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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » REEF Warrants

REEF Warrants

Go down  Message [Page 1 of 1]

1REEF Warrants Empty REEF Warrants Tue Oct 16, 2012 5:24 pm

roshanalv

roshanalv
Manager - Equity Analytics
Manager - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/1701350386308_.pdf

How this will effect for normal REFF.N000 , what will be the share price impact ? pl share ur comments.
I do hold some REFF.N , should I sell it or keep it ?

2REEF Warrants Empty Re: REEF Warrants Tue Oct 16, 2012 5:47 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What I can't understand is how the existing holders of W2 are benefited of current market price. Very Happy

Anyway, this will have minimum impact on W6 holders as it is a long term investment till 2015

3REEF Warrants Empty Re: REEF Warrants Tue Oct 16, 2012 6:47 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
REEF is badly need some money to construct thier hotels it seems.. So giving another opportunity to the holders of W18 (last warrant subscribed) another chance to exercise their warrants which they did not exercise last time. Laughing

It was due to the fact the warrant price and the share price were equal, the warrant conversion didn't succeed.
Only a handful of ppl subscribed.

Before the conversion this was brought to 38 or 39 just to make sure the warrant conversion could see the day light but still it was a fiasco..

What I understood from the circular was; this will grant Divasa Equity & GSF to subscribe their warrants as well and if after conversion, the total conversion exceed 2% of voting, they'll shed that 2% in a month's time
just to be comply with the regulations.. How awful??? Twisted Evil

4REEF Warrants Empty Re: REEF Warrants Tue Oct 16, 2012 8:01 pm

roshanalv

roshanalv
Manager - Equity Analytics
Manager - Equity Analytics
So, this will effect for current mkt. price, I mean price will come down gradually. correct ? cause there will be more voting shares soon.

sriranga

sriranga
Co-Admin
Citrus Leisure Plc has been granted approval by the SEC to make a fresh chance to complete the exercising of warrants in full.

During the stipulated exercising time, in June, following the majority not seeking to exchange their warrants to shares Citrus sought concurrence of the SEC to issue 16.79 million shares to two warrant holders namely Divasa Equity Ltd., and George Steuart Engineering Ltd.

At its Commissioners’ meeting on 8 October, the SEC had considered the application made by Citrus and granted approval to exempt Divasa Equity and George Steuart Engineering from having to make a mandatory offer to shareholders of Citrus Leisure in the exercise of the warrants acquired by them, subject to the fulfilment of three conditions as undertaken by the Company in its submissions to SEC via a letter dated 25 September 2012.

The three conditions are that 1) Citrus Leisure sends out a further letter giving an opportunity to all the warrant holders who did not exercise their rights at the time of closing, another chance to exercise the warrants in order to give the warrant holders the benefit of the current price of a share. The time to respond to further letter to warrant holders to be kept open for seven market days; 2) that Divasa Equity and George Steuart Engineering together with persons acting in concert if upon conversion of the warrants were to acquire more than 2% of the voting rights of Citrus Leisure, they will sell out such excess within a period of one month from the date of allotment to comply with the spirit of the law in terms of Rule 31(1)(b) of the Takeovers and Mergers Code and 3) that all the said parties will until such time the shares in excess are sold shall acquiesce their right to exercise the voting rights attached to the shares in excess to comply with the spirit of the law under Rule 31(1)(b) of the Code.

Citrus was planning to raise Rs. 943.8 million via the conversion of warrants into shares but managed only to raise Rs. 36 million in June. The exercising price of the warrants was Rs. 30 whereas in between mid and end June it was trading around Rs. 23 and Rs. 27 levels. Yesterday Citrus closed at Rs. 30, down from Rs. 31.20 on Monday.
http://www.ft.lk/2012/10/17/fresh-offer-for-citrus-leisure-warrant-holders/#more-115212

http://sharemarket-srilanka.blogspot.co.uk/

6REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 9:27 am

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
this looks bad. If they don't have the required capital to execute their plans, they will not achive their future targets. could this have a impact on the share price?

7REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 10:04 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Light of Hope wrote:this looks bad. If they don't have the required capital to execute their plans, they will not achive their future targets. could this have a impact on the share price?

At least they'll have to execute the plans in this way than using borrowed money..

Imo, they try to avoid going for another rights issue... This is why we have to be realistic over their initial magic plans if we're to invest in this for future prospects.. Addition of 2 hotels would form a chain of hotels where CITRUS group revenue can be increased.. However, at the start anyone cant expect to make profits for abt 2 years.. So the prospect could only be expected in 2014 on wards..

8REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 1:53 pm

anubis


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I'm bit unfamiliar with warrants, can someone kindly answer the following few questions?

1. So, when converting a warrant, I have to pay some extra money per share. How much do I have to pay? and how is this amount determined? (at warrant issue date?)

2. If I buy warrants from the share market for X rupees per share, my total cost would be X + C when converting? So, if X + C < Current share price, I have a good deal, otherwise I'm a looser. Is that how it works?

3. This information is probably available on some document, but while we're at it, can someone mention the conversion prices for REEF W.18 and W.19 as well?

Thanks in advance Smile

Cheers!

9REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 4:18 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Pls find the answers in BLUE...

@anubis wrote:I'm bit unfamiliar with warrants, can someone kindly answer the following few questions? Thanks in advance Smile
Cheers!

1. So, when converting a warrant, I have to pay some extra money per share. How much do I have to pay? and how is this amount determined? (at warrant issue date?)

This depends on the exercise price of the warrant. AS I could remember exercise price of the REEF.W19 is 40/- (in June 2015). If you buy warrants today at 5.30, ur total cost for the warrant will be 40+5.30 = 45.30 at the time of conversion.

2. If I buy warrants from the share market for X rupees per share, my total cost would be X + C when converting? So, if X + C < Current share price, I have a good deal, otherwise I'm a looser. Is that how it works?

Yes.. the REEF.W19 is due on exercise in June 2015, so have plenty of time. REEF will be at least in 60/-s by 2.5 years time.

3. This information is probably available on some document, but while we're at it, can someone mention the conversion prices for REEF W.18 and W.19 as well?

As I could remember exercise price for W18 was 30 and W19 is 40.

10REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 5:00 pm

anubis


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thanks smallville! Smile

11REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 5:05 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I think we are forgetting people who bought REEF Warrants at a cost of one rupee and even cents during last days of the dead line.

12REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 5:55 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@seek wrote:I think we are forgetting people who bought REEF Warrants at a cost of one rupee and even cents during last days of the dead line.

Still they'll not be enthusiastic to enter exercising their warrants.. why? u can buy REEF @ 29 and why the hell someone be foolish enuf to convert it spending 31 or 30.10? Laughing

They should've at least brought this share up or wait till the market sees some sunshine to announce this.. This is bad timing..

I think they will not be able to up the share within 7 days,, will they?

13REEF Warrants Empty Re: REEF Warrants Wed Oct 17, 2012 6:01 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@smallville wrote:
@seek wrote:I think we are forgetting people who bought REEF Warrants at a cost of one rupee and even cents during last days of the dead line.

Still they'll not be enthusiastic to enter exercising their warrants.. why? u can buy REEF @ 29 and why the hell someone be foolish enuf to convert it spending 31 or 30.10? Laughing

They should've at least brought this share up or wait till the market sees some sunshine to announce this.. This is bad timing..

I think they will not be able to up the share within 7 days,, will they?

Last time they had done.

14REEF Warrants Empty Re: REEF Warrants Thu Oct 18, 2012 11:59 am

NewInvestor

NewInvestor
Manager - Equity Analytics
Manager - Equity Analytics
@smallville wrote:
Still they'll not be enthusiastic to enter exercising their warrants.. why? u can buy REEF @ 29 and why the hell someone be foolish enuf to convert it spending 31 or 30.10? Laughing

Can they guarantee the number of shares they want at 29.90?

@smallville wrote:
I think they will not be able to up the share within 7 days,, will they?

They can in green market easily.

15REEF Warrants Empty Re: REEF Warrants Thu Oct 18, 2012 1:07 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@NewInvestor wrote:
@smallville wrote:
Still they'll not be enthusiastic to enter exercising their warrants.. why? u can buy REEF @ 29 and why the hell someone be foolish enuf to convert it spending 31 or 30.10? Laughing

Can they guarantee the number of shares they want at 29.90?

@smallville wrote:
I think they will not be able to up the share within 7 days,, will they?

They can in green market easily.


I think REEF people will be able attract more subscribers this time.

16REEF Warrants Empty Re: REEF Warrants Thu Oct 18, 2012 6:34 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
At this point it would be a prudent decision if they can find another local or foreign party to get some capital infusion, like what did Pathirage with Asiri group recently be selling some shares to a Actis Fund.

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