The Economic Development Innovations Singapore, or EDIS, has emerged as a substantial shareholder of Addvalue Technologies, one of the top performing stocks last year.

 

This follows the conversion from bonds to shares worth $2,148,227 at 1.7 cents each.

 

From an initial stake of 3.02%, EDIS now holds the equivalent of 6.45% in Addvalue.

 

Addvalue Technologies shares closed at 6.7 cents on Jan 26, unchanged for the day but up 570% in the past year.

 

Satellite telecommunications company Addvalue Technologies says it is issuing 58 million new ordinary shares following the conversion of 29 million convertible loan notes (CLNs) and 29 million warrants. Both 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 31.

 

According to a bourse filing on Dec 29, Addvalue received notices from CLN and warrant holders to exercise their right to convert between Dec 22 and Dec 23. The new shares represent 1.69% of the total number of ordinary shares of Addvalue in issue before the exercise. Post conversion, the new shares will represent 1.66% of the enlarged total number of ordinary shares.

 

The total number of ordinary shares has risen to about 3.49 billion from around 3.43 billion and Addvalue&rsquo s enlarged issued and paid-up share capital is now over $122 million. Addvalue says the total proceeds from the warrant exercise ($377,000) will be used to meet the company&rsquo s working capital requirements in terms of payroll and general administrative expenses.

 

In a separate bourse filing made on the same day, Addvalue says its non-executive and non-independent director, Paul Clark Burke, exercised his right to convert 27.5 million CLNs and 27.5 million warrants into 55 million shares. Post conversion, Burke now holds over 192.7 million shares and his stake has risen to 5.522% from 3.946%.

 

Last week, Addvalue said in a Dec 22 bourse filing that it was issuing a total of 48.5 million new ordinary shares after converting 33.5 million CLNs and 15 million warrants. The CLNs and warrants were also converted at an exercise price of 1.3 cents and were listed on the mainboard on Dec 24.