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I don't believe it just purely a simple right issue. more like looking at it as an integrated valuation-suppression and capital-reorganization mechanism from the cheapskate boss.
don't you think this is a properly timed maneuver by the boss? critical window for taurx announcement, Dec timeline for the takeover offer and also Q3 results in Nov. all just merely for a rm800 mil debt pare down while wiping off rm2 bil market capital in gent alone. yet to factor genm market capital.
don't be over confident that the rights issue will go thru. at any time the management can cancel it citing an unfavorable market. prior before that they may have acquired 3-4% from open market at low price.
question is how the boss gonna cover his margin. he would need to spend more on that. probably he bought a lot of put warrants via his proxies. we never know. so even the price depress, the boss still earn
