Finder Energy has launched a $3 million Share Purchase Plan offering eligible shareholders in Australia and New Zealand the chance to buy shares at $0.50 each, a 15% discount to recent prices. The funds will accelerate engineering and procurement for the KTJ oil project.
- SPP offers up to $30,000 per eligible shareholder
- Offer price set at $0.50, a 15.3% discount to last close
- Funds to accelerate KTJ Project engineering and procurement
- SPP opens 6 May, closes 27 May 2026
- Non-underwritten, subject to scale-back if oversubscribed
Share Purchase Plan Targets $3 Million to Boost KTJ Project
Finder Energy Holdings Limited (ASX:FDR) has kicked off a $3 million Share Purchase Plan (SPP), inviting eligible shareholders in Australia and New Zealand to buy new shares at $0.50 each. This price represents a 15.3% discount to the company’s closing share price on 27 April 2026, just before the SPP was announced. Each shareholder can apply for up to $30,000 worth of shares, with no brokerage fees attached.
The SPP complements a recent $27 million placement to institutional and sophisticated investors, which also priced shares at $0.50. Together, these capital raises aim to fund critical engineering and procurement activities to accelerate the Kuda Tasi and Jahal (KTJ) oil project in Timor-Leste. The funds will specifically support transitioning to the Engineering, Procurement, Construction and Installation (EPCI) phase, securing long lead items, and modifying the FPSO vessel to fast-track first oil production.
Finder’s SPP opened on 6 May and will close at 5.00pm Sydney time on 27 May 2026, with new shares expected to be issued on 29 May and trading commencing on 1 June. The offer is non-underwritten, and the company reserves the right to scale back applications if demand exceeds the $3 million target. Any excess funds will be returned without interest.
Eligibility and Application Details for Shareholders
Only shareholders registered by 7.00pm Sydney time on 29 April 2026 with addresses in Australia or New Zealand are eligible to participate. The offer excludes shareholders in the United States and cannot be transferred or renounced. Eligible investors can apply for parcels ranging from $1,000 to $30,000 worth of shares, with the number of shares allocated based on the fixed offer price.
Applications can be made electronically via BPAY® or electronic funds transfer (EFT), with detailed instructions available through the company’s share registry, Automic Group. The company has emphasized that payments must be received by the closing date, and incomplete or invalid applications may be rejected or adjusted at Finder’s discretion.
Capital Raise Supports Project Acceleration and Milestones
The SPP proceeds will directly fund the acceleration of the KTJ Project, including mobilising additional engineering and procurement resources to deliver firm pricing and schedules for the next project phase. The funds will also cover procurement of essential long lead items such as subsea production infrastructure and modifications to the FPSO vessel, Petrojarl I, which Finder recently acquired to reduce operating costs and extend field life.
This capital raise builds on Finder’s recent successful placement, which secured $27 million to fast-track the KTJ oil project towards a final investment decision targeted for mid-2026. The combined proceeds are critical to meeting project milestones and supporting first oil production expected by late 2027. The company’s strategic moves, including the FPSO acquisition and farmin agreements, are designed to de-risk development and establish a scalable production hub in the region.
Investors should note the inherent risk that the market price of shares may fluctuate between the offer and allotment dates, potentially resulting in a share price lower than the offer price after issuance. Participation is voluntary, and shareholders are encouraged to seek financial advice before applying.
Finder’s latest capital raising activity and project progress are part of a broader push to advance the KTJ Development Area, which holds 25 million barrels of 2C contingent resources and benefits from regulatory approvals and engineering validation completed earlier in 2026. The company’s efforts to secure funding and infrastructure are closely tied to its objective of achieving a final investment decision by mid-year and accelerating the path to production.
Shareholders and market watchers will be watching subscription levels closely, as any oversubscription could lead to scale-back of applications, affecting individual allocations. The outcome of the SPP, combined with the institutional placement, will provide a clearer picture of Finder’s capital position as it moves deeper into project execution phases.
Bottom Line?
The SPP offers shareholders a discounted entry to support Finder’s KTJ project push, but subscription levels and market price volatility will shape the capital raise’s ultimate impact.
Questions in the middle?
- Will the SPP reach its $3 million target or face scale-back?
- How will the combined equity raise influence Finder’s timeline to final investment decision?
- What impact might share price fluctuations have on investor returns post-SPP?