High Court holds in [2026] SGHC 202 that SGX-ST Mainboard Rule 877(10) requires non-restricted individuals' excess rights applications to be fully satisfied before restricted individuals receive any excess shares.
The court rejected UOB's "Success Rate" methodology and ruled that the "clear and obvious" meaning of r 877(10) mandates absolute priority for non-restricted individuals in excess rights allotments. Only a proposal giving 100% success rate to non-restricted individuals before any restricted individual allotment was compliant.
Why it mattersRights issue managers and listed issuers must ensure excess rights allotment structures give complete priority to non-restricted applicants, not merely proportional or partial priority.