Ticon is one of the few names to be in red today, down another 6% by mid-day, reasons being:

• ROJNA (its major shareholder and an Industrial Estate player) proposed to subscribe for all the remaining shares of 25.1 mn after the TSR’s were excised. (basically 25 mn warrants were unexercised)
• The purchase price will be calculated from the weighted average mkt price of TICON 7 biz days prior to the shareholder meeting (on 24th Sept) +0.5 baht/share
• This gives ROJNA just above 25% stake in TICON, although they’ll waive the tender offer
• So why the stock price drop? Investors/traders must be thinking the THB 15/share exercise price is where they stock should be trading at, maybe they worry about dilution (there is barely any), your guess is as good as mine.