In my earlier post on 26th December 2012, which I thought PNB is letting the 52,821,503 CCM-WB lapse on the expired date, which prove it is wrong by the latest announcement from Bursa on 28th December 2012.
The announcement details as below,
CCM-EXERCISE OF 52,825,836 WARRANTS B 2003/2012 (“EXERCISE”)
|CHEMICAL COMPANY OF MALAYSIA BERHAD|
LISTING'S CIRCULAR NO. L/Q : 66837 OF 2012Kindly be advised that the abovementioned Company’s additional 52,825,836 new ordinary shares of RM1.00 each arising from the aforesaid Exercise will be granted listing and quotation with effect from 9.00 a.m., Wednesday, 2 January 2013.
So it means PNB actually exercised all its CCM-WB that they hold, the figure of exercised warrants is slightly bigger than the PNB holding is that there might have some minor shareholder doing the exercised process as well.
So we all well known that the exercise price of CCM-WB is RM1.36, let say we ignore their initial cost of CCM-WB, this 52,825,836 new share that will be trade on 2nd January 2013 will at least cost at RM1.36, which is way higher than today closing price of RM0.875.
Despite we see the EPF is continuously disposing CCM share, should this level consider a safe entry price?