While boss have loss alot of share selling off as promotion price buy one free one due to Margin call, boss wanna Buy back more and more shares he loss in October, so he buy warrant:

If exercise date Ptrans more than >RM0.50 per share

Bingo, boss get back what he have using cheapest price convert to ordinary shares.

If exercise date Ptrans less than <RM0.50,

Too bad, But second plan is convert warrant into ordinary shares by paid RM0.50 (pump in Cash flow to Ptrans) and waiting Ptrans price become higher in future. it send a message value of Ptrans not only RM0.50 per shares.

Boss either way also earn… more or less only…

But as you said, if boss got so much money go convert with RM0.50 buy in open market is more easier, so i think not much share boss can paid in full to fully convert with RM0.50… it have gambling element inside maybe…

- Sukuk financing should not be an issue. That's a good-type borrowing. Suncon have even massive amount of borrowings.

- Currently trade receivables is negligible, if compared with cash on hand. But hopefully can collect back. If compared to Suncon's trade receivables vs free cash flow, this is not an issue at all.

- Still considered as healthy profile, with possibly incollectible trade receivables.

Just my opinion.