not vested
YTL continues to reward long-term shareholdersBy GANESHWARAN KANA
YTL Group said the exercise price to convert the warrant into mother shares will be set at a discount to the prevailing share price.
PETALING JAYA: YTL Corp Bhd and its subsidiary, YTL Power International Bhd, have proposed free warrants for shareholders that could raise up to RM7.5bil cumulatively, assuming full conversion.
One free warrant will be issued for every five ordinary shares held.
The warrants must be converted into mother shares within three years, failing which the warrants will expire.
YTL Group said the exercise price to convert the warrant into mother shares will be set at a discount to the prevailing share price.
In the case of YTL Corp, the discount is about 37% from Jan 22’s average share price of RM2.39.
The exercise price is set at RM1.50 per share.Assuming full exercise of the warrants, the gross proceeds are expected at about RM3.31bil and RM3.4bil under the Minimum Scenario and Maximum Scenario, respectively.
As for YTL Power, the discount is about 40%, based on Jan 22’s average share price of RM4.06. The exercise price to convert the free warrants is RM2.45 per share.
Under the Minimum Scenario, YTL Power expects gross proceeds of RM4.02bil, while under the Maximum Scenario, it is expected at RM4.1bil.
Source: The Star
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