First Sponsor Group Updates on Warrant Proceeds

First Sponsor Group Ltd (SG:ADN) has released an update.

First Sponsor Group Ltd has effectively allocated approximately S$36.9 million from the proceeds of warrant exercises, predominantly for funding property development in the PRC and the Netherlands, and partially for the company’s FY2023 final dividend payout. A remainder of S$0.9 million is held in cash for future use, aligning with the company’s stated intentions for the funds. Notably, a significant portion of the warrants from 2019 has expired, and many from 2020 remain unexercised.

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