Valid acceptances came up to 636,950,142 Rights Shares, which was about 98.12% of total Rights Shares available.

Excess application came up to 317,078,445 Rights Shares, which was 48.84% of total Rights Shares available.

The 12,235,230 Rights Shares which were not taken up will be used to satisfy the excess Rights application.

The new shares will start trading from 12th June 2009.

A temporary counter to facilitate the trading of shares in board lots of 100 shares will be available for 1 month. The name of the counter will be Keppel Land 100.

To leave your comments, please go to : Keppel Land Rights Results

Key dates are as follows:

Last day of “cum-rights” trading of Keppel Land – 11 May 2009

First day of ex-rights trading for the Rights Issue – 12 May 2009

Commencement of “nil-paid” Rights trading – 19 May 2009

Last day of “nil-paid” Rights trading – 27 May 2009

Last day of acceptance and payment for Rights Shares – 2 June 2009 at 5pm (930pm for electronic)

Expected date of trading of Rights Shares – 12 June 2009

Those who own Keppel Land shares at the close of market on 11 May 2009 will be entitled to the Rights.

Each existing Keppel Land shareholder will be entitled to nine Rights Shares at an issue price of $1.09 for every ten ordinary shares of Keppel Land that they hold.

If Keppel Land trade at $2.78 (today’s price) on 11 May 2009, the theoretical ex-rights price on 12 May 2009 will be 

(2.78 x 1000 + 1.09 x 900)/1900 = $1.98

Based on a price of $1.98, the Rights should trade at around 1.98-1.09 = $0.89

Shareholders will have these options:

1) Sell off their Rights at the prevailing market price 

2) Pay $1.09/Rights to “convert” all their Rights into ordinary shares

3) Pay $1.09/Rights to “convert” all their Rights into ordinary shares and apply for excess Rights Shares

4) Pay $1.09/Rights to “convert” some of their Rights into ordinary shares and sell off the rest of their Rights

Doing nothing is not a wise option as it simply means you have not made use of option 1 which was available to you.

The Keppel Land Rights OIS can be downloaded here.

Click here to leave your comments.

To leave your comments, please go to : Keppel Land Rights Issue

Based on the closing price of S$1.88 on 23th April 2009, the theoretical ex-rights price will be S$1.50 per share while the NTA will be S$2.35 per share. Keppel Corporation has agreed to take up its full entitlement of Rights Shares based on its interest in 52.64% in Keppel Land.

The key dates of the Rights Issue are not available yet as the implementation of this Rights Shares Issue is subject to the approval of SGX, shareholders and lodgement of the offer information statement (OIS) with MAS.

To leave your comments, please go to : Keppel Land Rights Issue Proposal

Just a recap, extended settlement contract is a new product launched by SGX two months ago. It allows one to take a long or short position on a stock for slightly more than a month without the need to put up the full cash value upfront.

Currently, there are 27 securities that have ES contracts on them, with 25 of them STI component stocks. The other two on the list are Keppel Land and Yanlord. With the addition of the STI ETF ES, there will now be 28 tradable ES.

To leave your comments, please go to : Extended Settlement Contract on STI ETF