Warrant Pricing Based on Black-Scholes Model- [Aggressive]

Expiry
Date

Warrant
Price

Agribusiness
TLUXE-W2
20-Feb-15
1.80
Automotive
CWT-W1
30-Jan-12
3.80
Commerce
PLUS-W2
15-Mar-14
0.47
Communication
AIT-W1
30-Sep-12
33.75
BLISS-W1
17-Jul-12
0.01
Construction Materials
CEN-W2
17-Jan-13
1.40
CEN-W3
10-Jun-15
1.45
GEN-W2
24-Dec-11
0.03
MILL-W1
24-Feb-14
1.40
TASCO-W3
17-Apr-14
7.20
TCC-W1
30-Oct-14
2.70
TCC-W2
03-May-18
2.28
TSTH-W1
01-Dec-12
0.18
TSTH-W2
01-Dec-12
0.05
GJS-W1
31-Oct-11
0.01
GJS-W2
12-Dec-17
0.27
SAM-W1
12-Nov-12
0.44
SINGHA-W
28-Nov-14
0.06
STPI-W1
06-May-13
33.00
Food and Beverage
KSL-W1
15-Mar-13
4.06
LEE-W2
20-May-13
0.66
MINT-W4
18-May-13
2.74
TVO-W2
18-May-12
16.10
TVO-W3
18-May-12
15.20
Finance and Securities
CGS-W5
18-Jan-13
0.21
ECL-W1
01-Dec-13
0.11
GBX-W1
**
31-Aug-11
0.09
GL-W1
30-Dec-11
3.40
Industrial Materials & Machinery
AMC-W1
07-Mar-14
0.59
CSP-W1
29-Nov-13
0.32
TCJ-W1
17-Mar-16
3.78
Information & Communication Technology
IEC-W1
***
18-Jun-14
0.01
Media & Publishing
LIVE-W1
21-Jan-14
0.03
MATCH-W2
29-May-14
0.95
1.94
RS-W2
19-May-14
SMM-W1
03-Feb-12
0.14
SPORT-W2 **
10-Jun-11
0.01
SPORT-W3
21-Apr-15
1.14
Property Development
BLAND-W2
02-May-13
0.08
BLAND-W3
07-Nov-15
0.20
EMC-W2
24-Aug-11
0.23
ESTAR-W1
29-Dec-11
0.16
ESTAR-W2
29-Dec-11
0.02
GOLD-W1
31-Mar-14
0.79
MJD-W1
28-Jun-13
0.49
NNCL-W2
29-Dec-15
0.57
PF-W2
06-Nov-12
4.24
ROJNA-W2
30-Jul-14
7.00

02-Jun-11

Exercise
Price

Share
Price

Gearing
Ratio

Cash
Premium

Theoretical
Value

Premium** Conversion
Ratio

Dividend
Yield

Exercise
date

No. of Warrants
(Unit)

2.500

4.64

2.58

-7%

2.65

-32%

1.00000

0.00%

Last day Mar,Jun,Sep,Dec Start 30 Mar 2012

168,999,014

6.000

8.10

2.13

21%

2.93

30%

1.00000

0.00%

31-Dec

21,126,772

0.750

0.66

1.40

85%

0.22

111%

1.00000

0.00%

Last day Jun, Dec Start 30 Dec 2011

673,386,624

16.500
0.800

48.00
0.04

1.42
4.00

5%
1,925%

32.25
0.01

5%
47%

1.00000
1.00000

0.00%
0.00%

Last day Mar,Jun,Sep,Dec

Last day Mar,Jun,Sep,Dec

797,560
689,999,820

2.100
2.000
2.340
2.000
62.190
0.880
1.000
2.100
6.110
3.160
0.250
1.000
6.000
2.480

3.26
3.26
0.31
2.28
49.25
3.32
3.32
1.48
1.48
0.23
0.23
1.11
0.30
25.25

2.45
2.25
4.40
4.07
6.84
1.40
1.46
8.22
29.60
23.00
2.56
2.52
5.00
1.07

5%
6%
678%
12%
41%
-2%
-1%
54%
316%
1,278%
48%
30%
1,920%
3%

1.56
1.90
0.00
1.55
12.53
2.95
2.68
0.03
0.00
0.00
0.38
0.25
0.30
32.64

-10%
-24%
n.m.
-10%
-43%
-8%
-15%
431%
n.m.
n.m.
-29%
77%
-80%
1%

1.05000
1.00000
0.42582
2.50000
1.00000
1.14146
1.00000
1.00000
1.00000
1.00000
3.00000
1.00000
1.00000
1.40418

0.00%
Last day Mar,Jun,Sep,Dec
0.00%
Last day Mar,Jun,Sep,Dec
0.00%
30 Jun, Dec
0.00%
31 Jun, Dec Start 30 Jun 2012
0.00% bsequently, every 3 months on 31 Mar,Jun, Sep, Dec
0.00%
30-Jun
0.00%
Last day Feb, May, Aug, Nov Start 30 Nov 2011
0.00%
Last day Mar,Jun,Sep,Dec
0.00%
Last day Mar,Jun,Sep,Dec
0.00%
Last day Mar,Jun,Sep,Dec
0.00%
30 Jun, Dec
0.00%
30 Jun, Dec
0.00%
31 May, Nov
0.00%
31 May, Nov

119,602,224
117,462,994
140,768,648
114,599,987
15,254,321
282,985,455
75,982,482
1,083,275,200
1,520,763,525
3,233,789,388
4,933,058,289
212,424,988
111,998,657
1,864,229

10.000
2.500
13.000
8.900
8.900

13.10
3.14
12.00
26.25
26.25

3.23
4.76
4.38
1.63
1.73

7%
1%
31%
-5%
-8%

4.41
0.88
2.12
17.65
17.65

-8%
-25%
29%
-9%
-14%

1.00000
1.00000
1.00000
1.00000
1.00000

0.00%
0.00%
0.00%
0.00%
0.00%

15 Mar, Jun, Sep, Dec Start 15 Mar 2011

30 Jun, Dec
Every month
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec

154,686,594
294,018,771
325,381,547
39,758,422
894,600

1.410
1.000
1.000
23.000

0.94
0.72
0.82
26.75

4.76
6.55
9.11
7.87

71%
54%
33%
-1%

0.05
0.05
0.01
4.69

346%
106%
931%
-27%

1.06250
1.00000
1.00000
1.00000

0.00%
0.00%
0.00%
0.00%

Last day Mar,Jun,Sep,Dec

30 Jun, Dec
Last day Feb, May,Aug,Nov
31 Mar, Jun, Sep, Dec

464,393,602
204,999,983
354,993,249
21,883,004

3.000
3.900
10.000

2.36
2.24
7.90

4.00
7.00
2.09

52%
88%
74%

0.27
0.04
4.40

119%
708%
-14%

1.00000
1.00000
1.00000

0.00%
0.00%
0.00%

Last day Mar,Jun,Sep,Dec

31 May, Nov
Last day Mar,Jun,Sep,Dec Start 30 Sep 2011

39,981,706
124,999,992
11,149,760

0.020

0.02

2.00

50%

0.02

-50%

1.00000

0.00%

Last day Mar,Jun,Sep,Dec

9,061,201,160

0.200
1.400
1.900
1.250
5.150
2.000

0.16
2.02
3.62
0.80
3.04
3.04

5.33
2.13
1.87
5.71
324.91
2.67

44%
16%
6%
74%
70%
3%

0.09
1.12
2.05
0.01
0.00
1.34

-67%
-15%
-5%
n.m.
-15%

1.00000
1.00000
1.00000
1.00000
1.06879
1.00000

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Last day Mar,Jun,Sep,Dec

Last day Mar,Jun,Sep,Dec
Last day Jun, Dec Start 30 Jun 2011
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec

2,299,777,812
58,259,363
140,000,269
119,999,984
82,846,520
44,873,555

1.700
1.100
2.000
0.420
1.000
3.000
2.000
1.000
0.002
4.000

0.80
0.80
2.18
0.54
0.54
3.24
2.10
1.55
0.75
11.60

10.00
4.00
9.48
3.38
27.00
4.10
4.29
2.72
1.06
1.66

123%
63%
2%
7%
89%
17%
19%
1%
-6%
-5%

0.05
0.20
0.29
0.16
0.01
0.97
0.44
0.80
4.49
8.03

65%
1%
-22%
1%
86%
-18%
13%
-29%
-6%
-13%

1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
6.00000
1.00000

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Last day Mar,Jun,Sep,Dec

Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec Start 30 Jun 2011
Last day Mar,Jun,Sep,Dec
Last day Mar,Jun,Sep,Dec Start 31 Mar 2011
30 Jun, Dec
Last day Feb, May, Aug, Nov

6,883,702,818
1,993,584,121
137,826,289
700,193,820
1,253,366,144
504,065,655
345,621,483
724,975,751
8,863,476
58,181,930

Warrant Pricing Based on Black-Scholes Model- [Aggressive]

Expiry
Date
20-Jan-15
31-Mar-13
31-Jan-14
07-Jan-12

Warrant
Price
1.20
0.17
0.65
1.75

Exercise
Price
4.460
1.000
19.690
1.000

Share
Price
4.56
0.81
13.00
2.82

Gearing
Ratio
3.80
5.24
20.32
1.61

Cash
Premium
24%
43%
56%
-2%

Theoretical
Value
1.26
0.08
1.07
1.84

02-Jun-11
Premium** Conversion
Ratio
-5%
1.00000
104%
1.10000
-39%
1.01583
-5%
1.00000

Dividend
Yield
0.00%
0.00%
0.00%
0.00%

Exercise No. of Warrants

date
(Unit)
Last day Mar,Jun,Sep,Dec Start 30 Mar 2012
736,792,026
Last day Mar,Jun,Sep,Dec
122,401,965
Last day Mar,Jun,Sep,Dec
219,349,803
Last day Mar,Jun,Sep,Dec Start 31 Mar 2011
116,387,285

SIRI-W1
TFD-W1
TICON-W3
UNIQ-W1
Tourism & Leisure
ERW-W2
17-Dec-13
0.66
2.800
2.62
3.97
32%
0.50
32%
1.00000
0.00%
17-Dec-13
224,477,528
Transportation & Logistics
BTS-W2
11-Nov-13
0.36
0.700
0.73
2.03
45%
0.20
82%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec Start 28 Dec 2012
5,027,000,448
SST-W1
21-Jan-12
1.52
8.000
9.35
6.15
2%
2.14
-29%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
30,249,788
MAI
ADAM-W1
14-Feb-12
0.28
1.000
1.05
3.75
22%
0.17
62%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
129,870,458
AGE-W1
13-Feb-14
18.60
3.560
22.60
1.37
-11%
21.83
-15%
1.12500
0.00%
Last day Jun, Dec Start 30 Jun 2011
70,000,000
AIM-W1
17-Sep-12
0.02
0.200
0.09
4.50
144%
0.03
-36%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
1,399,733,645
CIG-W2
15-Jun-12
0.15
0.500
0.90
1.50
22%
0.11
41%
0.25000
0.00%
Every month
219,258,683
CGD-W1
26-Oct-11
0.03
1.000
0.54
18.00
91%
0.00
n.m.
1.00000
0.00%
Every month
192,928,208
CGD-W2
21-Jun-13
0.30
0.500
0.54
1.80
48%
0.18
69%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
843,070,832
DEMCO-W3
10-Feb-12
1.77
2.690
4.38
2.48
2%
1.78
0%
1.00400
0.00%
Last day Mar,Jun,Sep,Dec
100,886,766
DEMCO-W4
10-Feb-13
1.00
4.980
4.38
4.40
36%
0.66
51%
1.00400
0.00%
Last day Mar,Jun,Sep,Dec
72,573,807
E-W1
22-Dec-20
0.60
1.500
1.46
2.43
44%
1.06
-43%
1.00000
0.00%
Last day Mar, Jun, Sep, Dec Start 31 Mar 2011
347,000,000
UKEM-W1
05-Nov-14
1.59
0.500
2.12
1.33
-1%
1.70
-6%
1.00000
0.00%
31 Jun, Dec
164,999,491
FOCUS-W1
15-Jun-14
0.25
3.000
1.29
5.16
152%
0.20
28%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
62,499,638
LVT-W2
10-Dec-11
0.51
1.500
1.89
3.71
6%
0.48
6%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
114,159,445
TSF-W1
16-Nov-12
1.02
0.120
1.03
1.69
-29%
1.53
-33%
1.67078
0.00%
Last day Feb, May, Aug, Nov
98,017,597
59,954,243
SALEE-W1
30-Nov-11
0.39
3.740
4.12
12.72
-1%
0.66
-41%
1.20432
0.00%
Last day May, Nov
SLC-W1
*
16-May-15
0.03
0.1600
0.07
5.67
146%
0.14
-79%
2.43050
0.00%
Last day May, Nov
249,999,860
606,103,184
SLC-W2
*
28-Oct-15
0.03
0.100
0.07
2.33
86%
0.06
-52%
1.00000
0.00%
Last day Mar, Sep Start 31 Mar 2011
STAR-W
31-May-12
0.24
2.300
1.25
5.21
103%
0.00
n.m.
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
33,999,987
TAPAC-W1
31-May-13
1.23
2.300
3.54
2.88
0%
1.43
-14%
1.00000
0.00%
Last day Jan, Apr, Jul, Oct Start 31 May 2013
45,773,585
TIES-W1
07-Jun-12
0.14
1.200
0.50
3.57
168%
0.02
625%
1.00000
0.00%
Last day Mar,Jun,Sep,Dec
117,374,988
Note :
* Warrants have call option.
Premuim 10% , Premuim
Model Aggressive Black Scholes Model Discount Dividend yield , Dilution effect
Exercise Price =
Gearing Ratio = = 4/(2/9)
Premium (Discount) % = % = (2-7)/7*100
Cash Premium (Discount) % = 1 % = ((2/9+3)-4)/4*100
* 0.10
**
*** 7 IEC 10% IEC 7 ( )
10% 0.01

()

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