□ Our reporter Li Jianfeng
Today, G Baosteel (600019) issued an announcement to explain the issues related to the exercise of Baosteel warrants and warn investors of risks. According to the company's calculation, Baosteel's subscription is only 27 trading days away from the exercise date on August 30.
G Baosteel reminded investors that the last trading day for Baosteel's subscription was August 23, and trading was suspended from August 24. The exercise date of the warrant is only August 30, and the Baosteel call warrant that has not been exercised on that day will no longer have any value.
G Baosteel further said that at present, the exercise price of Baosteel's subscription after dividend and ex dividend adjustment is 4.20 yuan, and the holder of a Baosteel warrant has the right to purchase a share held by him from Baosteel Group only on August 30 at the price of 4.20 yuan Baosteel ( information quotation forum ) 。 After the exercise, the shares of Baosteel were transferred from the account of Baosteel Group to the account of the warrant holder, and the total share capital of Baosteel remained unchanged. At the time of exercise, the warrants shall be reported by the securities firm through the trading system of the Shanghai Stock Exchange. The exercise declaration instructions on the same day shall be valid on the same day and shall not be revoked; The shares of G Baosteel obtained during the exercise on the same day shall not be sold on the same day, but can be sold on the next trading day; When exercising the warrant, the holder of the warrant shall pay the price calculated according to the exercise price and the number of G Baosteel shares, and obtain G Baosteel shares.
At the same time, G Baosteel stressed that the value of warrants and G Baosteel shares The price, volatility and residual maturity of warrants are closely related. The market price of warrants before maturity includes embedded value (the difference between share price and exercise price) and time value. Taking the closing price of G Baosteel shares yesterday as 4.15 yuan and the closing price of Baosteel subscription as 0.875 yuan as an example, the implicit value of Baosteel subscription on that day is zero, and 0.875 yuan can be understood as the time value. The time value gradually decreases with the passage of time, and the closer to the maturity date, the faster the time value will be lost, and the time value of the warrant will be zero on the exercise date. Investors should pay attention to investment risks.
