Maybe the manager/investor/institute would like to hedge for the short-term risk (Exercise risks/Expiration risk/default risk). So he short for warrant MYEG-C6N (Maturity: 30/10/2024), and then he long for MYEG-C7C (28/2/2025) and MYEG-C7L (30/4/2025).

Since the warrant is almost at the maturity date, mean that he needs to either exercise the warrant to convert from the warrant to mother shares (Exercise/Strike Price = RM0.83) or default the contract (Means he will 100% Lose the money which buys before).

If Exercises the warrant, he needs to take out around RM50 Million to convert. One more risk is the market risk, if the last 5 days VWAP is below the strike price of RM0.83, that warrant will be directly voided.

If Default the warrant contract (Ignore the contract), he will directly lose (Est RM14 Million)100% since he bought the warrant early, but in the end, all becomes nothing.

My conclusion is the manager to avoid the risks.
> Market Risks - to avoid the uncertainty of the last 5 days' price (Since MYEG Price is highly volatile)
> Exercise Risks/Default Risks - to avoid the preparation of the huge fund.

This is what I guess. If anyone has any input or opinion. Please feel free to voice out or correct me if I have any misleading