Olam

Olam: -1.0% at $1.53 in whisker-thin volume as few players look to take advantage of the last trading session to buy the shares to participate in the rights issue of bonds and warrants. Most people are in wait-and-see mode, analyst says. Don't see why people would rush out to buy this to get access to the bond or warrants, noting the instruments will be trading separately after they are issued. Add that the bond coupon is "ok, but not huge" and the warrants can't be exercised for a couple yrs. The instruments offer some value, but if you have a slight risk aversion you'll probably not change that for what's on the table." But notes, because vol is thin, wouldn't read too much into the shares' decline. Participation in the rights issue doesn't require investors to recall shares lent to short sellers, indicating a short squeeze isn't likely near-term; SGX data indicates there are no Olam shares available to be shorted.