Posted by 文耀 > 2014-03-28 08:38 | Report Abuse

last time same with amedia, subcribe share mean buy share at a discount or u can sell the rights share at a min price. troublesome to buy those right share, zzz need to spent some time to do this zzz..zzzz, why they dont just online solve all those tidious work..zz

Posted by 文耀 > 2014-03-28 08:45 | Report Abuse

warrant was free 1, just that for the right, whether u want to subscript or just give up or just sell it, last time i even cant sell my right because it no value, Now it depend on the current price, mean to said if currently price of arzb = 0.6, mean to say arzb-or = 0.10 (right share) if u taken the right mean u had to paid 50C for each share not included other cost.

Posted by iamfoo > 2014-03-28 11:19 | Report Abuse

Renounceable Right mean you can trade the right with a value within a defined period of time or subscript to the mother share with a discounted and fixed value, until it expire.

8 (share):6 (right) + 3(warrant) means if you are having 1000 units of share, you will get 1000/8*6 = 750 right issues + 1000/8*3=375 free warrants. But your existing share value will be diluted ( as for AZRB, the original 0.50 book value will be diluted into 0.25 ).

So here, you got the option to sell the right issues before it expire, or you can subscript to the mother share with the diluted value at 0.25 ( + some procedure fees).

Just trying to clear the doubt here with my 2 cents knowledge and some input from my adviser. Please correct me if my explanation is off.

Posted by snapper mal > 2014-03-28 12:50 | Report Abuse

so is it a gud buy today at 0.6 as the last date considered is Monday 31st ? someone can give pencerahan..?

Posted by XXXvalue > 2014-03-28 18:51 | Report Abuse

anytime a cash strapped company need to go to bank for loan(or bond) or need shareholders to bail them out by selling more shares.....it is always not a good sign!

Posted by Investeye > 2014-04-01 20:33 | Report Abuse

I'm still not receive the entitlement form. Just make a bank draft to buy the offered unit and together with the form send back to the attached envelope.

Posted by lwyy60 > 2014-04-02 14:57 | Report Abuse

Good company

Posted by idadelaila > 2014-04-02 17:10 | Report Abuse

Regarding to Entitlement Form, direct call remisier...

Posted by Investeye > 2014-04-03 08:20 | Report Abuse

I am using e-broking. Anyway, after checking the following: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1580057
The last accepatnce and payment date is : 30th Apr 2014 at 5pm
Last date for sale of provisional Rights share with Warrants is on : 22nd Apr 2014 at 5pm
So, i will wait the entitlement form that will mail to me.

Posted by valuezorro > 2014-04-05 20:31 | Report Abuse

Hmmmm...

I think the market has overreacted about the stock, see this for why:
http://www.slideshare.net/valuezorro/ahmad-zaki-resources-berhad

Posted by fatt168 > 2014-04-07 09:26 | Report Abuse

Can please advise whether to subscript for the rights or to sell AZRB-OR?

Posted by Investeye > 2014-04-07 16:26 | Report Abuse

Frankly speaking, it is up to you to sell AZRB-OR or subscript. If want to subscript then need to fork out some more money to purchased the allocation (good thing is you can get additional warrants). Or you can just sell them and use the money to purchase the monther share which just RM0.675 and avoid a lot of problem; and hopefully the AZRB still in low profile when the warrants are trading in the market then you can purchased from open market!

Posted by Investeye > 2014-04-07 20:35 | Report Abuse

Had received the entitlement form today, after considered need to fork out more than rm10k and go through all the trouble to subscribe the unit. After some consideration and calculation, it is better to sell at rm0.235 to get the money to buy the monther share.

Posted by fatt168 > 2014-04-07 21:04 | Report Abuse

Thank you -Investeye

Posted by Investeye > 2014-04-08 09:33 | Report Abuse

Juts use the case to justify : If i buy AZRB-OR and then convert to AZRB share : RM0.235 + RM0.50 = RM0.735 + 0.5 lot of Warrant. Price different : RM0.06 ( this is the value for 0.5 lot of warrant; the execise price is RM0.70 for the warrant which is higher than mother share ??). So, the 1 lot warrant is about RM0.12 !
So i better buy the mother share without all the trouble.
Please correct me if i am wrong.

Posted by fatt168 > 2014-04-08 10:19 | Report Abuse

I sold all my AZRB-OR at 0.23 this morning.

Posted by Investeye > 2014-04-08 11:50 | Report Abuse

I also sold my AZRB-OR and buy in AZRB at RM0.675 and Q at RM0.67 (evecise price of warrant is rm0.70 give me some confident on AZRB) .After verified, present investment in AZRB still at -5.9% (better than i expected). So, hope to average down the price.

Posted by fatt168 > 2014-04-08 12:25 | Report Abuse

Why don't you wait until the whole exercise completed. With the new shares from the rights issue, I worried the price might drop further.

Posted by Investeye > 2014-04-08 14:08 | Report Abuse

Only a few lots from the money of azrb-or. As azrb is for long term investment and the present price is quite reasonble. Further more, there is potential for azrb to secure some projects from Langat2 (partner with salcon and mmc) which will announce anytime from now.

Posted by Investeye > 2014-04-09 08:37 | Report Abuse

Assume warrant is RM0.12 when market opens for trading, the execise price is RM0.70 , then the whole cost is RM0.82 ?? Still not understand why there are many buyers at RM0.23 ??
Or AZRB mother share itself is way undervalue ??

Posted by splendid_ignorance > 2014-04-10 08:33 | Report Abuse

assuming the market price before ex-rights is 0.85. i believe the theoretical ex-rights price would be (0.85+0.375)/(1.75) = 0.70 and the value of the rights would be 0.85 - 0.70 = 0.15. The value of the rights now at 0.23 suggests that the market is pricing the 0.5 warrant at 0.08. theoretically since the warrants is out of the money (exercise price is more than market price), its value should be 0. the market is probably expecting the price to increase. this could be anticipation for langat 2 which would be announced soon with azrb a front runner.

Posted by splendid_ignorance > 2014-04-10 08:43 | Report Abuse

http://www.theedgemalaysia.com/business-news/284368-highlight-langat-2-award-to-be-announced-soon.html

Posted by Investeye > 2014-04-10 09:07 | Report Abuse

So, trend for them to push up the share price soon else it is not justify to buy the Right at RM0.23

Posted by Investeye > 2014-04-10 09:11 | Report Abuse

Yes, the price is up ...RM0.71 !

Posted by splendid_ignorance > 2014-04-10 09:12 | Report Abuse

price is moving already. warrant in the money now

Posted by Investeye > 2014-04-10 09:22 | Report Abuse

If the OR is still high demand at RM0.23, then the mother share should perform to justify the value of the warrant.

Posted by splendid_ignorance > 2014-04-10 09:30 | Report Abuse

it should eventually but since the expiry is quite long, warrants tend to have value even if out of the money

Posted by Investeye > 2014-04-10 09:34 | Report Abuse

I believe the mother share will be better position when the warrant is traded in the markwt.
Else it is better go to buy Tambun-Wa (execise price is RM0.60 , present price is RM1.31, mother share RM1.92)

Posted by james70 > 2014-04-10 09:54 | Report Abuse

you can benchmark azrb-wa with symlife-wb when it opens as the exercise price is slightly above the mother share and the expiry is many years away.

symlife mother share price is RM0.975.
symlife warrant price is RM0.300
Expiry is 11Nov2020.
Exercise price is RM1.10

I think AZRB-wa could open around RM0.25-0.30 or more since the expiry is may2024.

Posted by zeolit > 2014-04-10 13:55 | Report Abuse

Wow naik2

Posted by splendid_ignorance > 2014-04-10 14:09 | Report Abuse

i think the stock was oversold on initial announcement of the rights issue. that created a complexity that not many investors understood and so many sold out. azrb did well in putting warrants as a sweetener. That will induce people to subscribe to the rights issue. a warrant with an expiry of 10 years along with the pipeline of construction works is quite appealing indeed

Posted by zeolit > 2014-04-10 15:36 | Report Abuse

AZRB plans to start works on RM1.5b KLORR
Author: value_investor | Publish date: Mon, 7 Apr 10:19 | >> Read article in Blog website
Ahmad Zaki Resources Bhd (AZRB) plans to start works on the RM1.5bn Kuala Lumpur Outer Ring Road (KLORR) in the second half of this year as it continues to look at opportunities to improve its recurring income streams and construction orderbook size. Despite environmental concerns raised by several parties on the impact the project will have on the Selangor State Park, AZRB's group COO Datuk Roslan Jaffar told the company had obtained a detailed Environmental Impact Assessment (EIA) which stipulates a stringent guideline that AZRB will adhere to pertaining to the project. (Malaysian Reserve)

Posted by zeolit > 2014-04-10 15:37 | Report Abuse

Cmon2...this time will hit rm1

Posted by splendid_ignorance > 2014-04-10 15:38 | Report Abuse

haha slow bro. hit RM0.80 is already very good

Posted by JKing > 2014-04-10 16:09 | Report Abuse

if it hit RM1.05 with market cap of above RM500mil , fund manager will start to buy and the true market is RM1.67

Posted by JKing > 2014-04-10 16:11 | Report Abuse

hidden value is the plantation land of 20ha, of with 13ha is off balance sheet under hak izin. many are not aware of this.

Posted by james70 > 2014-04-10 16:57 | Report Abuse

That is very true. Their 5k hectares of cultivated palm oil plantation land could be worth as much as RM300m if valued at RM60k/hectare. Going rate is somewhere in the region of RM70k/hectare in Sarawak and RM80k/hectare in Sabah. Current plantation asset book value is only RM125m.

Furthermore, with the concession assets such as the teaching hospital and Elevated Klang Valley Expressway set to provide recurring income in the coming years, AZRB's earnings will grow tremendously from the bottom that it is now.

Posted by Investeye > 2014-04-10 17:24 | Report Abuse

Good perform, feel regret to sell OR units but luckily bought some mother share.

Posted by alveygwee > 2014-04-11 11:44 | Report Abuse

black horse~!

Posted by 935win > 2014-04-11 12:06 | Report Abuse

Right,have Expressway Klang Valley,
Yes black horse.....

Posted by 935win > 2014-04-11 15:15 | Report Abuse

today close confrim over 0.81 sen.
Up Up Up......

Posted by Investeye > 2014-04-11 15:40 | Report Abuse

I like AZRB and it always give me bonus every year. Just last week, still at -5.x% (loss) and now is the reverse. Sold portion to lock in profit.

Posted by 935win > 2014-04-11 15:47 | Report Abuse

Yes good profit every year,this counter is good.
Up Up UP .....

Posted by gohku > 2014-04-12 22:00 | Report Abuse

this azrb is one of the best bumi contractor.
it is a safe investment bcos got oil & gas, plantation, construction and highway.
The selling price is a bargain

Posted by everclear > 2014-04-14 09:13 | Report Abuse

http://www.theedgemalaysia.com/business-news/284821-rhb-cuts-ahmad-zaki-eps-fv-lowered-to-96-sen.html

Posted by Investeye > 2014-04-14 09:34 | Report Abuse

RHB still rated a buy at RM0.96 after this Right & Warrant execise. If base on RM0.78, still have 23% to reach the fair value.

Posted by splendid_ignorance > 2014-04-14 09:35 | Report Abuse

haha headline by theedge quite misleading. of course EPS will fall if your share base is higher. headline should read rhb retains buy call after adjustment of EPS

Posted by james70 > 2014-04-14 10:36 | Report Abuse

Boy, am I glad I took a position in the OR last week at 23 and 24sen.

Posted by fatt168 > 2014-04-14 17:27 | Report Abuse

time to sell!

Posted by Investeye > 2014-04-14 17:48 | Report Abuse

Sold more than half of AZRB at RM0.79
Balance should wait for Langat News.