before bonus), my recent buy are EITA and AMTEL. I was surprise that both companies announced the exercise price at 0.70 and 0.65 respectively when the price was already above RM1.70 That's about RM1 difference. When I asked my friends my discovery ... they said "How come this shares got no volume !"

The recent one is Solarvest. I collected when the price was around RM1.78. Exercise price already fixed at RM1.50 That time they have submitted the proposal to Bursa and waiting for the approval. Should have added more when the company notify shareholder for the EGM.

I didn't go in on Rhonema when it was around RM0.76 because I was skeptical the exercise price for the warrants is only 70 sen and the ratio is 2 for 5. But since they announced the ex-date it has moved very fast and now at RM1

@HamsterHuat I was kind of confused because at first you put doubt on Astute theory above and then affirmed it. No problem mate.

@michaelwong

You can test the above formula on the recent counters that gave bonus & free warrants like below :

JF TECH
Bonus Issue : 3 for 1
Free Warrants : 2 for 1 after BI
Exercise Price = 1.16
Ex-date = WED 20/01/21
Closing Cum-Price for BI = 6.79
Theoretical X-Price for BI = 1.51

SCIENTEX
Bonus Issue : 2 for 1
Free Warrants : 1 for 5
Exercise Price = 4.30
Ex-date = WED 13/01/21
Closing Cum-Price for BI = 12.40
Theoretical X-Price for BI = 4.13

HOMERITZ CORP BERHAD
Bonus : 1 for 4
Free Warrants : 1 for 4
Exercise Price = 0.60
Ex-date = MON 14/12/20
Closing Cum-Price for BI = 1.03
Theoretical X-Price for BI = 0.785

@michaelwong

The formula for the calculation :

(last cum price x 1.0)+(warrants exercise price x free warrant ratio)
_________________________________________________________________________
(1.0 + bonus issue ratio + free warrants ratio)


(1.0 + bonus issue ratio + free warrants ratio)
* For EITA bonus issue ratio = 1 for 1 or 1:1 = 1
* Free warrants ratio = 1 for 3 or 1:3 = 0.33
therefore (1.0 + bonus issue ratio + free warrants ratio) = (1+1+0.33) = 2.33

@HamsterHuat Are you say if I were to sell my shares on 2nd February I will NOT be entitled to the free warrants ?

@wishyouallthebest Yes the cut off date is 02/02/21. To be entitled to the warrants you need to buy before the 2nd. Selling any time on or after the 2nd will entitle you to the warrants.

In fact if I can get any good price for EITA tomorrow (ex-date for bonus and warrants) I will sell a few of my existing shares and bonus

@takeprofitlah When did you buy at 2.80

You have to understand the entitlement for EITA
They giving :
* Bonus Issue 1 for 1
* Free Warrants 1 for 3 after BI

So let say you bought 3000 at 2.80, your cost = RM8,400
You will be entitled to 3000 bonus shares. So now you total holding is 6000 shares
With 6000 you are entitled to 2000 warrants

Say that tomorrow you sold all 6000 shares at 1.64 = RM 9,840
And when the warrants got listed, you sold 2000 at 0.90 = RM 1,800
Total existing shares, bonus and warrants = RM 11,640

Your profit (excluding brokerage, stamp duty etc) = RM 11,640 - RM 8,400 = RM 3,240