I saw a link from another blogger for GRP.
It has zero debt, and pay dividends of 2 cents since 2008, at current price of 10.4cents, dividends yield is close to 20%
What is most amazing is it generates FCF since 2008
Well, there shouldn’t be FREE LUNCH, isn’t it?
I decided to find out more, and I realized the reason, they have a rights cum warrant issue.
(source:
http://infopub.sgx.com/FileOpen/Announcement_Rights_cum_Warrants_Issue_060913.ashx?App=Announcement&FileID=255553)
That they have a highly dilutive rights and warrants issue is not surprising, assuming all rights and warrants are exercised, which is very likely since the warrant has a low exercise price of 8 cents, the number of shares will increase from 139,407,200 to 975,850,400. A massive 7 times increase!
Then came then next surprise, the rights were issued at a whopping “ approximately 73.3% to the closing price of S$0.300 per Share on ......
That they have a highly dilutive rights and warrants issue is not surprising, assuming all rights and warrants are exercised, which is very likely since the warrant has a low exercise price of 8 cents, the number of shares will increase from 139,407,200 to 975,850,400. A massive 7 times increase!
Then came then next surprise, the rights were issued at a whopping “ approximately 73.3% to the closing price of S$0.300 per Share on ......
