Rights issue · 2026
First North-listed company
Corporate approvals, warrant terms, information memorandum and market communication throughout a fully subscribed rights issue of warrants.
01 · Starting point
A First North-listed company needed to complete a rights issue of warrants with a future exercise period and an exercise price determined through a market-based formula. The structure had to work under company law, be administrable by the issuing agent and be clearly understandable to existing shareholders.
02 · What we did
The scope below describes the public and high-level elements of the assignment.
03 · Transaction path
The principal public milestones. Each date depended on documents, reconciliations and deliverables being completed in the correct order.
The issue resolution and warrant terms were finalised together with the supporting corporate documents.
Rights trading, subscription, payment and the intended trading start were placed in one coherent calendar.
Subscription with and without pre-emption was reconciled against allocation rules and the issuing agent's records.
The outcome was announced and followed by registration and preparations for trading in the warrants.
04 · Execution
The warrant terms were treated as the transaction's central document. The same definitions for rights, exercise period, pricing formula and adjustments were used in approval documents, the memorandum, application materials and announcements. A daily reconciliation list collected questions during the subscription period, while the closing checklist ensured that allocation, registration and market communication followed the same final outcome.
05 · Outcome
The rights issue was fully subscribed. The company completed allocation, registration and admission of the warrants to trading through one document and communication trail. Future steps for fixing the exercise price and processing exercises were documented in a clear administration plan.