Energy solutions provider T7 Global Berhad has received shareholders’ approval for the bonus issue of free warrants during its Extraordinary General Meeting. The bonus issue is on the basis of 1 free warrant for every 5 existing shares held with the exercise price fixed at RM0.39 and the entitlement date for the warrants to be on 28 February 2022. The warrants will be listed on 8 March 2022.
According to T7, the bonus issue of approximately 167 million free warrants with a tenure of 5 years, is undertaken to reward the shareholders for their continuous support by enabling them to participate in a derivative of the Company without incurring any cost. The bonus issue will also provide the Company with additional working capital and strengthen the Company’s capital base as and when the warrants are exercised.
Based on the ‘Maximum Scenario’ as detailed in the Circular to Shareholders and the illustrative exercise price of RM0.39 per warrant, the company can raise up to approximately RM65 million when the warrants are fully exercised.
Datuk Seri Dr Nik Norzrul Thani N Hassan Thani, the Chairman of T7 Global said, “2022 will be another exciting year for us, where our Bayan MOPU is expected to be commissioned in the third quarter of the year which will provide long term financial contributions to the Company. In line with our business strategy to secure more similar energy projects in the future, the warrants will further enhance our financial position by providing working capital as and when the warrants are exercised.”
“We are optimistic of our financial performance for the next few years due to our long-term order book and positive oil and gas industry outlook where the Brent crude oil is currently above USD90 per barrel.
Our order book currently stands at approximately RM2.3 billion which will sustain the company for the next 10 years,” he added.
