Tuesday, November 20, 2007

Key dates and events of Yongnam rights exercise

STI was down on accounts of Dow dropping 218 pts yesterday night. It went down to -100 over points before closing up 26 pts at 3438 with a volume of 2.26 billion. The remarkable recovery is due to an announcement after lunchtime that FED is holding an emergency meeting tonight at 2pm to discuss the possibility of a rate cut this month. A rally ensured in Nikkei and when HSI opened, it also pulled STI up from -ve ground to +ve grounds.

That was the excitement that lifted the gloominess enveloping the market today. It was quite boring, so I spent most of my time away from the market.

Yongnam removed the XR remark today. They announced the following:

1. Issue price of warrants is 0.03, with each warrant carrying the right to subscribe for 1 mother share at an exercise price of 0.25 each.

2. OIS will be despatched on 22 Nov

3. Commencement of trading nil-paid rights is 22 Nov on market open

4. Last day of trading nil-paid rights is 30 Nov on market close

5. Last date and time for acceptance and payment is 6 Dec at 4:45pm for post, 9:30pm for ATM

Dow futures stand at +70. Tonight investors would be scrutinizing the minutes released in the FED meeting for clues of possible rate cut. What else could they say? Presidential election coming, inflation poses risk, economic recession also poses a risk - at best a wishy washy have don't have kind of statement. Quite stupid huh, deciphering the tea leaves of the Gods, haha :)