(1) the market capitalisation of the listed company must have been at least S$500 million over the past 30 market days; and

(2) the number of structured warrants to be issued, together with those structured warrants already issued by all third-party issuers which are still outstanding, must not exceed 50% of the total number of issued shares excluding treasury shares of the company. In computing the 50% limit, company warrants issued by the company itself will not be included.