Reference Guide

Bursa Warrant Announcements — How to Read Them

Five kinds of Bursa Malaysia announcement can change what your structured warrant is worth, or whether you can still sell it. This page explains what each one does to your position and what to check when you see it.

We do not republish the announcement feed. Bursa Malaysia publishes it in full and is the authoritative source — search it directly at the link below.

Search Bursa warrant announcements ↗

The five announcement types that matter

Bursa publishes many announcement categories. These are the ones that change a warrant holder's economics or ability to trade.

Adjustment notice

What it is: Issued when the underlying company does something that changes its share count or price without changing the value of the business — a bonus issue, rights issue, share split, consolidation, or capital repayment.
What it does to your warrant: The issuer restates your warrant's exercise price and exercise ratio so the warrant is worth the same immediately before and after the corporate action. The numbers on your contract change; your economic position should not.
What to check: Read the new exercise price and ratio, and update any spreadsheet or calculator you use. A warrant that looks suddenly cheaper after an adjustment usually is not — the ratio moved with it.

Expiry and final trading day notice

What it is: A reminder that the warrant is approaching maturity, stating the last day it can be traded and the date the expiry valuation period begins.
What it does to your warrant: The final trading day is normally earlier than the expiry date. After it passes you can no longer sell — you can only hold to settlement and take whatever the settlement calculation produces.
What to check: Diarise the final trading day, not the expiry date. This is the single most common way retail holders get trapped in a position they intended to sell.

Additional issue

What it is: The issuer lists more units of a warrant that already trades, usually because the original tranche is close to fully placed.
What it does to your warrant: Increases the number of units in the market. It is generally a sign of demand and it restores the issuer's ability to quote on the offer side; it does not change your warrant's terms.
What to check: Treat a warrant whose outstanding percentage is already very high with care — the issuer may have little inventory left to sell, which can widen the spread until an additional issue lands.

Cessation, suspension, or delisting

What it is: Trading in the warrant stops, either temporarily or permanently. Often follows a suspension in the underlying, or a mandatory call for a callable structure.
What it does to your warrant: You cannot exit while trading is halted. For a callable structure that has been called, the contract is terminated early and settled at the residual value — which can be zero.
What to check: Check whether the underlying is also suspended and read the notice for the settlement basis. Do not assume a suspended warrant will resume at the price it stopped at.

Market-maker or issuer change

What it is: A change to who quotes the warrant, to the quoting obligations, or a notice that the issuer will not quote under stated conditions.
What it does to your warrant: The issuer is almost always the only meaningful liquidity in a structured warrant. Anything that changes their quoting behaviour changes the spread you will pay to get out.
What to check: Note the stated circumstances under which the issuer may stop quoting — commonly at the open, near expiry, or when they hold no inventory.

Worked example: a 1-for-2 bonus issue

Adjustment notices are the announcement type most often misread, because the warrant price falls and it looks like a loss. Here is the arithmetic.

Step 1
Note the ratio of the corporate action
A 1-for-2 bonus issue means one free new share for every two held. The share count rises by 50%, so the adjustment factor is 2/3 — the old count divided by the new count.
Step 2
Apply the factor to the exercise price
An exercise price of RM6.00 becomes RM6.00 × 2/3 = RM4.00. The strike falls because the underlying share price will fall mechanically on the ex-date.
Step 3
Apply the inverse to the exercise ratio
An exercise ratio of 3 warrants per share becomes 3 × 2/3 = 2 warrants per share. You now need fewer warrants to control one share, which offsets the lower share price.
Step 4
Confirm your position is unchanged
Before: 3 warrants at a RM6.00 strike over a RM9.00 share. After: 2 warrants at a RM4.00 strike over a RM6.00 share. Intrinsic value per share is RM3.00 in the first case and RM2.00 in the second, but you control 1.5× as many shares — the same RM3.00 of intrinsic value overall.
Step 5
Recalculate your break-even
Break-even uses the exercise price, the exercise ratio and the price you paid. Two of those three have just changed, so any figure from before the ex-date is wrong.

Term	Before	After
Underlying share price	RM9.00	RM6.00
Exercise price	RM6.00	RM4.00
Exercise ratio (warrants per share)	3	2
Intrinsic value per share	RM3.00	RM2.00
Shares controlled per 6 warrants	2	3
Total intrinsic value per 6 warrants	RM6.00	RM6.00

Illustrative arithmetic using round numbers. Real adjustment notices state the exact factor and the effective date — always work from the issuer's published figures.

Frequently asked questions

Where can I see Bursa warrant announcements?

On Bursa Malaysia's own company announcements search, filtered by announcement type. Bursa is the authoritative source and the only complete one. warrants.asia does not republish the announcement feed — this page explains how to read what you find there.

Does a bonus issue make my warrant cheaper?

No. A bonus issue lowers the underlying share price mechanically, and the issuer adjusts your warrant's exercise price and exercise ratio in proportion so your economic position is unchanged. The warrant price falls, but you hold rights over proportionally more shares.

What is the difference between the final trading day and the expiry date?

The final trading day is the last day you can buy or sell the warrant in the market. The expiry date is when settlement is calculated. The final trading day comes first — typically several trading days earlier — so a warrant can be untradeable while still technically alive.

Why did my warrant stop being quoted?

Structured warrant liquidity comes almost entirely from the issuer acting as market maker. Issuers publish the circumstances in which they are not obliged to quote — commonly when they hold no inventory, at the market open, or close to expiry. A market-maker announcement will state the applicable conditions.

Do I need to do anything when an adjustment is announced?

You do not need to act, but you should update your records. After an adjustment the exercise price and exercise ratio on your warrant are different from the ones on the original term sheet, so any break-even or gearing figure you calculated earlier is stale.

Where to check announcements

Bursa Malaysia publishes every warrant announcement on its own site, searchable by company, announcement type and date. That is the complete and authoritative record. Individual issuers also publish term sheets and adjustment notices on their warrant portals — see the issuer tool directory.

Bursa Malaysia company announcements ↗

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