2nd Chance Properties

[mrEngineer]

Hi KopiKat,

I saw your interest in 2nd chance but I cant really figure out yet what's good about it. The way I look at the warrants is that the main shareholder Mohamed Salleh trying to suck money out from the company by converting the bonus warrants he have at 32c and using company funds to buy back at 40c. Net profit have fallen 40% (or 15% wo gains on fair value) for FY2012 and except for the confirmed dividend 3.3c announced, there seems to be no catalyst except the speculation for additional 2 months dividend. Unless there is any chance of special dividend which looks unlikely due to profit drop though cashflow can strongly sustain the dividend.