1) I am unable to find the exercise price for the warrant. This is a real hassle which I hope Bursa will one day address. All pertinent information should be made easily accessible rather than hidden in another announcement or attachment.
2) If the warrant exercise price is higher than market price, the warrant is deemed to be out-of-the-money and it can be excluded. In the circular sent to the shareholders in November last year (here), it was stated that the "warrants exercise price is proposed to be priced at not more than a premium of 25% to the TERP per Icon Share and have a tenure of 8 years"; while "the issue price for each Rights Share for the purpose of this Circular is RM0.060 (for illustration purpose), representing a discount of approximately 14% to the TERP based on the Maximum Intended Gross Proceeds". With these 2 points, it is highly likely that ICON market price under normal trading condition (unlike today) will be lower
higherthan the exercise price of the new warrant.
Based on the formula below, we can exclude the out-of-the-money warrant in computing theoretical ex-right price.
= [(0.035# x 50*) + (0.105## x 100**)] / (1*** + 100**)