对上一次聊收购的文章已经是六年前了，近来遇到KBUNAI收购案，我才发现我对这个程序还是有模糊的地方。
今天要谈的是最后关头-决定下市！
KBUNAI 这次的献购在4/11 截至，在大股东已经拥有超过90%股权，此公司也宣布决定在五天过后，就是在12/11/2019宣布停板。
在CMSA 223(2) 条例里要求收购的一方 (offeror) 必须在一个月内对没有接受的股东们(Dissenting shareholders) 发出通知，告知他们在献购期间已经获得不少过9/10 的股票。
收购的一方在11月1日已经持有不少于9/10 的股份，因此收购者必须向没有接受的股东们发出通告，并且告知他们在不少于三个月的时间，可以行使 CMSA 223(1) 条规定的权利，向收购者发出通知，要求收购者以相同的条件收购回他们的股份（这个同意书有符在通知书的最后部分，截至日期是在 5/2/2020）。
那么既然这样子，warrant holder 何去何从？
在结束了收购的期间，没有接受献购的股东，这个时候就变成了我（dissenting shareholders)要求你(offeror)以同样的价钱买回我的票，主动权是在于这些股东身上，并不是收购者主动给你们offer 了。
而在这个期间，Warrant holder 并没有权力要求大股东以同样的价钱回购。就算是之前YTLLAND 的ICULS holder 也是一样，错过了之前收购的时机，他们就不能跟持有母股的股东一样，要求大股东收购回这些股票。KBUNAI-WC 的转换价是在13仙，转换也是没有意思，因为大股东的收购价钱已经定在11仙。
这几天KBUNAI-WC价钱都很波动，因为一个价位就足以赚很多。在此，必须提醒12/11/2019就会被除牌了。
觉得这样情况下，不少散户遭殃。尤其是warrant 如果以低位0.005买入，以0.01或0.015 就赚到发。相反接票的就GG。都是投机客。
ReplyDeletewarrant 0.02了，投机客赚翻了。
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