W2 warrant conversion cut off has been postponed till 6 September 2013.
Which will expire on 26 September 2013. This was done due to sensing the failure of the process.
- On 23 October 2012, Caledonian Securities had bought 23.9 Mil shares (6.85%) and increased its holding to 45.8 Mil shares (approx. 13.1%).
- On 19th November 2012, Lionhart had sold 101 Mil Shares (28.9%) to Taprobane Holdings @ 16.7/share.
- CT group now has 40 Mil (11.5%) shares of GREG with recent acquisitions.
So, as of today, 53% of GREG is CT + Taprobane + Caledonian.
Here's a summary of Assumptions and questions we made or raised on GREG on another thread;
1) More than 90% of warrants are with Lionhart, it's DIFFICULT to ASSUME that they may want to pay and convert these warrants in future. Therefore, they can try hard selling this in open market or arrange a crossing to a lower value even as a bulk sale.
At the moment why LH sells GREG.N is that they have to pay Rs.2 Bil. So its safe to ASSUME they might not pay more billions to convert warrants.
2) If Lionhart pays and converts the warrants to shares, the ownership again will transfer to them.
3) Local buyers might have not even thought about the warrants before buying and they might have not even dreamt that LionHart can come to ownership by converting warrants in future if they want. But what can they do for this?
Either they should buy LH's warrants or wait and see what's going to happen.
From LH's point of view, if they need money, they will opt for point 1. In that case, Warrants might see a drastic decline as the selling pressure will
take the buying pressure down.
4) But at a moment of financial needs, if failed, Lionhart will have no other option than dumping warrants at market price.
If they sell Warrants, its highly unlikely that our retailer fellows buy those again unless GREG.N goes to 40+.
5) Further more, LH can watch the company's future before taking a decision now. But its stupid to buy a company at 50-60 when it can be bought at 18.
What motivates Lionhart to sell regular shares now and buy back converting warrants later for a much higher price?
If GREG goes to 50s again, why would LH buy back GREG shares or convert warrants when they had the chance to buy this at 18? It could be due to no charge for them for warrants as they got it free. And if they convert at a time where share price is 50+, they make profits.
So, this seems like a betting game for LH.
But, where would they find the money to convert nearly 900 million warrants ?
6) Some said local parties started collecting Warrants and they had collected 77 Mil and 24 mil warrants already.
7) GREG is going at NAV value now and why would it have a value over 50 is in question when the company does next to nothing new. Then this question raises eyebrows again with another question "Why on Earth GREG warrants have to pass 10-15 levels without GREG going above 50-60?"
Apparently, LIONHART has been in the forefront of this warrant game in other countries. They had made many ppl fools but failed miserably in SL.
This is the investment trust that once advertised they bought diamond mines, when actually it was a transfer of document's ownership. So the value of it has been regarded to as for KABOK mine Warrants are exercised to fund a company's investments, speaking of which, what GREG has as investments now?
So when LH learnt its lesson, the probable chance is they sell the warrants for whatever he price and leave forever.
There's only a tiny chance that LH brings Rs. 30 bil to SL again by converting the warrants.But who is certain of the future of GREG?