The management of 2nd Chance Properties announced a proposed bonus issue of free warrants on the basis of One bonus Warrant for every One existing ordinary share to the shareholders.
The size of the bonus warrants issued is as much as the paid-up share capital of the company, which is currently at 755,396,152. The enlarged capital would immediately be double of that size should all the proposed warrants is exercised.
The exercise price of the warrants is specified at $0.25, which is not far away from the current market share price of around $0.23.
I wrote a few articles on 2nd Chance previously (Link Here) and warned on their method of financial engineering.
This proposed warrants is a “replacement” of the current existing warrants at $0.40 which is expected to expiry on 24th Jul 2017.
To me, it looks like the goal of the …