Triyards issues warrants to Ezion for future subscription shares

Singapore: Triyards Holdings is issuing 29.5m non-listed warrants to Singapore-listed Ezion Holdings for the sum of S$1.00 in cash, after the two companies signed a subscription agreement today.

Each warrant will enable Ezion to subscribe for one new ordinary share in Triyards' capital at an exercise price of US$0.563 per subscription share.

"The Directors believe that the warrants issue is favourable to the company on the basis it will be a strategic move to support future growth and revenue of the Group, leveraging on [Ezion’s] resources and its market positioning in the offshore oil and gas industry," Triyards said in an exchange filing today.

Ezion’s right to convert the warrants into subscription shares in Triyards can be exercised within 120 days of the subscription agreement being signed, with the exercise condition that Triyards (or its subsidiaries) has entered into shipbuilding contract(s) worth at least US$150m, and that contract(s) for the provision of engineering services by the Ezion Holdings Group (or a third party) in connection with these shipbuilding contract(s) are in place. 

Ezion says these new subscription shares represent approximately 9.09% of the existing issued and paid-up share capital of Triyards as of today, or 8.33% of Triyards’ enlarged issued and paid-up share capital after the exercise and conversion of all the warrants.

Triyards is 67% owned by Singapore-listed Ezra Holdings.  [10/11/14]

 

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