First a slap in the face:
After trying their damnest to keep their stock price up during the past 6 months with its share repurchase program, they have just announced they will sell some 142 mn shares into the market

Tries to kiss & make up
Ah but this was followed by an announcement to give free warrants to shareholders at a ratio of 2.04 shares to 1 unit of warrant (JAS-W3)

Followed by another slap in the face:
But the exercise price is THB 4.30/share in five years (wait so ….. they think their stock price should be around 8.7 in 5 years from ~7 today?)

Then they finished it all with a WTH
They will join the 4G license auction this year, expected investment is THB 30-40bn which JAS plans to finance this new expansion with its remaining THB 11 bn of cash from JASIF, a whole bunch of debt, and potential cash from the warrant exercise. (And they only have an equity base of THB 12 bn)

No wonder the stock cratered some 7% today

Source: SET