GSS Energy Announces Rights Issue: A Potential Game-Changer for Shareholders

GSS Energy Limited has revealed a significant corporate action that could impact its stock value. The company has announced a renounceable non-underwritten rights issue, offering up to 607,222,761 new ordinary shares at an issue price of S\$0.013 per Rights Share. This move is set on the basis of nine Rights Shares for every ten existing ordinary shares. The announcement could be pivotal for current shareholders and potential investors.

Key Details and Dates

The rights issue will not provide physical copies of the Offer Information Statement to entitled shareholders. Instead, it will be available electronically on the SGXNet and the company’s corporate website from December 13, 2024. Shareholders will receive a notification letter with instructions on accessing and printing the document. The trading period for “nil-paid” rights shares will commence on December 16, 2024, and end on December 24, 2024.

Shareholder Actions Required

Entitled shareholders and purchasers should pay close attention to the timetable of events. Key dates include:

• December 16, 2024: Commencement of rights trading and application for rights shares.
• December 24, 2024: Last date for splitting and trading of nil-paid rights.
• December 30, 2024: Closing date for acceptance and payment of rights shares.
• January 7, 2025: Expected issuance of rights shares.
• January 8, 2025: Expected crediting and commencement of trading for rights shares.

Important Considerations for Investors

Foreign shareholders will not be entitled to participate, and no provisional allotment will be made to them. Entitled shareholders who wish to apply for excess rights shares must note that only they are eligible to do so, not purchasers or renouncees. Detailed procedures and terms are provided in the Offer Information Statement.

Potential Impact on Share Price

This rights issue could potentially affect GSS Energy’s share value, given the significant number of new shares being offered and the conditions under which they are issued. Shareholders and potential investors should carefully consider the details of the Offer Information Statement and any subsequent announcements by the company.

Disclaimer

This article is based on the Offer Information Statement and related announcements by GSS Energy Limited. It does not constitute financial advice. Shareholders and potential investors should consult with their financial advisors before making any investment decisions.