Ezra Holdings’ (5DN.SG) $155.3 million cash call catches investors off guard as “they still have quite a lot of funds,” says analyst at Singapore brokerage, according to Dow Jones.

Supplier of offshore support vessels proposing 1-for-5 rights issue at $1.18 each, priced at 33.3% discount to last close, yielding $1.67 theoretical ex-rights price. Proceeds will be used to fund new business ventures, capex, vessel acquisitions.

Move comes three months after Ezra unveiled US$100 million ($136 million) financing from three-year notes and loan facility, follows US$100 million convertible bond sale last year. “It’s quite a surprise, not to mention dilutive and priced at a steep discount,” analyst adds.

Ezra has US$163 million in cash, US$568.2 million in equity, with 1.0x gearing. 131.6 million rights shares will be issued but size increases to 142.8 million if bond holders convert. Stock halted since morning, closed +1.1% at $1.77 yesterday. No mention yet of resumption.