P'Jeng+, actually the Derivative Plus program is designed for warrant pricing
when we have all input parameters already, and stock price is one of the key input,
but UMS has just announced the plan and UMS-W1 hasn't traded in the market yet.
However, we could make our own assumption:
Regarding F53-4, it would be no price dilution.
UMS Price : 8.5*
Excersie: 8.5
Exercise Period: Quarterly (30/03/2007 - 30/03/201)*
Risk Free Rate: 4.45%, from 3 year Gov. bond yield
Volatility: 30%*
Outstanding shares: 140 m
Warrant: 70 m
Exercise Ratio : 1:1
Assume that there's no dividend payout until warrant expired*
* only assumption
UMS-W1 should be priced at 1.5 Bt
if changed volatility to 20%
UMS-W1 should be priced at 1.16 Bt
and it is very good instrument for speculation indeed. ...
"The enemy is a very good teacher" Dalai Lama
"Confidence doesn't come from being right all the time; it comes
from surviving the many occasions of being wrong." B.N. Steenbarger
"Luck is where preparation meets opportunity"
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