Juken

Same calculation for the Juken Warrants, just traded at 13 cents.
The Offeror is offering 14 cents.

So for holding 4 months (max), you get 1 divided by 13 = 7.7%.
Annualised, it's 7.7 x 3 = 23%.

Queuing to buy the warrants is very tricky because you cannot be sure what you can get. But your fixed trading commission cost is there. So if you can collect only 5,000 warrants, for example, this is a big % cost.

The general offer is subject to Frencken shareholders' approval at EGM.
This is a straight forward great deal for Frencken. See the different PE ratios:

 Frencken has a mkt cap of $90m, trades at 21.8x P/E.
 Juken has a mkt cap of $41m, trades at 13.2x P/E.

Don't you think the Frencken offer is a unfair, too low, price of 18 cents?

How can it be lower than the NAV of Juken which is 19.17 cents?

Juken shares & warrants have moved up strongly. Finally! One step closer to takeover offer by Frencken.

Frencken has announced that the Singapore Exchange Securities Trading Limited
("SGX-ST") has on 27 July 2012 granted approval-in-principle for the listing and quotation of
up to 27,734,113 New Frencken Shares on the Official List of the SGX-ST.

These are the new shares for the acquisition of Juken. Most of them won't be issued lah -- Juken shareholders will take cash of 18 cents a share, or 14 cents per warrant.

Frencken Group EGM to be held 23 Aug 2012 to vote on the proposed aquisiton of Juken.