Following the sale, Union Steel will hold 640 million ordinary shares in Eneco energy or about 27.67% of the total number of shares in the company, and 680 million warrants in Eneco.
Each warrant in Eneco Energy held by Union Steel carries the right to subscribe for one new ordinary share in Eneco at an exercise price of 0.9 cents per warrant with an expiry date of Aug 31, 2025.
The net proceeds from the sale after deducting transaction costs of about $5,000, is about $455,000. The book value of the Sale Shares is $440,000 as at Dec 31, 2024, resulting in the gross proceeds of the sale of $20,000.
The individual investor is a third party unrelated to the company, directors, substantial shareholders or respective associates.
See also: KSH raises $8.67 million placing out treasury shares at 30.5 cents each
Shares in Union Steel closed 1.5 cents lower or 2.609% down at 56 cents on May 28.
