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Monday, June 29, 2015

Matrix Concepts fixes warrants exercise price at RM2.40 apiece

PETALING JAYA (June 29): Matrix Concepts Holdings Bhd ( Financial Dashboard) has fixed the exercise price of its proposed free warrants at RM2.40 per warrant.

In a filing with Bursa Malaysia, Matric Concepts (fundamental: 2.15; valuation: 1.2) said the price represents a discount of approximately RM0.31 or 11.4% to the theoretical ex-all price of MCHB shares (after adjusting for the proposed bonus issue of shares) of RM2.71 per share.

This is based on the five volume weighted average market price (VWAMP) of Matrix Concepts shares of RM3.165 per share, up to and including June 26, 2015.

Matrix Concepts had proposed a bonus issue coupled with free new warrants on April 16 this year, on the basis of one bonus share and one free warrant for every six Matrix Concepts shares held on an entitlement date to be determined later.

The company had said the exercise would see an issuance of up to 77.8 million new shares of RM1 and up to 77.8 million five-year warrants.

The company had said the bonus shares would expand its share capital up to a maximum of RM544.8 million, which comprises 544.8 million shares of RM1 from 461.4 million shares.

The five-year warrants are projected to increase Matrix Concepts’s share capital by an additional RM77.8 million, assuming the warrants are fully exercised during the five-year tenure.

Separately, it said today that the bonus issue of the 77.8 million new shares will be credited as fully paid-up to entitled shareholders on July 16, together with the free warrants.

Matrix Concepts shares closed unchanged at RM3.05, with a market capitalisation of RM1.415 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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