ICPS, like Focus-WD, has flexible ways in converting 1 mother share. You can surrender up to 10 PA's for 1 mother share. E.g., 10 PA's (whatever purchased price) all in without considering the RM0.55 strike price. For 1 PA (assuming RM0.025 market price), you need to surrender the only PA and pay extra cash: RM0.025 + (9 x (0.55/10)) -- your total cost.