Day 1 and morale this low already. Iam disapointed. As long as cowboys still have mother they will continue to press, even more agressive now because they can see someone is fighting back. If I was the allys, I will take the bullets off the cowboys first, the more they press, the better because the more mother they are giving up. Price cannot go up until the bullets have been removed from the cowboys (if price push is done now, they will just press it back down again). To press they must sell, when sell, their ammo keep decreasing becuase it will be collected.

Talking about movie, I like the scene in the "romance of three kingdoms" where the adviser send a small boat out to the enemy at Sea and enemy shoot all the arrows at the small boat and enemy laugh thinking they won. But small boat actually collect all the arrows. I really like that scene.

handsome: of course remember you, the only one who understand me on this forum. That is a fair call. Revise TP to RM 3.20 only because you are good looking. haha.

A special message for the cowboys who have been reading my posts:

"Judgement day cometh, that right soon".

Ecclesiasticus 21:5

It may fly tommorrow but it not going to be 2.50 in one day otherwise that is heading for suspension. It means the price should keep going up gradually quite fast and if anyone try to press by throwing, it will be collected anyway. Of course Iam not one of the the big boys buying up so I cannot say exactly how much it will go up each day.

whoever you think Iam, Iam not. Lets stop the speculation. just watch the price from tommorrow.

how high the price will go depend on how high a certain person and his allys want to push it and what point the cowboys start to panic. to avoid a repeat of last JCY-CD, tonight I confirm again the mee GORENG festival is definately starting tommorrow.

mee goreng and shark flake/fishchips is not a bad combination.

You have to watch the price from tommorrow
To find out. The proof will be in the price movements from
Tommorrow.

You never heard it from! Haha

Someone already got it right with their guess for appetizer 1. Why you do think I been loading myself up on more mother and warrants?

There will be a shortage of mother soon. Why? becuase someone big will be buying up all the mother. Once the mother reach a fair high price (becuase of the buy up) it will be protected. If cowboys try and press someone will take whatever they throw no problem. When price reach a certain point, all cowboys will panic and will be force to hedge. But you calculate how many total warrants have been issued Vs how many mother share there is. Once the buy up is in process they are going die if do not hedge, when they hedge, price go up even further, especially becuase not enough mother to go around.

The big boys who collecting the mother have also loaded up to the max with most of the warrants. why you think over the last few weeks there have been a big price disparity between mother and sons! haha.

This is not factoring in other big/small buyers from the market who will no doubt be interensted in this counter after tonight's Q2 results and the future earning potential of this company.

War is coming to the cowboys.

Now you are talking!

for people who have problems understanding my writing. Whatever happens from tommorrow, it can only benefit the price and all shareholders. No need to have a nervous break down.

the more question you ask me, the more information you are giving away to the cowboys who have also been watching my posts.

any here like to eat mee goreng? I hear the mee goreng festival is starting tommorrow.

Exactly the question I have been waiting for. More details on appetizer 1 will be provided tonight. And no it got nothing to do with Q2 announcement or factory in China. All I can say for now is as of tommorrow, the cowboys strangle hold on this counter will be over.

This is exactly the reason why I stopped posting for a while. You are right, I should stop posting permenantly here.

The ones that deserve information have already been updated via email with detailed information. They know who they are and will be the judge as events unfold.

Also, theres no need to second guess what might or might not happen anymore.Because what is going to happen is only a few days away.

Please cut and paste here where I categorically denied I was ewik. I previously said many people where falsely accused of being me on this forum and lamken was the only username I use. I did not say lamken was the only username I use on all forums across the whole online community.

Now if you think what you said is correct then you dont have to buy/hold this counter. There have been ample opporunity for you to sell out also when price reached 1.50+ .With all due respect, do not bite the hand that feeds you. I dont have the time or the patience to come to this forum and waste my time posting to have people try and spit in my face in return.

This is exactly what the cowboys want everytime they press the price down, create fear and incite panic to lower the price more. History always repeats itself and the tactics never change. the latest OSK trading sell with made just before the price plunges over the last few days. Look back at teh JCy-CD, same deal, issue bullshet reports during pressing mode to maximise press down to keep price low.

The price actually broke through 1.60 several times over the last few weeks but you know someone did not want to let price go past 1.60 and you know who they are.

The price may drop abit more before thursday but you can either let fear over take logic and lose or look at the facts and be a winner. This counter should be the best performing counter right now on the malaysian stock exhange if it wasnt for the cowboys.

But its time to shine is near.

There have been some comments about me trying to pump/dump, conman etc. For the record "ewik" on investlah is indeed me. I had to create this different user and play dumb to make a certain institution come out to challenge me last year. Please go have a read and you will see who far the institution will go to con the public. I studied every single report from this instiitution and from the replies, I can tell exactly who I was talking to at that imnstitution. Never forget that I stand for the people/public, you should all be able to see this by now.

the answer is already in my comments above.

That you dont need to know. Just wait and see if Iam right. Theres only 2 more days to go. Hint- watch the bursa malaysia website carefully on thursday evening.

also for all you investors, enjoy the higher divend ;)

Dont need to panic ( yet again). The cowboys must press down before the Q2 result otherwise they scared it will go to high after Q2 result is announced. There is no problem with Q2 result.The Q2 result should be above Q1 result. YOu will see on Thursday. You should also see appetizer 1 on Friday.

Buy or sell is your choice. Iam not even thinking about selling and will be loading up more on more both mother and warrants tommorrow.

Please do your research properly and do not be a pawn to the cowboys.

pure: why doesnt he just use company to buy back all the 500m share in market? see:

http://announcements.bursamalaysia.com/EDMS/edmswebh.nsf/LsvAllByID/F74188D8D73F6E41482579AF005DF037?OpenDocument

"The Proposed Share Buy-back will allow the Company to purchase its own shares of up to 10% of the issued and paid-up ordinary share capital of the Company in accordance with Section 67A of the Companies Act 1965."

The company can only purchase 10% of the 500m issued shares in the open market.

He definately can privatise at current low price, but the question is why wont he? Now go back to my question earlier, is there an opportunity with all the warrants?

illdon: He cannot buy back because bursa rules do not allow him to hold more then 75%. BUT other big players can buy on his behalf. The cowboys can do deals with each other to
exploit the most money from the warrant but he can also do deals with other parties to protect himself and the company. Whatever the banks do he can do. Now you are going to
ask me the cowboys are 4 big banks, how can he go against them, the cowboys together surely have more cash/power? Doesnt matter if the cowboys are made up of 4 or 40 banks, there is
still only 500m mother share in the open market. The most important thing is who is going to control the majorioty of that 500m mother share in the market.

How come he didnt do it first time when OSK pressed price down in Feb? - You will have toread my previous comments. Bottom line is he was supposed to but the deal fell through at
the last hour. Some people still think this is a convenient fairy tale on my part, butIam not going to try and prove anything to anyone here, and in fact there is 1 person on this
forum who should know whether what I said was true. he knows who he is.

illdon: no thats not what Iam saying at all and OSK is not one of the shareholders Iam refering to. Let me put it anyway, we keep talking about what the cowboys (CW issuers) can and will do. But what about the person holding 75% of the company and the other shareholders like Goldman Sachs, Morgan Stanley etc? Do they have an interest to see the mother go up? Will they/ can they do anything to mitigate the risks? Do they have a choice or are they just going to sit around like sitting ducks waiting to be shot?

Let me give you an example:

Current share price 1.57.
The person holding 75% of JCY has 1.5 billion shares. Current worth of his holdings = 1.57 x 1.5 billion shares = RM 2.35 Billion.

Lets say hypotetihcally in the next 2 weeks (example only) the cowboys press the price down by 50%. The person holding 75% of JCY has just lost in excess of RM 1.15 billion!

If you were him, would you do anything? Does he even have a choice?

Now, is all the warrant really a threat to them (the majority holders) or is there an opportunity here for them? Think very carefully about this one.

"JCY is about 75 per cent controlled by YKY Investments Ltd, while the rest of the company is owned by the public. Among its minority shareholders are Commerce Technology Ventures Sdn Bhd, Goldman Sachs and Morgan Stanley."

http://www.btimes.com.my/articles/siwai/Article/

Iam expecting you all to name 3 key players for me. To make it easier, for you , you will find the name of 2 of them in the most recent article on JCY in the business times.

The already have team up whether directly or indirectly. This is why when I talk about the warrants i refer to the total warrant in the market, I do not care about how many warrant each individual CW issuer issue. You have to change your mindset to one where all the CW issuer are one big single party (lets call them cowboys for now). Now, in order to be able to press the price, the cowboys have to buy/borrow mother, without mother share they cannot do anything to the mother price at all.

Now if no one does anything, that mean JCY mother will forever be artificially control by the cowboys and high risk mother share will be totally smashed when warrant expiry come around even if the company earning keep growing ( you saw this in Feb, despite excellent earnings mother price got hammered from high of 1.50 to a low of 1.07 within the space of 2-3 months). We saw what 1 cowboy alone, now you dealing with 4.

Now my question to you all from a shareholders perspective, is who has the most to lose from this?

Khoob: good question but I cannot answer your question without talking about appetizer 1 which I cannot go into at this point in time. You will see very soon if is a shortage, not long to go.

Congrats to the ones that aimed for IPO price and sold. The ones that are still holding, much much more action to come for all of you.In case you are all wondering I have not sold any of my mother. Iam also holding many of the warrants. My paper profit to date for both mother and all my warrants is close to RM1.2m (I bought warrants when they were under .20 and collected alot more mother under 1.15).This might sound like alot
but my currency is worth about 3x more. This does not mean you should start following me either. You need to do your own risk analysis and make your own buying/selling decisions.

Many questions have been raised about the warrants. The most important question you need to ask yourself is this, is the warrant overvalued or the mother undervalued?? Does the mother need to catch up to parity with the warrants or does the warrants need to fall back to meet the current mother price?
You should all know what the answer is.

Another thing to consider is this, there are now about 6 call warrants in the market for JCY (excluding the put warrant) with each one issueing about on average 100m warrants. This means there is a total of about 600m warrants (approximately) in the open market. In order for all the warrant issuers to
fully hedge themselves, they need a total of 300m mother share. And how much mother share is there availible on the open market again, yes thats right 500m mother share. Except for OSK, most of the warrant issuers have not fully hedged yet but that will change very soon when the first milestone I hinted about earlier is met. When this happens all the warrant issuers will be forced to hedge, but the question is there going to be enough mother left for them all? A shortage of mother share is coming, and what happens when there is a shortage? You should know the answer to this one as well. Our mother share is going
to become very valuable indeed.

Now onto more important matters, there will be 2 appetizers (the 2 short term mile stone I told you about earlier) served to us very shortly which should bring the mother past 2.00 and force all the warrant issuers to fully hedge. How high the price will go after that when all the warrant issuers start hedging is something we can only wait and see but I can tell you Iam looking forward to it. I will talk about the first appetizer shortly when the time is right.

Finally for those that bought mother a while back, remember it is always nearly impossible to buy at lowest and sell at highest. Now is also a good time for you to get out
if the risks is too high for you personally. For me, I will hold evetyhing until my target is reached because I have advantage and also willing to use my profit to hedge against the risks so the risk to me is very low. Please do not follow me and make your own buying/selling decisions.

For those interested. bonecythe wants my blood again in lowyat forums. have a read. This just confirms my instinct about his character from the start. You be the judge.

http://forum.lowyat.net/index.php?showtopic=1261842&st=640&p=50277770&#entry50277770

I may have to take a break from the online world, too much of my time wasted on idiots

diablo88: There are many factors which can affect the share price other then its previous fundamental. ie overvaluation on IPO listing, the GFC which resulted in reduce demand from
major HDD makers like Seagate/WD. just becuase its share price went from IPO 1.60 to a low of .39 at one stage has absolutely no bearing on the current/future state of play, ie the current/future operating enviroment, the current/future business model, and the current/future state of the HDD industry as a whole.

The second issue correlates with the first, in terms of HDD pricing. How slowly/quickly HDD prices go down over time will depend on when the whole industry recovers and when the balance of supply and demand finds its equibilrium again. We already know the HDD shortage will remain into 2013( Seagate CEO Steve Luczo). So there is no doubt HDD prices will "gradually" return back to pre flood levels over time when the whole industry normalises but the question is how gradual and at what pace. The answer will be based on when the point above relating to the acquisition of new machines. We know that HDD makers like
Seagate have entered into LTA (long term agreements) essentially locking in prices for "multiple years" (Seagate CEO Steve Luczo). So in the short/medium term at least there should be
some stabilty in terms of pricing. The other consideration which might have an impact on HDD pricing in the long term is the pay back period on the acquisition of new machines (for both HDD makers and component makers) severely impacted by the floods). Can they afford to charge pre-flood prices after production resumes at a normalised rate after incurring such big costs (tens of millions) on the acquisition of new machines?
I do not think so as this could extend the pay back period on the new machines for possibly years.


While there has been much discussion on long term pricing and its possible impact on the whole HDD industry as a whole in including JCY,one important fundamental has been ignored. That is market share and the volume of allocations/sales. Has JCY captured new market share and and has its allocations increased? I think the answer is quite obvious especially when the company is spending a capex of 300m to increase production by 40%. HDD prices may gradually go down as competiors normalise their production, but JCY's market share has also increased as a result of the floods. Its earnings is not going to collapse overnight just because its competitors resume a normal rate of production. So this beckons the next question, will HDD makers like WD and Seagate be sitting around for possibly 10 months+ (from the time of the floods) for JCY competitors to normalise their production and hand orders back to them, especially if their factories have not been relocated to higher ground or moved out of thaliand completely? And will big HDD makers like WD/Seagate have the confidence to hand orders back to JCY competitors if they do not relocate their factories (which is again going to delay the time for production to normalise to pre-flood levels). If JCY competitors move their facotry to another country, they face a very big problem, that is human resources. It takes time to recruit/hire/relocate a large workforce to another country. This is especially true in Malaysia
where government approval is required for companies wishing to bring in X amount of workers. JCY again had time to prepare and has already been granted govt approval for over 4000 workers in malaysia to bolster its workforce. If JCY competitors intend to move their factory to malaysia, they are going to have a hard time finding workers. There are of course other countries like China, philipines etc but you cannot escape the time lost in relocating and hiring a new workforce.


So in conclusion, Are JCY competitors going to wake up and normalise their production levels by next week , absolutely not and its is going to take longer then what JCY competitors
are "expecting". Will there be a sharp dip in HDD pricing next week, absolutely not-the price will gradually go down afer the whole HDD industry normalises and even then it will take further
time for prices to return to pre-flood levels due to the pay back period on the acquisition of new machines by those impacted by floods. Will JCY's earnings collapse when the whole inductry normalises and prices return to pre-flood levels- absolutely not because it has also captured additional market share, evidenced by the need to increase production levels by 40% to cater for
increased customer demand. Any loss in revenue as a result of lower prices in the long run will be offset by increased market share, ie increased allocations/volumes.

Finally, remember that JCY's earnings were already starting to turnaround before the floods. In Q4 2011 (before the floods) JCY recorded approximately RM24m profit as opposed
to a loss in the quarter before that. It has also stated that for its Q1 2012 results, 50% of it was due to the benefits as a result of the flood. This means that of the 164m profit for Q1 2011, 82m was none flooded related which means they would have earned this 82m regardless of the floods. Any gradual drop in HDD prices over the long term is going to be offset by the increase in market share captured by JCY.

pure: There are 2 issues which come to the heart of your question and only in undertanding these 2 issues will you have a better understanding of medium long term future for JCY earnings and its share price:

First, the issue around when competitors will be able to fully recover and normalise their production back to pre flood levels.

When we talk about competitors recovering, what we are really talking about is their ability to replace damaged machines with new machines, eg CNC machines. You need machines to produce. In order to acquire new machines (Capital Equipment) someone has to produce and supply those machines to you.There has been much talk about when competitors expect to resume normal production, but what determines when they can resume production will be based on when they can take delivery of all the new machines they need. The machines are not like a can of soft drink where the supplier holds a massive inventory on hand and is ready to ship them out if and when you need them. These machines are made to order and cost approx RM200k+ each and take time to build. And we are not talking about building/replacing 1 machine either. For instance, Eng tek needs to replace about RM40m worth of machines, this equates to approx 200+ machines. From my discussions with independent HDD industry resarchers trendfocus, there are only 2 specialised company's world wide who have the abilty to produce machines on these volumes while maintaining the strict quality standard the HDD makers require. One of these company's is based is Japan and the other in Germany, with Germany being the prefered choice amongst HDD component makers. Now you only need to look at the number of HDD component makers impacted worldwide to work out a rough figure of the total number of machines across all impacted companies which need replacing (thousands). So while JCY's competitors were waiting for waters to receed, cleaning up, waiting on insurance assesments to determine what needed replacing (insurance cover 50% of the costs) in Jan, it approved a 300m capex and placed
orders for over 1200 new machines. JCy are already ahead of the game in terms of new machine acquisition and the massive volume of machines they are buying/bought will only slow down the production and delivery time for their competitors to recive all their machines. Iam not discounting the fact that there
will be some competitors who may resume production earlier depending on how severely their machine count was impacted but the ones who were severely impacted and require large volumes
of machines to be replaced will take alot longer to come back to normal production levels. If you speak to any JCY competitors (indeed of the research houses have), they are going to tell you they expect normal production by X quarter/date. But the fact of the matter is their expectation is going to always be much earlier then reality because they need to give the market the perception that they will be back to BAU (business as usual) earlier as this will affect their ability to secure future sales and also affect their share price. So my point is that In looking at when JCY competitors can resume normal production levels, we need to look at the total number of new machine orders Vs how many machine suppliers there are in world who can supply the req machines and at what rate the machines can be produced and the reality is that the resumption of normal production levels will occur much later then what each JCy competitor "expects" (those that were severely impacted).
The HDD and component companies are working feverishly to move production either to non-flooded areas in Thailand or transfer production out of Thailand, but as you can imagine this can take some time. For example I have been told that (assuming after the machines are delivered) it takes 13-17 weeks to bring a slider fab line (making the magnetic recording heads for the HDDs) back on line.

Someone trying to collect low. dont need to panic.

For those nervous about the coming GE:

http://www.econ.upm.edu.my/ijem/vol4no2/bab07.pdf

"The results also presents no evidence of stock overreaction behaviour existed in the Bursa Malaysia in the period when general elections have taken place" (page 329).


"The study also finds that Bursa Malaysia overreacts to surprises in political news. Unexpected events namely the removal of the DPM and resignation of PM have caused
investors to overreact. Well announced events like announcement of general election appear not to significantly caused investors overreaction behaviour in the stock market" (page 331.)

stockist83 : everyone will come to the party eventually. its a question of time. Everyone wants a piece of the pie.

ahyeo: Nothing has changed since I last touched on this. It is still very much on the cards, however I cannot comment on this at this point in time until we get closer to the date. This will probaly represent the biggest news story for JCY in its coporate history. There are 2 other major milestones (not talking about the Q2 results) in the short term which will have a direct positive impact on the price, however, again I also cannot comment on these until we near the dates.

All,

Several asian funds have called an urgent meeting today in HK with key figures from JCY (I have verified this to be 100% correct). My guess for the urgency is that these funds are intending to go in next week, if not even from tommorrow.

Those thinking about whether to buy or whether the current price is good- think very carefully and research/seek advice quicky, the longer you wait, the higher the price is going to go up. The conditions are absolutely in your favour and the probality of a major price rise is almost a certainty. The price already tested 1.50 on Q1 results alone and should go back up to 1.50 or
there abouts before the Q2 results is out for the counter to relise the gains from the Q2 results and continue its natural uptrend.

They are buying their own warrant to create excitement and volume.

also note that by releasing the warrant, OSK have signaled to the other big players/funds that they are no longer pressing price and the other big boys will have more confidence to buy JCY now. expect a upward movement in the mother price from here on.

afar_filhaq : they are garanteed to make .45 no matter what the mother price is on expiry. This is assuming people buy their warrants and the mother share price go above 1.30 by March 2013 (which it will for sure). No they are not saying they are sure the mother will not go high in 1 year time. The exercise price 1.30 got nothing to do with the mother share price, it got to do with what price they hedged (collected mother share over the last few weeks). Doesnt matter how high the mother price go by march 2013, they make the same profit (.45 per 2 warrant).

stockist83 : correct. there is no need to be worried about OSK CE at all.

Fat Cat Tim Buddy : hedge means they holding JCY share (min 30m) to pay for the warrant. When it comes close to expiry, they have to sell it to cash out to pay for the warrant. they can only do it close to expiry, because if they start disposing too early, theres a chance the mother can go up before expiry and they will be in deep shet and have to use cash to cover the difference. People play the warrant as a gambling tool. Buy low and sell high, go in and go out. good for traders. People who buy warrant have to be very alert because its not an investment, its punting.

Fat Cat Tim Buddy : correct, on expiry the mother price must be at least 1.60 for you to break even. anything above 1.60 is your profit.

If you want to be even more precise, you should assume that 1.65 mother share price is the point even point where you break even because dont forget you have to pay OSK to process the exercise (processing fee).

but like I said never hold the issuer to the exercise and dispose any warrant 1 month before expiry.

It doesnt matter if mother price is RM2, RM3 or RM4 by March 2013, OSK will still benefit either way:

RM2

RM2 - 1.30 = .70 (pay to son holder)
they stil make .15 from the mother share after paying me plus the .30 they made from me when I bought the 2 warrant (to equal 1 mother). Total profit for OSK = .45

RM3

RM3 - 1.30 = 1.70 (pay to son holder)
they stil make .15 from the mother share after paying me plus the .30 they made from me when I bought the 2 warrant (to equal 1 mother). Total profit for OSK = .45

RM4

RM4 - 1.30 = 2.70 (pay to son holder)
they stil make .15 from the mother share after paying me plus the .30 they made from me when I bought the 2 warrant (to equal 1 mother). Total profit for OSK = .45

FROM A SON HOLDER POINT VIEW.

The higher the mother price go the more the son holder make on expiry:

RM2

RM2 - 1.30 = .70 ( return)

.70 - .30 (my cost price for the 2 warrant to equal 1 share)=.40
Son holder profit =.40

RM3 - 1.30 = 1.70 ( return)

1.70 - .30 (my cost price for the 2 warrant to equal 1 share)=1.40
Son holder profit =1.40

RM4 - 1.30 = 2.70 ( return)

2.70 - .30 (my cost price for the 2 warrant to equal 1 share)=2.40
Son holder profit =2.40

it doesnt matter if everyone dump the warrant in march because the son price will always be relative to the mother. except that it is more risky to hold the warrant past the expiry and exercise it.

OSK cannot lose money on this offering becuase they already collected at low price to hedge (pay for warrants next March 2013).For example lets say they collected mother at average price of 1.15 over the last few weeks.

They selling 1 warrant for .15 (but you need 2 warrant to equal 1 mother share) so I have to buy 2 warrant for .30
So they make instant .30 when I buy 2 warrant.

Then lets say March 2013 comes and the mother share price is for example RM3 and its time to exercise as the warrant has expired.

FROM OSK POINT OF VIEW:

they already made .30 from me when I bought the 2 warrants.

So lets carry out the exercise assuming mother price is RM3 by March 2013. Mother share RM3 - 1.30 = RM 1.70 (what they have to pay son holder, ie me) But remember that OSK collected the mother share at 1.15, so they still made .15 on the mother share even after paying me. Add to that the .30 they made from me when I bought the warrant.

So they profit a total of .45 per share from this exercise. This is not including all the millions of transaction fees they charge when people buy/sell and the small processing fee they charge to process the exercise.

THE ABOVE IS ONLY AN EXAMPLE TO ILLUSTRATE HOW OSK BENEFITS FROM THIER NEW WARRANT OFFERING.

Also, note that when the market opens today, the mother is 1.18 and the son is .15 (listing price). This means that if you buy the son, it's real worth is -.12 per 2 son you hold ( mother price -exercise price of 1.30) according to the exercise rules of the warrant offering. So you are paying .30 ( 2 warrant for 1 mother) for something that is worth -.12 at this point in time. Is this going to be attractive for people to buy the warrant? Probably not. Does OSK need to push the mother price up to bring the worth of the warrant into positive territory to make it more attractive for buyers, probably.

This is not to say you cannot make money from the warrant because the mother will surely move up over time but the son will move up much slower then the mother (compared to the previous warrant where it was 1 for 1). Anyone intending to play the warrant and intending to hold long term, please dispose all warrant at least 1 month prior to expiry. NEVER EVER HOLD THE ISSUER TO THE EXERCISE ON EXPIRY WITH ANY WARRANT. The only reason I advised everyone to hold past expiry on the last warrant was becauase there was a push price that was meant to happen and it did not.

correction -they must be holding min 30m mother share to pay for warrant on expiry.

theres no need to panic over the new OSK CE. It will have no negative impact on the mother share until the last few weeks leading up to the expiry date in March 2013 where they might try to press the mother again like they did in feb with the last warrant. Although this time they are holding less mother share ( they issued 60m warrant at 2 for 1 deal so they must be holding min 30m warrant to pay for CE on expiry) so their ability to press price down during March 2013 will be less then the last warrant ( because the last warrrant was 1 for 1 and they issued 80m warrant, which means they had to hold at least 80m to pay on expiry in feb). They may not beed to be as vigorious with the pressing in March 2013 as well because they have fully hedged at such a low price already over the last few weeks. The 2 for 1 deal also acts in their favour.

Anyone thinking about playing the warrant, please note it is harder to make money from it this time around because for every cent the mother move up, the warrant will only move up .05 sen.