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Market Sense 市场意识: Yangzijiang falls after announcing warrants issue plan
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Thursday, 17 January 2013

Yangzijiang falls after announcing warrants issue plan


Yangzijiang falls after announcing warrants issue plan

Shares in Yangzijiang Shipbuilding (Holdings) fell 7.7% to a one-week low on Wednesday on concerns over the potential dilution of its stock after it announced plans to issue $20 million worth of warrants.

By 9:55 a.m., Yangzijiang shares were at $1.015, with 48.9 million shares traded, 1.2 times its average daily volume over the last five sessions.

Yangzijiang said it plans to sell 330 million warrants at $0.0605 a piece, and each will carry the right to subscribe to one new share at 7.617 yuan ($1.51).

“There is some uncertainty over why the company is raising funds. It’s not a large amount they are getting and the exercise price of the warrant is also quite high considering their share price today,” said a local trader.
Posted by ckchoy77 at 17:57
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