First Sponsor withdraws complex rights issue after regulatory feedback

Singapore

FIRST Sponsor Group has withdrawn its application for a rights issue involving warrants exercisable into convertible securities, after receiving regulatory feedback on the warrants' suitability for distribution to retail investors, it said in a Singapore Exchange filing on Monday.

The warrants, which were proposed in a Feb 14 filing, would have been exercisable into convertible securities, which would in turn be convertible into conversion shares. This is different from "plain vanilla" warrants, which are typically exercisable directly into shares, First Spo…