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Need to watch out for their general meeting outcome, once it's approved, they will have 1 year to sell. Either by direct business transaction or open market. 218M shares, if Inari entered KLCI50, can be done through DBT to institutions so that there's no selling pressure in open market. Bad news is institutions do not have to purchase from open market, so no uplift from them too.
It's not about what he wants, currently it's about what he can do to save his position as the largest shareholder.
So the correct question is do you believe TS Wong can survive this?
The closest case study with a similar case is CEB, where the owner was caught in margin call too.
Assuming the DRP credited was his direct account , reverse calculation will be around 198m units in direct holding. Balance which are currently withheld are margin nominee account.
From my understanding of the announcement, the cash payment is only stopped for the major shareholder account, which is highly possible belongs to Wong.
The margin accounts broker might have opt for cash payment to cover the margin, but Wong wanted DRP. Getting shares instead of cash will save the cash for Zetrix, at the same time increasing his margin account value.
I can't understand why some people are saying everyone is not receiving the cash.
