SEYB Rights Issue - Dates announced

san1985 · 1 SEYB Rights Issue - Dates announced Mon Apr 11, 2011 12:26 pm

san1985

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SEYLAN BANK PLC
Company ID: - SEYB (Voting)
Date of Initial Announcement: - 01-Mar-2011
Proportion: - One (01) new ordinary share for every three (03) shares held
Issue Price: - Rs.75.00/-
The number of shares to be issued: - 43,333,333 ordinary shares
EGM / Provisional Allotment: - 09.May.2011
XR:- 10-May-2011
Dispatch of Provisional Letter of Allotment: - 19.May.2011
Rights Trading Commences on:- 25.May.2011
Renunciation:- 01.Jun.2011
Last Date of Acceptance & Payment:- 02.Jun.2011

SEYLAN BANK PLC
Company ID: - SEYB (Non Voting)
Date of Initial Announcement: - 01-Mar-2011
Proportion: - One (01) new ordinary share for every three (03) shares held
Issue Price: - Rs.35.00/-
The number of shares to be issued: - 41,186,666 ordinary shares
EGM / Provisional Allotment: - 09.May.2011
XR:- 10-May-2011
Dispatch of Provisional Letter of Allotment: - 19.May.2011
Rights Trading Commences on:- 25.May.2011
Renunciation:- 01.Jun.2011
Last Date of Acceptance & Payment:- 02.Jun.2011

They are going with the original terms announced on 01/03/2011. Currently SEYB.N is trading at 75. Which is the right price. And SEYB.X is trading at 38.7, which is slightly above the rights price.

How this will affect the price of the share?
How did they get the approval of CSE?

Im little concerned….Any expert comment would be highly appreciated…

Thanks in advance.

banarahu · 2 Re: SEYB Rights Issue - Dates announced Mon Apr 11, 2011 9:22 pm

banarahu

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Thnx... I've tried to find it from today morning, but didn't find...

chamith · 3 Re: SEYB Rights Issue - Dates announced Mon Apr 11, 2011 9:39 pm

chamith

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Oh my oh,..............

dont these so called directors have any concern about the market, other than their fat salary?
I wonder what will happen on tomorrow.

san1985 · 4 Re: SEYB Rights Issue - Dates announced Tue Apr 12, 2011 12:41 am

san1985

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chamith wrote:Oh my oh,..............

dont these so called directors have any concern about the market, other than their fat salary?
I wonder what will happen on tomorrow.

This was published in the morning session.....But there wasn't much movement in the share price...
Though I dont kw what will happen tmrw...

What do u guys think will happen?
Currently voting trade at 75. For the right to have some value by 25th May the share price should increase...
Will this be followed by the non voting...??
What is the best strategy to deal with this for existing SHs who bought this share having faith on the new management...

Im sure most of the guys here would be having this problem, would be glad if all the experts can contribute something for the better good of all.........

Thank u all

chamith · 5 Re: SEYB Rights Issue - Dates announced Tue Apr 12, 2011 12:57 am

chamith

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sorry i didnt know this was published in the morning.
SEYB will somehow get the right subscribed fully, But questions is what will the retailers do?
Most of X hold by the public and most of the individuals look for quick bucks.

I guess prices will go down a bit more and then pick up near the XR date,...

san1985 · 6 Re: SEYB Rights Issue - Dates announced Tue Apr 12, 2011 1:30 am

san1985

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chamith wrote:sorry i didnt know this was published in the morning.
SEYB will somehow get the right subscribed fully, But questions is what will the retailers do?
Most of X hold by the public and most of the individuals look for quick bucks.

I guess prices will go down a bit more and then pick up near the XR date,...

Thanks for the reply buddy....

CSE Today · 7 Re: SEYB Rights Issue - Dates announced Tue Apr 12, 2011 10:02 am

CSE Today

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Again SEYB directors misjudged the Dates for rights issue...

26th last day for subscribing & 2nd of June starts trading.... BUT

03th June is the dead line for final 50% credit clearing instructed by SEC and we all can expect a market drop from mid May, early June...Then what will happen to SEYB rights offer...!

I think the SEYB board should be more sensitive on CSE trading patterns before deciding such important issues...They just seated in AC rooms & decide but not getting to know the reality of trading floor sentiments + SEC credit clearing issue impact on the whole market...!
The Bank with a Heart without pulse.....!

san1985 · 8 Re: SEYB Rights Issue - Dates announced Tue Apr 12, 2011 10:10 pm

san1985

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CSE Today wrote:
03th June is the dead line for final 50% credit clearing instructed by SEC and we all can expect a market drop from mid May, early June...Then what will happen to SEYB rights offer...!

Is it 3rd june or 31st june??

CSE Today · 9 Sorry ...a Correction Wed Apr 13, 2011 10:17 am

CSE Today

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san1985 wrote:

CSE Today wrote:
03th June is the dead line for final 50% credit clearing instructed by SEC and we all can expect a market drop from mid May, early June...Then what will happen to SEYB rights offer...!

Is it 3rd june or 31st june??

Sorry for the mistake it's 30th June 2011...also there is no 31st for JUNE Month

san1985 · 10 Re: SEYB Rights Issue - Dates announced Wed Apr 13, 2011 9:02 pm

san1985

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CSE Today wrote:
Sorry for the mistake it's 30th June 2011..[/b].also there is no 31st for JUNE Month

No worries buddy...So there worn't be much impact on credit clearance on the rights price since the trading starts on 25th May...

As ANU mentioned in elsewhere if they have performed well in the last quarter we can expect something positive to happen...If so rights will get some value...

Lts hope for the best...fingers crossed...