Both the CEO and chair of Addvalue Technologies have increased their holdings in the satellite telecommunications company after converting their convertible loan notes and exercising their warrants.
According to a Dec 23 bourse filing, Addvalue CEO, co-founder and executive director Tan Khai Pang exercised his right to convert $52,000 in convertible loan notes (CLNs) and 4,000,000 warrants into 8,000,000 ordinary shares on Dec 22. Tan now holds 44,201,000 shares, and his stake has risen to 1.288% from 1.055%.
Also on the same day, Addvalue non-executive chairman Richard John Denny exercised his right to convert $26,000 in CLNs and 2,000,000 warrants into 4,000,000 ordinary shares. Denny now holds 9,500,000 shares, and his stake has risen to 0.277% from 0.16%.
Earlier, Addvalue said in a Dec 22 bourse filing that it would be issuing a total of 48,500,00 new ordinary shares following the conversion of 33,500,000 CLNs and 15,000,000 warrants. The CLNs and warrants are being converted at an exercise price of 1.3 cents, and the new shares will be listed on the mainboard on Dec 24.
Tan and Denny are not the only board members who have increased their stakes in Addvalue. Kelvin Chow Chung Yip bought 250,000 shares from the open market on Dec 22 at 6.4 cents each. The former CEO of Lendlease Global Commercial REIT joined Addvalue’s board as an independent director on Oct 14 and became the chair of its audit and risk committee on Nov 14.
Addvalue shares closed flat at 6.7 cents on Dec 23. The company’s shares are up 509.09% year to date.
