Triyards to issue 29.5m non-listed warrants to Ezion Holdings

For a consideration of $1.

Triyards had previously built liftboats for Ezion and it is hence not surprising to see this latest development.
Ezion Holdings announced last night that it has entered into a subscription agreement in which Triyards Holdings will issue 29.5m non-listed warrants to Ezion for a consideration of S$1. 

According to a report by OCBC, each warrant shall carry the right to subscribe for one share of Triyards at an exercise price of US$0.563/share. Assuming the warrants are fully exercised, the shares will represent ~9.09% of the existing share capital of Triyards. An exercise condition, however, is that Triyards must have entered into shipbuilding contracts of at least US$150m, as well as engineering services work within 120 days from 10 Nov 2014 with either Ezion or customers referred by Ezion.