Monday, March 21, 2011

Scalp Trades Dated 21/3/2011


1. Scalp trades today :-

AMFIRST - average in 1.1437, average out 1.1559

2. Saw below news about AMFIRST - rebranding of The Summit Subang USJ.

The Manager has embarked on and implemented in various stages a refurbishment program on The Summit Subang USJ in order to reposition and realign the direction and branding of The Summit Subang USJ. This will allow the retail mall to improve tenant mix and be rebranded with a new image. The right mix of tenancy is vital to attract appropriate category of tenants and hence, enable the Manager to put forward strong bargaining power in future negotiation of rental rates for new tenants or renewal. The repositioning and realignment exercise is also expected to bring/enjoy long term enhancement of rental returns of The Summit Subang USJ.
The repositioning and rebranding of The Summit Subang USJ necessitates selection of tenant profiles by the Manager which may affect the rental income from the retail portion of The Summit Subang USJ. In implementing the repositioning of The Summit Subang USJ, it is necessary to, amongst others:
(i) re-locate certain tenants around The Summit Subang USJ; and
(ii) create new tenancies in favour of new tenants over strategic lots which were vacated by and as a result of the relocation of these tenants.
By reason of the foregoing, the rates of rent payable by these existing and new tenants will vary and revised, where applicable. This will have an impact on the Warranties and Guarantee by BDSB and Meda Inc at the time the SPA was made. Whilst the Warranties given in the SPA were applicable at the time of acquisition, their purpose and intent were somehow negated or became increasingly difficult to monitor and enforce since the relocation and rebranding of The Summit Subang USJ was implemented.

3. TENAGA-CP - The Settlement Price has been determined at RM 6.3000, being the arithmetic mean of the closing price of TENAGA Shares on Bursa Malaysia Securities Berhad for the five (5) scheduled market days prior to and including the market day before the Expiry Date. Cash Settlement Amount


= {(Settlement Price – Exercise Price) / Exercise Ratio} x Number of CW exercised – Exercise Expenses*

= {(RM 6.3000 - RM 6.2400) / 8 } x Number of CW exercised – Exercise Expenses*

= RM 0.0075 x Number of CW exercised – Exercise Expenses*

* Equivalent to 0.30% of the intrinsic value.

It is higher than what i have expected earlier. :)
My % return in fact stood at :-

(0.0075 - 0.005)/0.005 X 100 = 50% !!! (instead of 40%)

WOW !! it is higher by another 10% !!! Where to find such a return in just about 2 weeks time..?

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