Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on March 29, 2018

KUALA LUMPUR: Hibiscus Petroleum Bhd’s 317.65 million free warrants (HIBISCS-WC) hit limit up yesterday, after they rose as much as 30 sen or 6,000% to 30.5 sen. The warrants were listed on Bursa Malaysia yesterday at a reference price of 0.5 sen.

At market close, HIBISCS-WC settled at 27 sen after 126.54 million warrants were traded. HIBISCS-WC was the second most actively transacted security across Bursa Malaysia. Hibiscus shares, meanwhile, slid two sen or 2.4% to 81.5 sen.

Hibiscus said in a statement to Bursa Malaysia: “Each Warrant C entitles the registered Warrant C holder to subscribe for one new ordinary share in Hibiscus Petroleum at the exercise price of RM1.00 for each Warrant C for Year 1. Thereafter, the exercise price of each Warrant C is subject to a fixed annual step-up of RM0.06 per year on each of the anniversary dates from the date of the first issuance of the Warrants C [subject to any permitted adjustments, if any, in accordance with the terms of the deed poll].”

According to Hibiscus, the company issued HIBISCS-WC on March 20. HIBISCS-WC’s maturity and expiry dates are on March 18 and 19, 2021 respectively.

 

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