A Background to Firms in the ACE Market - Free Essay Example

Sample details Pages: 8 Words: 2396 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Descriptive essay Did you like this example? CHAPTER ONE BACKGROUND OF STUDY Introduction Rights issue is a universal and widespread approach used by firms in various countries to generate new capital. From the past evidence, for example in London, there was  £1 to  £1.5 billion has been raised through rights issues each year in London Stock Exchange (Marsh, 1979). Recently, the rights issue has also been used as a tool for a company to boost new capital. For instance, one of the Finnish Miner Taivivaaraà ¢Ã¢â€š ¬Ã¢â€ž ¢s biggest companies was using rights issue to raise 260 million Euros capital in the largest city of Finland, Helsinki to keep its nickel mine running (Reuters, 2013). Similarly in Malaysia, statistically about RM14.9 billion equity capitals was raised via announcing rights issues in Bursa Malaysia (Shamsher and Annuar, 1993). Besides that, Malaysian Airline System Bhd (MAS) has also announced rights issue to raise new capital and finally brought a higher capital of RM 3.07 billion to the company (The star, 2013). As a result, rights issue is one of the important considerations for a company to be competitive in the investment markets. Furthermore, the firms in ACE market are normally small and medium-sized enterprises. Thus they require an avenue to raise new capital so that they can survive and continue to grow. Instead of raising new capital through loans from financial institutions or commercial banks that will boost their liability, issuing rights issues announcement has become their ultimate choices. For instance, EA Holdings Bhd (EAH), which is one of the firms in ACE market, was proposed to issue rights to raise a new capital total RM63.6 million with RM30 million to finance suitable and viable profitable investment, RM28.3 million for working capital and RM4.5million for reducing liability (Free Malaysia Today, 2014). Therefore, there is a need to investigate stock price reaction on rights issues in ACE market due to concerning of firms in generating new capital. Don’t waste time! Our writers will create an original "A Background to Firms in the ACE Market" essay for you Create order Definition of ACE Market ACE Market is a secondary stock market in Kuala Lumpur Stock Exchange (KLSE) which is also known as Bursa Malaysia. à ¢Ã¢â€š ¬Ã‹Å"ACEà ¢Ã¢â€š ¬Ã¢â€ž ¢ is standing for à ¢Ã¢â€š ¬Ã‹Å"Access, Certainty and Efficiencyà ¢Ã¢â€š ¬Ã¢â€ž ¢, a revamp of the older Mesdaq Market that was launched in year 1997. This evolution of secondary stock market approach was made in August 2009. Although ACE Market is define as a new version of Mesdaq Market, ACE market is different from Mesdaq Market as it involves sponsor-driven and open to companies of all sectors and item emphasises disclosure and efficiency compared with Mesdaq (The Star, 2009). According to Bursa Malaysia, mode of listing for companies in ACE market got no minimum operating track record or profit requirement. However, companies with smaller scale of capital that is less than RM6 million profits after tax for the most recent three to five full financial years are not qualified to be listed in the main market and so will be lis ted in secondary market. Nowadays, according to Bursa Malaysia, there are a total number of 109 companies were listed in ACE Market from year 2006 to the beginning of current year 2014. ACE Marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s main objective is to allow local and foreign corporations of all sectors to access the capital market under a sponsor-driven framework. This evolution framework will increase efficiency and competitiveness in the stock market while protecting investors concurrently. Definition of Stock Price In general, stock price is referred to the price of stock as quoted on an exchange in stock market. Stock price can be quoted as bid and ask price and last traded or terminal price. Any information in stock price is publicity. Everyone can search for the latest stock price through online or other path without any disturbance. In financial aspect, stock price is the cost for the single share in the company. Since the abnormal return or gain cannot be observed directly, the market stock prices will be use as a component to calculate abnormal return gain or lose in the market around the period of announcing rights issues. 1.4Rights Issues 1.4.1Definition of Rights Issues Rights issue is an offer of new shares by a listed firm to its existing shareholders at a discount price and with the pre-emptive rights to subscribe to new shares in a pro-rata basis (Malhotra et al., 2007). The term à ¢Ã¢â€š ¬Ã‹Å"rightsà ¢Ã¢â€š ¬Ã¢â€ž ¢ is refers to the fact that existing shareholder h as the rights of first refusal before the new shares are offered to the public. The subscription price for the new shares based on the rights is below the market prices of the existing shares or the price offered to the public (Shahid et al., 2010). The pre-emptive right is given to the existing shareholders the entitlement to subscribe a new share issued by a firm at the announcement date. The shareholder who holds the pre-emptive rights can decide to subscribe or sell their rights to the public if they forgo the chance to own the new share. However, they are encouraged only to subscribe the new shares in proportion to the number of shares they already owned (Annuar and Shamsher, 1993). In this study, the focus is on rights issues as the impact of rights issues on stock prices is important for most of the listed firms in ACE market. 1.4.2Importance of Rights Issues Besides from aiding the firm to raise new capital, rights issues can benefit the shareholders in three way s. First is to enhance the future stock prices, second is to provide alert shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ or investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ chances to gain abnormal returns and lastly is to avoid dilution of ownership. Rights issues play a vital role in determining the future stock prices based on shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment. According to Annuar and Shamsher (1993), existing shareholder have the potential to evaluate the future stock price as they have the rights to decide either to buy or sell the rights. If they are firmly convinced that the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s prospect is bright and benefit is guaranteed from the share, they will invest more in the firm via purchasing all of the pro-rata offerings. This will upgrade the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s goodwill and thus bid up the share prices. In contrast, if they perceived the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s prospect is undesirable such as expected return is not achieved, majority of them will let off their pre-emptive rights to purchase the new shares. Hence, this will bring negative impact to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s share price. Furthermore, rights issue announcement provide alert investor an opportunity to earn abnormal return when the market is not efficient. The inefficient market provide a means of market prices do not reflects all available information and knowledge of historical prices cannot be used to predict future prices. Thus, if rights issue is perceived as favourable news, investor can use the privately-owned information to outperform the market. This can be proved from the statement of Dawson (1985) which stated that an investor can produce excess return if they have identified information that is not reflected in security prices. Besides from the benefits of gaining abnormal returns, shareholders can prevent the dilution of their ownership towards the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital when issuing new stocks. The company will offers existing shareholder the pre-emptive rights to subscribe a given number of shares based on pro-rata basis and at a specified subscription price that is less than the offered price in market. Thus, the existing shareholders proportionate ownership of the company will remain fixed and unchanged by purchasing the new stocks via discounted prices. This can be proved by the statement of Shahid, Xia, Mahmood, and Usman (2010), which stated that rights issues enables existing shareholders to safeguard their proportionate ownership in the company. 1.4.3The Issue of Pre-emptive Rights to be Concern Minority shareholder is the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity holder who own below fifty percent ownership of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity capital. Thus they do not have the authority to control the votes. However, they can rely on the pre-emptive right given by the firm to protect them from possible abuse by controlling shareholders through subsequent issuance of voting and sharing stock to the public. Some of the existing shareholde r would forgo the rights to subscribe new shares and give outsiders the chances to invest in the firm equity. This would thus change the voting percentage own by equity holders. This is because the chance for each shareholder to monopoly the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital would be lesser if there is more equity holder to share one piece of pie. Although issuing rights can protect minority shareholders, such subsequent stock issuance could impair the position of older shareholders. According to Dolley (1934), the voting control of each old shareholder would be diminishing proportionately if the new stock issued were voting stock. The firm may have variety classes of common share and the share with superior voting power is classified as voting stock. If the older shareholders holding a lower voting class of common stocks, their ownership percentage will be reduced via subsequent issuance of voting stock to outsiders. Therefore, existing shareholders should make a deep consideratio n on deciding whether to subscribe or sell the new shares to public. 1.4.4The Regulatory Framework of Announcing Rights Issues in Malaysia According to Sukor and Bacha (2010), every firm that wants to undertake a rights issue must meet some basic requirements steps. Firstly, the firm must get approval from it firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s existing shareholders through an Extraordinary General Meeting (EGM) before seeking approval from Securities Commission (SC). Secondly, all the issues must be underwritten by a merchant banker. Therefore the firm should appoint a highly reliable banker to act as advisor to carry on the regulated activity of advising corporate finance and prepare prospectus. Besides documented preparation, the responsibility of an underwriter is to take up any issues not fully subscribed by existing shareholders and publics if announced. According to Salamudin, Ariff, and Annuar (1999), an underwritten is responsible in advising the firms the appropriate number o f share to be issued, suggested offer prices by considering the net tangible assets of the firm, proceed from the projected; and lastly determining the time to issue rights by considering the prevailing market conditions. The following step is to inform Bursa Malaysia the four important dates, thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s the intended date of public announcement, the ex-date, the Book Closing Date( BCD) and the closing date for receipt of applications for and acceptance of the rights. Meanwhile, the firm must ensure that the interval between these dates is conforming to Bursaà ¢Ã¢â€š ¬Ã¢â€ž ¢s requirements which state the maximum and minimum of each interval. As a conclusion, a firm that decides to undertake a rights issue should always refer to this formal framework as a proper guidance. 1.5Problem Statement There were numerous previous researches had been conducted to examine the price reaction to announcement of rights issues in foreign country such as U.K (March, 1979), U.S (Kothare, 1991), Korea (Kim et al, 1990) and so on. However, there was only one previous similar research reported so far in Malaysia were conducted by Salamudin, Ariff and Annuar, (1999) to examine the price behaviour of seasoned equity issues on a sample of firms in main market, KLSE. Besides that, ACE Market is a new framework for listing and equity fund raising launched by KLSE in the year 2009, which has not been tested by any researcher to explore further knowledge on rights issue announcement. Thus, this study adds value to the literature by understanding the price reaction on rights issues announcement in ACE Market and to further investigation. 1.6Objectives of Study The main objective of this study is to identify the relationship between stock price and rights issue announcement. Thus this study is to examine whether there is positive or negative market reaction towards rights issue announcement in ACE Market. 1.7Hypothesis Most of the previous research tha t has been done in foreign country documents a significant relationship between rights issues and market stock prices. The earliest study made by Marsden (2000) in New Zealand verified that there was a significant negative relationship between rights issues and market stock prices in New Zealand capital market. However, the finding was disproved by the further researcher Marisetty et al., (2008) examined a positive price reaction to rights issues announcement in India market. Hence, the hypothesis is proposed as below: H1: There is a significant relationship between rights issue and market stock prices. 1.8Significance of Study This study has delivered a few of important implications to shareholders and investors in ACE Market. Firstly, shareholders can benefit from the rights issues via incremental dividend payment by understanding the uses of rights issues and its effects on the stock market prices. According to Malhotra et al. (2012), rights issues can be decoded as posi tive information about a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s business prospects due to a signal of the firm profitable projects has encountered. Thus, the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock price will react positively to the rights issue announcement and so increase the shareholders dividend to be received. Besides that, shareholders can also learn about perception of potential investor on rights issues through the result of positive or negative stock prices in the market in order to effectively protect their wealth. According to Salamudin et al. (1999), negative stock price reaction was due to the overvalued stock price in the market where the prevailing market stock price is higher than its intrinsic value. When investor think that the firm is overvalued which conveyed a means of issuing rights to raise cheaper funds, they will lower their assessment on market value and then causing price drop. In contrast, the positive stock price reaction was due to the market respond on the rights issue whic h conveyed an anticipated valuable investment opportunities (Cooney and Kalay,1993). Lastly, investor can earn interest from the rights issues by identifying the proper time to earn an abnormal return, whether is the time prior to, at or after the post announcement date. Based on the result found by Shamsher and Annuar (1993), investor can earn abnormal return if they sell share a month before the announcement and buy back the shares 10 days after the announcement in KLSE. The result showed provides investor a guidance to anticipate abnormal return in the future by understanding the stock price circulation in stock market. 1.9The Organization of Study Chapter One discusses about the background of stock price reaction to rights issue announcement in ACE Market and general knowledge in this field. Chapter Two reviews the previous literature review in this field. Chapter Three describes the data and sample used to conduct an empirical testing. Chapter Four discusses the result s and findings of the research and Chapter Five concludes the study.

Suffering in Shakespeares Plays - 1910 Words

Suffering In Shakespeares Plays How does suffering affect ones actions? Do different types of suffering affect one in different ways? This paper seeks to determine how William Shakespeares characters respond to various types of suffering. Suffering can be defined in two ways; physical suffering, in which the character is inflicted with physical pain and trauma, and emotional suffering, where the character suffers an emotional trauma or loss. In The Tempest, the physically traumatized characters, are Trinculo and Stephano. They are chased by dogs but their physical trauma has not induced any sign of remorse or guilt. Ferdinand, on the other hand, is overcome by emotional suffering at the loss of his son. In King†¦show more content†¦King Lear is the epitomy of suffering. His suffering includes a sense of guilt for misusing his past powers. (Bloom, 80). He endures a parents worst nightmare. First, he is outraged by his daughters lack of love for him. Love and be silent (I, i, 69). I am sure my loves more ponderous than my tongue. (King Lear, I, i, 78-79). Because of this, he ends up banishing her from his kingdom and cutting her from the inheritance. He splits the land in two leaving her with nothing. to his dismay, Lear discovers that life with his two other daughters is no joy. He is outraged by their cruel behavior, a Sharp-toothd unkindness (King Lear, II, iv). Lear is thrown out by his two daughters to rage against natures harsh elements. To be thrown from being king of Brittain to a fugitive in the open, pelted by merciless weather, and betrayed by ungrateful daughters is indeed an unpleasant fate. (Bloom, 1). Lear has now completely gone mad from exposure to the storm and the anguish he has suffered at the hands of his daughters. Gloucester must go through intense suffering before he can identify with the deprived. (Bloom, 74). He is convinced that his son is secretly planning to kill him. 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Modern and stylish with colourful patterns Essay Example For Students

Modern and stylish with colourful patterns Essay The costumes were all very well picked out to suit the different characters. Lucys outfit was very modern and stylish with colourful patterns and high heels which suited her quite proud character. Her outfit was also quite tight fitting and provocative. Mac wore a suit which showed his superiority in his gang. The gangs costumes also helped separate their different characters-e.g. Snape wore a black suit with shades, which indicated that he was the cool guy in the gang and another member wore torn jeans and covered his face showing that he was the tough guy- the real gangster amongst the others. The lighting didnt change very much throughout the play- it was a bright flood across the stage and it was switched off only at the end of each scene. The transitions, in my opinion were not very well thought out and too slow which made the play drag. The use of props and furniture was somewhat conservative, where the same furniture on-stage was used for various different tasks and purposes-for example the door frames and chairs acted as part of Mr Phiris office and as the prison cell where Mac was held captive. I think that this was an area that could have been worked on as it didnt help in giving any effect to the play- I feel that the lights could have been dimmed at certain points, perhaps in the transitions, and also that they could have been focused on the areas on stage where the action was taking place, so that it could be easier for the audience to concentrate on that particular area. A good part where the lighting could have been focused on one area was in the beginning where Mr Phiri was talking to the audience- I think it would have been better if the lighting was focused on him while he was speaking, rather than the rest of the stage. The music used was very modern and energetic and really helped to lift the performance. The music was quite lively and fast. One noticeable beat was at the start of the performance where there was an upbeat song with energetic dance moves as all the actors flooded on stage, which made it entertaining to watch. Another part where the music was very effective in engaging the audience was the duologue where Polly was fighting with Lucy (one of Macs other girlfriends). Here the music was very fast again and the singing brought out the different characteristics of the women as Pollys voice was jazzy in style and controlled in contrast to Lucy who had a rougher, more modern voice and style of dance. At parts singers were stood singing backstage or during the transition changes which added a different effect to the play and made it more interesting to follow. However not all of the music was relevant to the scenes which I think could have been thought out more clearly and the lyrics were also hard to listen to at times. Overall, I feel that Makwacha Hip Hopera was a satisfactory play. I think that it needed some development in certain areas, especially in the scene transitions which I thought needed speeding up. Also at times the actors were blocking the projector and it was very clear that the light irritated them. One last point is that the music didnt always start and stop at the right time as in one case the music stopped before the actors had finished their dance but they managed to cover it up and continued dancing. Moreover I felt that the songs placement was poorly thought out- as was their length and this seemed to bore the audience. .u8901544fcd217cf0c833842a2e7afc22 , .u8901544fcd217cf0c833842a2e7afc22 .postImageUrl , .u8901544fcd217cf0c833842a2e7afc22 .centered-text-area { min-height: 80px; position: relative; } .u8901544fcd217cf0c833842a2e7afc22 , .u8901544fcd217cf0c833842a2e7afc22:hover , .u8901544fcd217cf0c833842a2e7afc22:visited , .u8901544fcd217cf0c833842a2e7afc22:active { border:0!important; } .u8901544fcd217cf0c833842a2e7afc22 .clearfix:after { content: ""; display: table; clear: both; } .u8901544fcd217cf0c833842a2e7afc22 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u8901544fcd217cf0c833842a2e7afc22:active , .u8901544fcd217cf0c833842a2e7afc22:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u8901544fcd217cf0c833842a2e7afc22 .centered-text-area { width: 100%; position: relative ; } .u8901544fcd217cf0c833842a2e7afc22 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u8901544fcd217cf0c833842a2e7afc22 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u8901544fcd217cf0c833842a2e7afc22 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8901544fcd217cf0c833842a2e7afc22:hover .ctaButton { background-color: #34495E!important; } .u8901544fcd217cf0c833842a2e7afc22 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u8901544fcd217cf0c833842a2e7afc22 .u8901544fcd217cf0c833842a2e7afc22-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8901544fcd217cf0c833842a2e7afc22:after { content: ""; display: block; clear: both; } READ: Alexander The Great EssayHowever I do have some good opinions of the play- I thought that it was a very enjoyable piece especially as it was based in Malawi and I thought the local references were very clear and amusing. I remember some references being made about how Escom has blackout all day everyday instead, (which was delivered on posters) of their original slogan-Escom, power all day everyday and how they were mocking the fact that the country didnt have petrol or diesel, which are daily issues in our lives expressed in a different , humorous way. All in all with a bit of improvement in the areas mentioned and more practice, I think that this could definitely be a pl ay worth watching.

Mean Creek Movie Essay Example For Students

Mean Creek Movie Essay Describe an important idea in the text. Explain how visual and/or verbal features showed you that this idea was important An important idea in the film Mena Creek, directed by Jacob Aaron Estes in the Loss of innocence/Coming of age because when within the film almost every character where they don’t change a lot and think about it up until George’s death they’re changed a lot and they think about like a mature and adult person of how to treat this new situation in front of them. We can see this in the Aftermath Scene. The verbal and visual features that helped me understand is which is an important idea in the used are tracking, close-up, dialogue and low/high angle. Firstly, the director has used the dialogue technique in this film to show that how the characters are feeling about it. For example we can see that when Rocky tell Sam that â€Å"What are you trying to say, Sam? You have to trust me on this Sam. I’m your brother. † Then Sam tell his brother that â€Å"But I don’t trust you. We can see this that now Sam has loosen the trust on Rocky and they now don’t trust each other which is the huge loss of innocence/coming of age between Sam and Rocky. This was important because it tell us that how people lose trust of each other when they are in this situation in their real life so that characters in the film has also loosen their trust with each other. Secondly, the director has used close-up technique to show us that emotions or feeling of the characters. There are a lot of examples for this but the main two examples for this are first the George’s watch and second Millie stabbing the snail. First example was important because this symbolises us that the time is gonna change and we can also say that the time has stopped. Second example was important because this reflects us that something has been snapped inside herself. This close-up technique was important in the film because this show us that George has died and she thinks that she is a killer and she will be reminded of this in her whole life which was the loss of innocence/coming of age to her. Thirdly, the director has used the low/high angle technique used in this to tell us how scary, powerful or weaker, nicer, horror the person is. We can see this by an example from the film which is a fight between Clyde and Marty with Rocky intervening which show us the moment that how the relationship has been changed between Rocky, Clyde and Marty but mostly about Clyde and Marty. This is a key moment because Clyde was always good with Marty now he is very bad. They are also close together. This was important to the film because it tells us that Clyde is a nice person and he thinks good for other people when coming into the worst situation so like him there are also people in the world who are good but they become bad when coming into this situation. Overall the director has used these three important techniques to tell us about each character feelings and who is the mature person of all. He has also used lots of things which symbolises to us in our day – to – day life’s for example in close – up he has used George’s watch which symbolises us that the time is gonna change or the time has stopped for a minute.