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There is no conspiracy here. Conspiracy theory is just for those who doesnt understand the mechanism behind it but desperately needed a reason to justify the plunge.
What happen if u decide not to invest extra rm245 and let the warrant expired? Great, now the total market value of your shareholding = 500 x 3.74 ~ rm1,870. That means u either lose rm130 for doing nothing, or invest rm245 for nothing. Either way, u lose.
See? If u understand the real logic behind all these, u understand why such an corporate exercise is not welcome by the market...
But then, dont forget that u have to pay rm2.45 per share or rm245 for 100 unit of share to do the conversion. So, after u deduct the cost of coversion from the market value of your share on the exdate, what u really left is rm2,000 which is exactly the same as the day before exdate.
Since the warrant is not tradable in secondary market, the only way to realize the value is convert the "free" warrant into mother share. Assume that there is no delay in the conversion, u now have total 600 unit of ytlp on the exdate. So the market value of your share = 600 * 3.74 = rm2,244.
In this case, the bonus ratio is 1 free warrant for 5 mother shares and the exercise price of the warrant is rm2.45. Using the formula i posted yesterday, the ex price will be (5 * 4 + 1 * 2.45) / (5 + 1) ~ rm3.74.
