No, with AMfirst-OR, you are entitled to buy the right issue at Rm0.83. (assume the right issue is at RM0.83)

AMfirst-OR worth = Market price of AMfirst on the particular day - RM0.83. So probably you see some discount about 5-10% of AMfirst worth in the market price of AMfirst-OR when it is traded time.

AMfirst-OR doesn't automatically converted to Amfirst after 2 week.
You need to fork out or pay the RM0.83 before it is converted.

If you do not exercise it aka pay Rm0.83, after the last day of RI being exercise, Amfirst-OR is worth nothing, as AMfirst-OR will be delisted after 2 week.

Let's say I have been allocated 10,000 shares of AMFIRST-OR.
If I exercise the rights (not selling), I need to pay RM8,300 to get 10,000 shares of AMFIRST.
Is this correct view ?

Also another question, because I'm allocated 3 rights issues for every 5 AMFIRST shares, if I exercise it all and buy everything, that would result in odd lots right?

Also another question, because I'm allocated 3 rights issues for every 5 AMFIRST shares, if I exercise it all and buy everything, that would result in odd lots right?

i top up to become multiple of 500 so get RI 300 for every 500

HEKTAR E-Dividend received on the dot....

Hmm, I haven't got mine...yet

For AMFIRST-OR, how will we know the AMFIRST-OR trading price on 11 July 2012 ? How would the opening price be set at ?

It depended on buyer and seller willingness.

For eg. If Amfirst after ex-right issue is RM1.03 (take current price (1.16 x 5) + (0.83 x 3)
AMfirst -OR worth is around Rm0.20, of high probably market price for -OR will be around RM0.10~0.15, which movement of -OR will be high correlated to the Amfirst pricing.

How do you come up with RM1.03 and RM0.20?

My HEKTAR E-dividend is deposited into Maybank.

My understanding of the story:

Kasset
~Kasset is disposing MVC (mid valley city) and MVCG (mid valley city garden) for a total consideration of RM4,612.6M.
~That amount will be satisfied via 3,400M Units of IGBReit and Cash of RM1216.2M.

~From the 3,400M units, 670M units will be offered through an IPO at a later date and 2,730M units will be distributed to Kasset shareholders.
~From the RM1,216.2M and 670M units proceeds will be used to settle all outstanding debt and the balance will be distributed back to Kasset shareholders via cap repayment or dividend.

~From the 670M IPO, 201M units to M'sian public and employees while the remaining 469M to institutional investors.

~By the completion bond redemption, cancellation of treasury shares and liabilities settlement, Kasset will have 520,997,000Shares.

2,730,000,000 / 520,997,000 = 5.24.
Each Kasset will give u 5.24 IGBReit.

Kasset will have a total cash of 1,212.559M + 670M (IPO) = 1,812.559M cash
From there, the distributable sum is 1,266.990M.

1,266,990,000 / 520,997,000 = RM2.43 per share.

Therefore:
Buying 1k of Kasset today would have cost you RM7,400.
You will get back RM2,430 cash + 5,240 IGBReit.

(RM7400-RM2430)/5,240=RM0.948 per unit of IGBReit
Theoretical IPO Price is RM1.00. so yeah, you do get some sort of discount.
Market is super efficient...    that is why it never goes beyond RM7.60.. I still have so much to learn... 

Considering they are valuing MVC and MVCG at 4,600M, each IGBReit should be worth around (RM4,600M / 3,400 Units) = RM1.35

Estimated Rental Income per year for MVC and MVCG are RM210.6 and RM81.7. Total is RM292.3M
RM292.3M/3,400M = RM0.0859 a year.
assuming 90% distribution, that will be RM 0.0773 DPU a year.

Cost is 0.95. DPU 0.077, Yield is : 8.1%, and nett Yield after Witholding Tax is 7.29%...

~want or not ? good or not ? i dunno.. up to u ... haha but i will buy... SPSetia Eco city is under construction (just opposite MVC & MVCG) and MRT will stop there in the future too..
~The whole thing will take approximately 6months. So, if u buy... u'll have to wait for at least 6Months before u'll see any flowers and probably another 6Months to reap any fruits
~BTW, Kasset will be delisted when the whole exercies ends.

IGBReit
~Issued Fund Size upon listing RM3,400M. Approved Size: RM3,550M. (means they have option for pvt placement)
~Half yearly income distribution
~Gearing on listing will be 26% (limit is 50%). (I'll compare to Pav and Sunway gearing and update later)

Updated: Gearing Comparison for MReits (Jan2012)
Al-Aqar: 48.2
Boustead: 17.6
Arreit: 36.0
AmFirst: 39.8
Atrium: 24.5
Axis: 38.2
CMMT: 32.7
Hektar: 43.4
Quill: 36.4
Stareit: 11.5
Sunway: 35.0
Tower: 20.6
UOA: 38.2
Pavreit: 20.1
~~~~~~~~
IGBReit: 26%

So, IGBReit will be top 5 lowest gearing.. Stareit -> Pav -> Tower -> Atrium..
Also to consider is the occupancy rate, which is excellent and i believe most of the shops are doing ok. Anyone with knowledge of this please share.. thanks..

---

Added on
plz correct me if i'm wrong...

Requoting Moppy's post.

Moppy's calculation is correct.

Entitlement date for the proposed distribution in specie(end-sept) is later than the listing of IGBreit(mid-aug)? What does that mean? And the completion of proposal is end-march 2013? I blur blur already. Can someone please explain a bit. 

Proposed to be March 2013 end everything.

Should means something as below:

Early Sep get IGB Reit shares.

Then March 2013 get those capital reduction,....

So Kassets holders will get their IGBReit shares one month later after the reit listed on bursa, and only able to get back the remaining cash 7 months later? Wow, this is weird deal! I newbie, so this is normal for such case?