Falcon Energy plans 1-for-10 bonus warrant issue

FALCON Energy Group yesterday proposed a 1-for-10 bonus warrant issue of up to 82,453,751 free warrants for shareholders.

Each warrant can be exchanged for one ordinary share in the marine and oilfield services firm at an exercise price of 43 cents - a premium of 8.86 per cent over the weighted average price of 39.5 cents last Friday.

"The issuance of bonus warrants will reward shareholders for their continued support by providing them with an opportunity to increase their equity in the group, and participate in its future growth," the mainboard-listed company said in a statement.