We cannot really call ourselves the Western front, nor can we call it the Eastern front ... so what can we call it ... khatulistiwa front??
Everyone is a bit puzzled why the market went so dead despite the index breaching 1800 last week .. well, I guess you need some asshole to tell you that the bulk of monies have gone two ways, one is to subscribe for the Ranhill IPO which went nowhere but you cannot get your monies back so soon. Two, all of us are selling what we can to be cashed up to buy SONA warrants this morning.
The secretive thing is that all investors are busy selling down other shares to be cashed up for SONA ... its like a secret things which has bogged the market down for the past 3 trading days but nobody is willing to talk about it.
Its funny how we all think we can do this secretly ... there is nothing that can dissuade us from buying SONA. It is empirically a better SPAC than Hibiscus or CLIQ. Hibiscus spent the first 3 months in the wilderness, then all hell broke loose ... the warrants which could have been gotten at 15 sen shot up together with the mother share... before long the warrants were at 1.00.
Then we have CLIQ, people got a little more bullish after seeing how Hibiscus performed. It only stayed below 20 sen (the warrant) for a couple of days and then just zoomed to 50 sen ... even after all the euphoria the warrant is still around 40 sen, and they still have not announced any QA.
Dollar for dollar, SONA is better than both of these SPACs put together, personalities wise. So whats going to happen today???
Thankfully, the cornerstone investors are not under moratorium, if not we will only have 150m odd shares and warrants on display. As it is, at least we will see 900m shares and warrants being available for trading.
Following CLIQ, it looks like people will be exuberant .... I hope warrants will trade below 25 sen. The mother share will dip below 50 sen for sure, maybe 45 sen as the IPO holders and cornerstone investors are looking at a clean 20% gain.
What I am fearing is to see the mother share at 45 sen and the warrant at 35 sen, which would be ridiculous ... let's see if we can all make some money here.