Part VI Structured Warrant Programs
An issuer may place out structured warrants in tranches under a structured warrant program ("warrant program"). For example, an issuer may apply to the Exchange for the launch of a S$25 million issue of structured warrants. The issue may be issued in 5 tranches of S$5 million each.
516(1) For the second and subsequent tranches ("additional tranches") of a warrant program, an issuer need not submit a listing application. An issuer need only announce the launch of the tranche through the Exchange and place out the structured warrants.(2) Except for price, each tranche of the warrant program must bear the same terms and conditions.(3) All additional tranches are subject to the minimum issue size of S$0.5 million. There are no placement requirements for additional tranches.
An issuer may apply for additional tranches (which have not previously been approved under the warrant program) to be listed on the Exchange.