Maybank Investment Bank (Maybank IB) is offering up to 100 million call warrants (CW) over the shares of Public Bank Bhd at an issue price of 15 sen each. KUALA LUMPUR: Maybank Investment Bank (Maybank IB) is offering up to 100 million call warrants (CW) over the shares of Public Bank Bhd at an issue price of 15 sen each. According to the term sheet, the CWs (PBBank-HB) were launched on Wednesday and they will be listed on the Structured Warrants Board of Bursa Securities on Thursday. Maybank IB is the issuer and market maker for the 100 million European style non-collateralised cash settled put warrants over the Public Bank shares with entitlement of 30 put warrants to one Public Bank share. The Issue price is 15 sen, being an amount equal to (i) 22.06% of the reference price, (ii) divided by 30 (being the entitlement), rounded up to the nearest half sen. The exercise price is RM18, being 88.24% of the reference price of RM20.40 on the price fixing date. Its expiry date is Nov 30. Maybank IB says it will use RM14.80mil from the indicative total gross proceeds of RM15mil arising from the CWs as working capital. Meanwhile, Public Bank’s historic four-for-one bonus issue will go ex on Jan 26 and entitlement date will be on Jan 27. In a separate statement, Maybank IB said after the bonus issue, the exercise price for the CWs will be adjusted from RM18 to RM3.60. The entitlement will be adjusted from 30 CWs to one share to six CWs to one share.
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