GSS Energy Limited has announced a significant development that could impact its share price and shareholder value. As part of its renounceable non-underwritten Rights Issue, the company has successfully allotted and issued 436,670,762 new ordinary shares to subscribers on January 6, 2025. This marks a milestone for the company as it increases its total issued shares from 630,191,957 to 1,066,862,719 shares, reflecting a substantial dilution in equity.

Key Details of the Rights Issue

• Total New Shares Issued: 436,670,762 shares.
• Post-Issue Share Capital: Increased to 1,066,862,719 shares.
• Rights Shares Ranking: The newly issued shares will rank pari passu with existing shares, except for any rights or distributions declared before their allotment.

Listing and Trading Information

The newly issued Rights Shares will be listed and quoted on the Catalist board of the Singapore Exchange (SGX-ST) starting January 8, 2025. Trading of the shares is expected to commence at 9:00 a.m. on the same day. Shareholders should take note of this key date for potential trading activities.

Odd Lot Trading Implications

Shareholders holding odd lots of shares (any amount other than multiples of 100 shares) will have the option to trade these odd lots on the Unit Share Market of SGX-ST. However, the company has cautioned that the market for trading odd lots may be illiquid, and there is no guarantee that shareholders will be able to either consolidate their holdings into full board lots or sell their odd lots entirely.

Potential Impact on Shareholders

While the Rights Issue will provide the company with additional capital, shareholders should remain mindful of the potential dilution effect on their current holdings. The increase in the total number of shares could also influence the market price per share, depending on trading activity and market sentiment following the listing of the new shares.

Key Message from the Company

Group Chief Executive Officer and Executive Director Yeung Kin Bond, Sydney, issued the announcement on behalf of GSS Energy’s Board. The statement was reviewed by Evolve Capital Advisory Private Limited, the company’s sponsor. However, it has not been examined or approved by the SGX-ST, and the exchange assumes no responsibility for the correctness or content of the document.